CCCC signs MOU with RCJY in presence of Chinese President Xi Jinping, Saudi Arabian King

Source:Overseas Business DivisionTime:2017-03-16

On March 16, witnessed by Chinese President Xi Jinping and Saudi Arabian King Salman bin Abdulaziz Al Saud, Liu Qitao, Chairman of CCCC and Prince Saud Bin Abdullah Bin Thunnayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu (RCJY) signed the MOU on Infrastructural Construction in Saudi Arabia at the Great Hall of the People.

Under the MOU, CCCC will employ its advantage in the whole value chain, take an active part in the investment, design, construction and operation of Yanbu multifunctional logistics hub and other projects in Saudi Arabia, join infrastructural projects and provide all-round services. RCJY will assist CCCC in taping more opportunities of investment and involvement in Saudi Arabia. The two sides will cement cooperation in fields such as park, port, highway, rail transit and municipal engineering, to achieve Saudi Vision 2030, respond to and advance the development of China's "Belt and Road" initiative.

Saudi Arabia is a hub linking Asia, Africa and Europe, as well as an important part of "The Belt and Road" construction. According to statistics, CCCC has signed 37 construction contracts in Saudi Arabia since late 2007, with a total contract value of 4,200 million US dollars. Representative projects include the dredging and reclamation project in Jazan Economic City, the Red Sea Gateway container terminal project in Jeddah, the flood prevention project in Jeddah, the business port project in Jazan Economic City, etc.