Professor Fu Chengyu Leads Chinese Enterprises to Evaluate Business Environment in Saudi Arabia and the UAE

Nov 08,2023

Cooperation between China and Saudi Arabia in various sectors has been thriving since President Xi's visit to Saudi Arabia, thanks to the robust development of the Belt and Road Initiative.

President Xi pointed out that Saudi Arabia is an important independent force in today's multipolar globe. According to World Investment Report 2021, the country has attracted a total of $241.862 billion in foreign investments from 2016 to 2020. These investments have primarily flowed into key sectors with significant growth potential, including real estate, chemicals, power generation, and the natural gas industry. Saudi Arabia's rapid economic growth is underpinned by its abundant energy resources.

From March 15th to 17th, Professor Fu Chengyu, former Chairman of SINOPEC, led a distinguished delegation to Saudi Arabia at the invitation of Saudi Minister of Investment, Khalid Falih. Notably, Wang Hongguang, Chairman of Beidou Qiming Energy Saving Service (BDES), a major manufacturer specializing in internal floating roofs for China's petrochemical storage and transportation industry, and Xiao Ji, the Chief Technology Officer, joined this delegation for an insightful exchange and investment exploration in Saudi Arabia. The delegation also included prominent figures from the Cheung Kong Graduate School of Business and key industry leaders from various sectors in China.

With the world's second-largest petroleum reserves in Saudi Arabia, there is a substantial demand for internal floating roofs in the oil storage and transportation industry. As our visit unfolded and we gained a deeper understanding of Saudi policies and market requirements, BDES actively explored the possibility of establishing a manufacturing facility in Saudi Arabia.

Accompanying Professor Fu Chengyu on this visit to Saudi Arabia and the United Arab Emirates, BDES has gained valuable insights into international opportunities. With a strong commitment to innovation and international collaboration, BDES aims to showcase its domestic expertise globally while learning from the world's best. BDES is dedicated to fostering the prosperity of the petrochemical industry and, in partnership with leading teams and companies, contributing to a more sustainable world.

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