RIYADH: Chinese Ambassador Lee Ching-Wen dismissed claims about the deterioration of the Chinese economy and explained that it has moved into a new era focusing on quality and sustainability.
The envoy was speaking to members of the Saudi-Chinese Business Council (SCBC) at the Council of Saudi Chambers (CSC) recently, where the two sides discussed ways to create a better economic future for both.
He said China is unifying social class across all regions of China, which requires more openness to international markets.
Saudi Arabia has been the largest trade partner and exporter of crude oil to China in Africa and West Asia. Likewise, China is a key trade partner to the Kingdom.
The ambassador assured that his country will continue to import Saudi oil and collaborate with the Kingdom to ensure stabilizing of declining oil prices by developing convenient mechanisms.
He pointed out that the Silk Road project aims to enhance cooperation with Saudi Arabia and other countries in the region due to its distinguished geographic and economic position. “The two countries share a lot in common, including rapid economic development, which will be further enhanced once the Silk Road project is implemented,” the envoy added.
During the meeting, SCBC’s former Chairman Abdulrahman Al-Jeraisy was honored for his notable efforts in boosting the relations between China and the Kingdom.
Expressing his gratitude for the gesture, Al-Jeraisy said he will continue his efforts to promote bilateral trade in many new areas.
The meeting concluded with an open session on methods to enhance Saudi-Chinese relations and to remove obstacles that hinder them from further progress.
Envoy: Chinese economy moves into new era
Envoy: Chinese economy moves into new era
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
