BRICS: Saudi Arabia and China Seal $3.7 Billion Partnership
China and Saudi Arabia have intensified their economic partnership through dozens of new deals, signaling a strategic shift toward local currency trade and a reduced reliance on the U.S. dollar.
Valued at over $3.7 billion, the agreements were finalized during a major business forum in Beijing and cover a wide array of sectors, from renewable energy to agriculture.
The initiatives mark a clear move toward tighter BRICS alignment. In addition to infrastructure and sustainability ventures—such as biofuel production and water recycling—the deals also aim to operationalize local currency settlements in bilateral trade. That shift aligns with growing calls across emerging markets to bypass the dollar in cross-border transactions.
Trade between the two nations has surged past $107 billion, now far outpacing Saudi Arabia’s exchange volume with the U.S., which stands at just $26 billion. Saudi officials, including Environment Minister Abdulrahman Alfadley, emphasized China’s growing role in the Kingdom’s external trade, now making up nearly a fifth of total foreign commerce.
The long-term implications extend beyond economics. As BRICS countries promote alternatives to Western financial dominance, partnerships like this one underscore a reshaping of global trade dynamics—at a time when traditional alliances are being reevaluated and institutions increasingly look for diversification, including through crypto and non-dollar assets.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
