KSA + China bolster economic ties with USD 10 bn in new investments: Saudi Arabia and China signed investment agreements worth USD 10 bn on the first day of the Arab-China Business Conference in Riyadh on Sunday, the Saudi Investment Ministry said in a statement(pdf) yesterday. The 30+ agreements spanned a slew of sectors including renewable energy, technology, agriculture, tourism, real estate, and healthcare, and come as part of the kingdom’s push to diversify its economy and boost investments in non-oil sectors.

Making the headlines: A USD 5.6 bn MoU that will see the Investment Ministry partner with China’s Human Horizons — which manufactures electric vehicles and develops autonomous driving tech — on EV manufacture, R&D and sales.

Going their own way: Speaking at the conference, Saudi Energy Minister Abdulaziz bin Salman said he “ignores” US objections to the country’s growing ties with China and is focused on collaborating with Beijing rather than competing with it, according to Reuters. “I actually ignore it because ... as a business person .. now you will go where opportunity comes your way,” he said.

MEANWHILE- US to rejoin UNESCO following decade-long absence: The US will rejointhe UN agency and repay over USD 600 mn in dues, more than a decade after it stopped contributing to the agency’s finances due to its decision to make Palestine a member state, the UN agency said yesterday. The move was triggered by concerns over China’s growing influence in the agency’s policy making, US officials told the Associated Press.

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