On December 7th, 2022, Chinese national leader arrived in Riyadh, Saudi Arabia to attend the first China-Arab States Summit and the first China-Gulf Cooperation Council Summit, and to make a state visit to Saudi Arabia. This trip, seen as the largest and highest-level diplomatic action towards the Arab world since the establishment of the People's Republic of China, has propelled China and Saudi Arabia's comprehensive strategic partnership, particularly in economic and trade cooperation, to a new level.
Saudi Arabia is the largest consumer market in the Middle East, with a population of over 34 million, a per capita GDP of over $23,000, and a huge young consumer population. Since 2013, Saudi Arabia has been China's largest trading partner in the Arab region, with bilateral trade reaching $87 billion in 2021. According to statistics, imports from China account for more than 19% of Saudi Arabia's total imports, a percentage that exceeds the import proportion from China for most countries. However, China still maintains a trade deficit with Saudi Arabia, indicating that there is still considerable room for China's exports to Saudi Arabia.
In the context of the good bilateral relationship, and to support the joint construction of the 'Belt and Road' initiative between China and Saudi Arabia, CHINAMEX Middle East Investment & Trade Promotion Center officially announced that following the planning and development of 'Dragon Mart Dubai' and 'Dragon City Bahrain', CHINAMEX is willing to actively respond to the good cooperation intentions of the governments and peoples of China and Saudi Arabia, and focus on the development of the 'Dragon World Saudi Arabia' project.
Dragon World Saudi Arabia will be the third Dragon City project planned and developed by CHINAMEX. The project is located on the
south section of the Eastern Ring Road in the southeast of the capital city, Riyadh. It covers an area of about 90,000 square meters and has more than 400 shops, including categories such as textile and fabric, household goods, children's products, electronics and appliances, furniture and kitchenware, hardware, building materials and decoration, and lighting. This project will provide high-quality and diverse Chinese goods to over 8 million affluent people in Riyadh, greatly promoting economic and trade cooperation between China and Saudi Arabia. At the same time, the project will have an impact on the two important economic towns of Dammam in the east and Jeddah in the west of Saudi Arabia.
The project is currently in the leasing stage and is planned to officially open in second quarter of 2024.
In recent years, Saudi Arabia, the largest and relatively closed market in the Middle East region, has gradually opened up to the outside world under the efforts of the Crown Prince. Foreign companies are therefore now finding it much easier to enter the market, which brings golden opportunities for Chinese companies. However, the question of how to enter Saudi Arabia quickly and safely has been a challenge for many companies. Dragon World Saudi Arabia has seized the opportunity and built a "fast track" for Chinese companies to enter Saudi Arabia. It is believed that many Chinese companies will enter Saudi Arabia and achieve success through this project.