Exclusive | Saudi conglomerate Ajlan says ‘busy’ 2023 ahead after China discards zero-Covid policy
- Ajlan and Bros Holding Group signed investment deals worth 60 billion yuan (US$8.6 billion) with 15 Chinese firms during Xi’s visit to Saudi Arabia
- Firm will keep working with more Chinese partners and introduce them to Mena markets, deputy CEO says
Its vote of confidence represents an early endorsement for the world’s second-largest economy, which has been battered by supply-chain issues and strict coronavirus curbs in 2022.
“There is a broad consensus among economic analysts that the easing should boost economic growth in 2023 and beyond,” Ajlan Mohammed Alajlan, the group’s deputy CEO, said in an interview. “With China ending its zero-Covid policy, we are keen to visit China to talk with our Chinese business partners in person and explore more collaboration opportunities.”
Uncertainty will, however, persist over the next few months, as surging infections in China will have a negative impact on business operations, investment, and industrial and consumer demand, he added.
“President Xi’s Saudi visit has paved the way for closer economic ties [between the two countries] and the establishment of more joint ventures,” said Wang Feng, chairman of Shanghai-based financial services group Ye Lang Capital. “Chinese firms, in the fields of infrastructure, energy, technology and pharmacy, will be the top beneficiaries of this partnership.”
