{"id":15569,"date":"2018-08-16T11:15:41","date_gmt":"2018-08-16T11:15:41","guid":{"rendered":"https:\/\/www.alj.com\/en\/?post_type=perspective&p=15569"},"modified":"2022-03-23T06:26:36","modified_gmt":"2022-03-23T06:26:36","slug":"eyes-east-exploring-growing-trade-saudi-arabia-eastern-markets","status":"publish","type":"perspective","link":"https:\/\/alj.com\/en\/perspective\/eyes-east-exploring-growing-trade-saudi-arabia-eastern-markets\/","title":{"rendered":"Eyes on the East: exploring the growing trade between Saudi Arabia and Eastern markets"},"content":{"rendered":"

A decade ago, the world was struggling to contain the challenges of a major financial crisis. \u00a0Few countries were left unaffected by what the IMF<\/a> deemed the worst global recession since the 1930s[1]<\/a>.<\/p>\n

Today, confidence is returning.<\/p>\n

World real GDP is expected to increase by 3.2% in 2018 and 3.1% in 2019[2]<\/a>. \u00a0In a survey conducted by Emirates Investment Bank, 65% of high net-worth individuals based in the Gulf Cooperation Council (GCC) thought the global economic situation was either improving or stable[3]<\/a>. \u00a0The World Bank<\/a> has described 2017 as \u201cmuch stronger than expected[4]<\/strong><\/a>\u201d<\/em>, while the International Monetary Fund (IMF) believes that \u201cthe world economy continues to show broad-based momentum[5]<\/strong><\/a>\u201d<\/em>.<\/p>\n

However, there remain some threatening signs in the global trade environment, with a protectionist U.S. president and the potential reaction he incites causing concern among many. \u00a0The World Trade Organization (WTO<\/a>) is one such body. \u00a0It argues that \u201cincreased use of restrictive trade policy measures and the uncertainty they bring to businesses and consumers could produce cycles of retaliation that would weigh heavily on global trade and output.[6]<\/strong><\/a>\u201d<\/em><\/p>\n

Yet there are still strategic routes to success available to economies willing to diversify and focus their energies eastward. \u00a0Much of the GCC has already developed deep and ever-increasing links with the Far East. \u00a0\u201cLargely under the radar, these growing ties between the Gulf and Asia have the potential to reshape geopolitical patters and relationships,\u201d<\/em> says The Washington Post[7]<\/a>.<\/p>\n

The World Economic Forum<\/a> expects China, the East\u2019s major power, to overtake the United States as the world\u2019s dominant economic power by 2030[8]<\/a>. \u00a0It states that \u201cChina\u2019s policy of enhancing its capabilities and building economic links with many countries has seen it \u201cbecome viewed as a vital overseas partner and investor\u201d.<\/em><\/p>\n

Saudi Arabia too has already long since established strong trade links with China. \u00a0The world\u2019s most populous country is the biggest importer of goods to the Saudi Arabian economy, and the second biggest market for Saudi Arabia\u2019s exports. \u00a0And another Far East economy, Singapore, is fourth[9]<\/a>. \u00a0In 2014, The Economist recognized that Saudi Arabia had \u201cthe greatest potential to change the investment dynamics of the (GCC) region, largely thanks to its mega-projects pipeline requiring major external project finance and further steps towards liberalisation\u201d<\/em>, and that \u201cChinese investment into Saudi Arabia is growing at a fast clip[10]<\/strong><\/a>\u201d<\/em>.<\/p>\n

Indeed, through its ambitious Belt and Road Initiative, which aims to connect 70 countries across Asia, Africa, Europe and Oceania through new railroads and shipping lines[11]<\/a>, China is already showing its determination to forge new trade routes fit for the 21st<\/sup> Century.<\/p>\n

So, what could a burgeoning trade relationship between Saudi Arabia, the wider \u2013 and rapidly developing \u2013 economies\u00a0 of the Middle East, North Africa and Turkey (MENAT) region and Eastern powers including China, Japan, Korea and the ASEAN bloc, notably Singapore and Malaysia, mean for the future flow of investment between the Middle East and the Far East?<\/p>\n

\"\"
Vincent HS Lo, Chairman of the Hong Kong Trade Development Council<\/span><\/figcaption><\/figure>\n

A more prosperous Middle East<\/h2>\n

Vincent Lo, Chairman of the Hong Kong Trade Development Council (HKTDC<\/a>), believes China\u2019s Belt and Road Initiative could have unprecedented benefits for the markets involved. \u00a0He said: \u201cThe initiative offers immense development opportunities for both developed and emerging economies around the world.[12]<\/strong><\/a>\u201d<\/em><\/p>\n

The \u2018belt\u2019, according to the UK\u2019s The Guardian newspaper, is \u201ca series of overland corridors connecting China with Europe, via Central Asia and the Middle East[13]<\/strong><\/a>\u201d<\/em>.<\/p>\n

In June 2018, more than 3,000 government officials and business leaders from 51 countries gathered at the Hong Kong Convention and Exhibition Centre for the third annual Belt and Road Summit.\u00a0 The Belt and Road plans aim to \u201cpromote economic cooperation and connectivity\u2019 through a massive infrastructure development project.[14]<\/strong><\/a>\u201d<\/em>\u00a0 They are viewed as a serious signal of China\u2019s intent to strengthen its economic ties with countries both near and far.\u00a0<\/p>\n

This appears to be good news for nations across the MENAT region, and particularly the economically powerful GCC bloc.\u00a0 China\u2019s first Arab policy paper revealed in January 2016, that trade between the Middle East and Beijing increased by 600% in the decade up to 2014[15]<\/a>, reaching US$ 230 billion in that same year[16]<\/a>. \u00a0It also outlined some of the key areas that could further benefit the Middle East in the medium- and long-term.<\/p>\n

\u201cWe support the entry of more non-oil products from Arab states into the Chinese market. We will continue to improve the trade structure and push for sustained and steady development of two-way trade. We will strengthen exchanges and consultations between Chinese and Arab trade authorities, complete China-GCC FTA negotiations, and sign a free trade agreement at an early date.[17]<\/strong><\/a>\u201d<\/em><\/p>\n

\"\"
Chinese Premier, Xi Jinping meets with Crown Prince Mohammad bin Salman of Saudi Arabia, August 31, 2016<\/span><\/figcaption><\/figure>\n

The increased trade links between China and the Middle East are one of three reasons, alongside growth opportunities across MENA and China\u2019s \u2018Going Global\u2019 economy policy, that lead BMI Research to indicate that Chinese investment in the infrastructure markets of the MENA countries will continue to gather pace in the coming years[18]<\/a>.<\/p>\n

The Middle East Institute also recognises these changes. \u00a0It affirms that China is already the largest trading partner with the region and growing its trade relations with the Arab states is \u201ca top priority for China\u201d,<\/em> its goal being to double its trade with the region to US$ 600 billion by 2020.[19]<\/a>“<\/p>\n

 <\/p>\n

 <\/p>\n

\n

The relationship between the Middle East and China is a relationship borne of mutual respect, convenience and economic realities. \u00a0\u201cAs China looks west, Arab countries turn east,\u201d<\/em> is the verdict of The Economist, which reports that China\u2019s oil imports from the Middle East will double from three million barrels a day in 2015 to 6 million barrels a day in 2035[20]<\/a>.<\/p>\n<\/blockquote>\n

Beyond China<\/h2>\n

The GCC\u2019s trade links with the Far East extend beyond China, however.<\/p>\n

Japan imports 76% of its oil from Saudi Arabia, the UAE and Kuwait, while bilateral trade between Japan and the UAE was worth US$ 51 billion in 2014[21]<\/a>. \u00a0<\/p>\n

In addition to its practical legislative changes and insightful strategic policies, Saudi Arabia\u2019s determination to spread its message led to the country\u2019s involvement in several high-profile international trade and diplomatic initiatives during spring 2017.<\/p>\n

In 2017, Indonesia also announced plans to increase its trading links with the Middle East. \u00a0Its ambition is to increase non-oil and gas exports to the GCC by 5.6% (US$ 3.49 billion), with a series of government programs launched and quarterly targets announced[22]<\/a>.\u00a0<\/p>\n

Similarly, the GCC-Singapore Free Trade Agreement (GSFTA) came into effect almost five years ago, in September 2013[23]<\/a>.\u00a0 And there are also significant links between the GCC and South Korea.\u00a0 According to a report from the Middle East Institute, exports from Korea to the GCC reached US$ 17.8 billion in 2013, with cars, steel, machinery and electronics among the most popular Korean imports into the GCC[24]<\/a>.<\/p>\n

An indication of the ever-growing links between the Middle and Far East is summed up in a report from French think tank Institutes Francais des Relations Internationales, (IFRI<\/a>) which found that Gulf States\u2019 exports to Japan, South Korea, China and India were more than three times larger than to the United States and the European Union, and the figure is set to grow over the remainder of this decade.[25]<\/a><\/p>\n

This East-to-East trade growth can be seen very visually as shown below[26]<\/a>:\u00a0<\/em><\/p>\n

\"\"<\/p>\n

Saudi Arabia: pioneering trade links<\/h2>\n

For Saudi Arabia, increasing the links with China and other Far Eastern economies is an economic imperative. \u00a0As Crown Prince Mohammed bin Salman continues to drive forward with the ambitious and far-reaching reforms of Vision 2030, which puts economic diversification at its central pillar, there is increasing optimism and belief in the possibilities afforded by expanding east.<\/p>\n

\"\"\u201cSaudi Arabia is right at the crossroads of important international trade routes between three continents: Asia, Europe and Africa. \u00a0We will therefore maximize the benefits from our exceptional and strategic geographic position, agree new strategic partnerships to grow our economy, and help Saudi companies to increase exports of their products.\u201d[27]<\/strong><\/a><\/em><\/p>\n

Vision 2030 outlines a clear ambition for Saudi Arabia: to be \u201cthe heart of the Arab and Islamic worlds, the investment powerhouse, and the hub connecting three continents\u201d.<\/em> \u00a0Saudi Arabia wants to increase foreign direct investment from US$ 8 billion in 2017 to US$ 18.6 billion by 2020[28]<\/a>.\u00a0 By 2030, it aims to increase foreign direct investment from 3.8% of GDP to 5.7%[29]<\/a>.<\/p>\n

\n

\u201cOpening Saudi Arabia further for business will boost productivity and smooth our journey to become one of the largest economies in the world\u2026 \u00a0We will create an environment attractive to both local and foreign investors, and earn their confidence in the resilience and potential of our national economy.\u201d[30]<\/strong><\/a><\/em><\/p>\n<\/blockquote>\n

Across Saudi Arabia, there is physical evidence of the commitment the government is giving to its Vision 2030 ambitions. \u00a0From a new airport in Al-Qunfudah through to the US$ 7.2 billion expansion of Jeddah\u2019s King Abdulaziz International Airport (KAIA), a growing capacity for air freight and a 21% increase in annual throughput at King Abdullah Port[31]<\/a>, Saudi Arabia is making a determined move to become a global logistics hub.<\/p>\n

\n

\u201cTo take full advantage of these investments, we plan to work with the private sector and enter into a new series of international partnerships to complete, improve and link our infrastructure internally and across borders. \u00a0\u2026 \u00a0Air, maritime, and other transport operators will be encouraged to make the most of their capacity: achieving durable links between existing trade hubs, as well as opening new trade routes. \u00a0This will reinforce our position as a distinctive logistical gateway to the three continents.[32]<\/strong><\/a>\u201d<\/em><\/p>\n<\/blockquote>\n

A focal point for foreign direct investment<\/h2>\n

Saudi Arabia is also, increasingly, becoming a major destination for foreign direct investment. \u00a0As a leading member of the GCC, Saudi Arabia offers the benefit of providing duty-free access to each of the other five members of the organization.<\/p>\n

Companies doing business in Saudi Arabia also enjoy several financial benefits, including a complete absence of income tax, sales tax, and property tax.\u00a0 Overseas investors enjoy just 20% corporate tax on total profits and 5% withholding tax, with any losses being able to be \u201ccarried forward indefinitely to offset future taxes\u201d[33]<\/a>[34]<\/a>.<\/p>\n

In 2017, His Excellency Eng. Ibrahim Al-Omar was appointed as the Governor of the Saudi Arabian General Investment Authority (SAGIA). \u00a0One of his priorities is to continue to develop Saudi Arabia\u2019s attractiveness on the international stage. He said<\/em>[35]<\/a>:<\/em><\/p>\n

\u201cWhenever SAGIA meets with foreign investors unfamiliar with Saudi Arabia, they often leave surprised and impressed with what they see and hear when we discuss the on-going transformational changes under Vision 2030.<\/em>\u00a0<\/em>Judging from their reactions, they perhaps came to Saudi Arabia with one perception, and left with another.<\/em><\/p>\n

\u00a0<\/em>While we are a country with a population of nearly 32 million, more than half of whom are under the age of 25, this population is growing at a rate of around 2.5% annually. \u00a0This strong consumer-led market is driven by relatively high amounts of purchasing power compared to our regional peers.<\/em><\/p>\n

Saudi Arabia also provides a base for investors to reach an even larger market of approximately 1.5 billion consumers in some of the world\u2019s fastest growing markets, which are just a short five-hour flight from Riyadh.\u201d<\/em><\/p>\n

\"\"<\/p>\n

Saudi Arabia already benefits from a deep and extensive relationship with China, based first on foreign policy but with increasingly deep economic ties[36]<\/a>.\u00a0 In 2017, for example, Saudi Arabia\u2019s King Salman led a trade mission to China that resulted in more than US$ 65 billion worth of economic and trade deals signed.[37]<\/a><\/p>\n

Analysis by The Economist revealed that bilateral trade flows between Saudi Arabia and China were worth more than the trade flowing between Saudi Arabia and the United States[38]<\/a>, traditionally its strongest Western ally both economically and politically. \u00a0Indeed, Bahrain, Egypt, Iran and Saudi Arabia all import more from China than any other country, with Saudi Arabia joining Iran and Oman in exporting more goods to China than any other country[39]<\/a>.<\/p>\n

\"\"There are concrete links with other major Eastern powers, too. \u00a0The Saudi Japan Vision 2030 is a formal agreement to strengthen bilateral economic cooperation between the two countries.\u00a0 In Spring 2017, Saudi Arabia\u2019s King Salman visited Japanese Prime Minister Shinzo Abe in Tokyo to mark the agreement.\u00a0<\/p>\n

The Saudi-Japan relationship is borne of a combination of Saudi Arabia\u2019s Vision 2030 and Japan\u2019s Growth Strategy, which was unveiled in 2013 and three years later defined three requirements to achieve its ambitions \u2013 the first of which was \u201cstrategic expansion into \u2018promising markets\u2019[40]<\/strong><\/a>\u201d<\/em>.<\/p>\n

Other investments are also being made with Eastern partners. \u00a0In early 2017, Saudi Aramco committed US$ 7 billion to buy a stake in a major refining and petrochemical project of Malaysian firm Petronas. \u00a0The venture, known as PRefChem, is likely to be used as a platform to other investments in Southeast Asia[41]<\/a>.<\/p>\n

\n

The combination of regulatory reforms and diplomatic efforts appears to be bearing significant fruit elsewhere, too. In February 2017, PepsiCo indicated its confidence in Saudi Arabia\u2019s future by unveiling plans to open a significant manufacturing plant in Jeddah. \u00a0It will initially supply the entire Gulf region, before expanding further in future years. \u00a0Sanjeev Chadha, CEO of PepsiCo in Asia, the Middle East and North Africa, said: \u201cThe plant is going to be one of the largest in the PepsiCo system globally<\/em>.\u201d<\/em><\/a>[42]<\/strong><\/em><\/a><\/p>\n<\/blockquote>\n

Global electronics giant Sony is also aiming to grow its presence across the Middle East and Africa.\u00a0 It aims to increase business by 20 percent in 2017 through a combination of new product launches and a refreshed business strategy<\/a>[43]<\/a>.<\/p>\n

Historical leaders in East-to-East trade<\/h2>\n

Since 1955, when Abdul Latif Jameel secured an agreement with Japanese automotive manufacturer Toyota to become its official distributer in Saudi Arabia, Abdul Latif Jameel has been at the forefront of East-to-East trade links.\u00a0<\/p>\n

The vision of founder, the late Abdul Latif Jameel, has passed down through generations of Abdul Latif Jameel staff.\u00a0 By adding value and encouraging development in the communities where they operate, Abdul Latif Jameel has forged longstanding international links with a network of partners.<\/p>\n

The business\u2019 roots in eastern markets were humble, with an initial order of just four Toyota BJ all-terrain vehicles more than 60 years ago. \u00a0Today, Abdul Latif Jameel\u2019s position as a leading distributor and retailer of some of the world\u2019s leading passenger vehicle brands has helped make them a significant contribution to the economic development of Saudi Arabia.<\/p>\n

For the last 17 years, we have also been involved in a joint venture with DENSO<\/a>, another Japanese firm, providing air conditioning and refrigeration equipment for human and food transportation. \u00a0As well as manufacturing and assembling air conditioning for the Toyota Hilux pickup, the joint venture also distributes DENSO parts across North Africa, as well as manufacturing vehicle air conditioning equipment in Turkey.<\/p>\n

Elsewhere in the east, their Singapore hub enables DJ Parts<\/a> \u2013 one of our three automotive aftermarket parts brands \u2013 to conduct its research and development.\u00a0 P2 and FBK<\/a>, two parts brands, operate out of factories in Malaysia and China, where the organization also has its own distribution points.<\/p>\n

Pioneering East-to-East relations, Abdul Latif Jameel also has significant relationships with China\u2019s enormous economy.<\/p>\n

In 2018, Abdul Latif Jameel Motors in China celebrates its 20th<\/sup> anniversary of retailing Toyota and Lexus vehicles working with Toyota\u2019s Chinese partners FAW (FTMS<\/a>) and GAC (GTMC<\/a>). Mohammed Abdul Latif Jameel<\/a>, Chairman and Chief Executive Officer of Abdul Latif Jameel, said: \u201cOur commitment to adding value, industry experience, and deep roots in the country has seen us recognized as an automotive partner of choice.\u201d<\/em><\/p>\n

\u00a0Strategic guidance and support for global investment partners<\/h2>\n

The growth of Saudi Arabia and the development of external trade links has always been a major focus for Abdul Latif Jameel.\u00a0 In 2016, this vision entered another chapter with the formation of Abdul Latif Jameel Investments.<\/p>\n

By committing considerable resources to this venture, which is designed to facilitate foreign direct investment into Saudi Arabia, Abdul Latif Jameel is demonstrating its determination to accelerate and help deliver the economic diversification outlined in Vision 2030.\u00a0 It also affirms our position as one of the most trusted investment partners in the region.<\/p>\n

Under the leadership of Senior Managing Director Omar Al-Madhi \u2013 recognised by the World Economic Forum as a \u2018young global leader\u2019 and a former chief executive officer of Volkswagen Group Saudi Arabia and prior to that a member of SAGIA\u2019s executive team \u2013 \u00a0Abdul Latif Jameel Investments provides insights and guidance to a wide range of investment partners looking to tap into the very real development and growth opportunities in Saudi Arabia and the wider MENAT region.<\/p>\n

Abdul Latif Jameel Investments combines a deep knowledge of MENAT markets, including links with governments, financial institutions and brand partners, with assets that are ready to be deployed.<\/p>\n

It builds on Abdul Latif Jameel\u2019s history of exploring new markets and expanding its international reach into territories rich with potential, and provides investors the opportunity to leverage strategic partnerships and gain access into the significant and developing consumer markets of Saudi Arabia and the MENAT region.<\/p>\n

\n

Mr Al-Madhi said: \u201cAbdul Latif Jameel Investments is committed to advancing foreign direct investment in Saudi Arabia\u2019s infrastructure of life. \u00a0By carefully selecting and advocating the key industries that contribute to Saudi Arabia and the wider MENAT region economically, socially and developmentally, Abdul Latif Jameel Investments will help to drive progress for the next 50 years. <\/em>Our focus on sunrise sectors, where opportunities have sustainable scalability, makes us the preferred partner for any significant entity wishing to do business in this part of the world. \u00a0And by bringing together our operational, strategic and financial expertise developed in other markets, particularly in the East, we are ideally positioned to support the ambitions of, Japanese, Chinese and ASEAN organizations.\u201d<\/em><\/p>\n<\/blockquote>\n

To learn more about the opportunities available in Saudi Arabia to proactive organizations from China, Japan and ASEAN countries, visit the investments<\/a> section of our the Abdul Latif Jameel website<\/a>.<\/p>\n

[1]<\/a> Press Release: Statement by the IMF Mission to the Russian Federation<\/a>, International Monetary Fund, 1 June 2009<\/p>\n

[2]<\/a> Strong trade growth in 2018 rests on policy choices<\/a>, World Trade Organization, 12 April 2018<\/p>\n

[3]<\/a> 2018 GCC Wealth Insight Report<\/a>, Emirates Investment Bank, accessed May 2018<\/p>\n

[4]<\/a> Global Economy to Edge Up to 3.1 Percent in 2018 but Future Potential Growth a Concern<\/a>, The World Bank, 9 January 2018<\/p>\n

[5]<\/a> Global Economy: Good News for Now but Trade Tensions a Threat<\/a>, International Monetary Fund, 17 April 2018<\/p>\n

[6]<\/a> Strong trade growth in 2018 rests on policy choices<\/a>, World Trade Organization, 12 April 2018<\/p>\n

[7]<\/a> The Gulf states are turning to Asia in a big way. Here\u2019s why it matters.<\/a> The Washington Post, 21 April 2017<\/p>\n

[8]<\/a> Why China could lead the next phase of globalization<\/a>, World Economic Forum, 22 November 2016<\/p>\n

[9]<\/a> Saudi Arabia: Trade Statistics<\/a>, Global Edge, accessed May 2018<\/p>\n

[10]<\/a> GCC Trade and Investment Flow<\/a>, The Economist Intelligence Unit, 2014<\/p>\n

[11]<\/a> Inside \u2018Belt and Road,\u2019 China\u2019s mega-project that is linking 70 countries across Asia, Europe and Africa<\/a>, Business Insider, 31 January 2018<\/p>\n

[12]<\/a> Belt and Road: From Vision to Action<\/a>, The 2nd<\/sup> Belt and Road Summit, 11 September 2017<\/p>\n

[13]<\/a> The $900bn question: What is the Belt and Road initiative?<\/a> The Guardian, 12 May 2017<\/p>\n

[14]<\/a> The Middle East is the Hub for China\u2019s Modern Silk Road<\/a>, Middle East Institute, 15 August 2017<\/p>\n

[15]<\/a> Is China pivoting towards the Middle East?<\/a> World Economic Forum, 4 April 2017<\/p>\n

[16]<\/a> The great well of China<\/a>, The Economist, 18 June 2015<\/p>\n

[17]<\/a> Full text of China\u2019s Arab Policy Paper<\/a>, Xinhuanet, 13 January 2016<\/p>\n

[18]<\/a> China Set To Expand MENA Market Share<\/a>, BMI Research, 11 January 2017<\/p>\n

[19]<\/a> The Middle East is the Hub for China\u2019s Modern Silk Road<\/a>, Middle East Institute, 15 August 2017<\/p>\n

[20]<\/a> The great well of China<\/a>, The Economist, 18 June 2015<\/p>\n

[21]<\/a> Japan-GCC: A renewable partnership<\/a>, Gulf News, 29 February 2016<\/p>\n

[22]<\/a> Indonesia Targets 5.6% Export Increase to GCC<\/a>, Ministry of Foreign Affairs Republic of Indonesia, 1 June 2017<\/p>\n

[23]<\/a> Gulf Cooperation Council-Singapore Free Trade Agreement comes into force on Sept 1<\/a>, The Straits Times, 1 September 2013<\/p>\n

[24]<\/a> Korea and the GCC: Reaching a Sustainable Economic Partnership<\/a>, Middle East Institute, 6 June 2014<\/p>\n

[25]<\/a> The GCC States of the Persian Gulf and Asia Energy Relations<\/a>, IFRI, September 2012.<\/p>\n

[26]<\/a> Global Marine Trends 2030, Lloyd\u2019s Register Marine & University of Strathclyde<\/a><\/p>\n

[27]<\/a> Vision 2030<\/a>, Kingdom of Saudi Arabia.\u00a0<\/p>\n

[28]<\/a> Saudi Arabia: An Attractive and Fast-Growing Destination for Foreign Direct Investment<\/a>, Opening Doors, Summer 2017<\/p>\n

[29]<\/a> Vision 2030<\/a>, Kingdom of Saudi Arabia.\u00a0<\/p>\n

[30]<\/a> Vision 2030<\/a>, Kingdom of Saudi Arabia.\u00a0<\/p>\n

[31]<\/a> Saudi Arabia: At the heart of global trade routes<\/a>, Opening Doors, Spring 2018<\/p>\n

[32]<\/a> Vision 2030<\/a>, Kingdom of Saudi Arabia.\u00a0<\/p>\n

[33]<\/a> Saudi Arabia: An Attractive and Fast-Growing Destination for Foreign Direct Investment<\/a>, Opening Doors, Summer 2017<\/p>\n

[34]<\/a> Positive Laws and Regulations<\/a>, Saudi Arabian General Investment Authority, accessed May 2017.<\/p>\n

[35]<\/a> A vision to become an investment powerhouse<\/a>, Opening Doors, Winter 2017\/18<\/p>\n

[36]<\/a> The Middle East is the Hub for China\u2019s Modern Silk Road<\/a>, Middle East Institute, 15 August 2017<\/p>\n

[37]<\/a> The Middle East is the Hub for China\u2019s Modern Silk Road<\/a>, Middle East Institute, 15 August 2017<\/p>\n

[38]<\/a> Is China pivoting towards the Middle East?<\/a> World Economic Forum, 4 April 2017<\/p>\n

[39]<\/a> The great well of China<\/a>, The Economist, 18 June 2015<\/p>\n

[40]<\/a> Saudi Japan Vision 2030<\/a>, accessed May 2018<\/p>\n

[41]<\/a> Saudi Aramco to buy $7 billion stake in Petronas\u2019 RAPID refinery project<\/a>, Reuters, 28 February 2017<\/p>\n

[42]<\/a> Pepsi building \u2018one of its largest plants\u2019 in Saudi Arabia \u2013 reports<\/a>, FoodBev Media, 22 February 2017<\/p>\n

[43]<\/a> Sony aims to grow business by 20pc in region<\/a>, TradeArabia, 6 April 2017<\/p>\n","protected":false},"author":14,"featured_media":15568,"template":"","tags":[],"acf":[],"yoast_head":"\nTrade Between Saudi Arabia & Eastern Markets | Abdul Latif Jameel\u00ae<\/title>\n<meta name=\"description\" content=\"An in-depth look at the growing trade between Saudi Arabia and Eastern markets. 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