The company aims to make strategic investments by acquiring equity stakes, providing financial expertise, and offering legal advice to leading players in these industries, said Vincent Yan, its senior vice-president.
“The objective is to support these companies in expanding their presence in Saudi Arabia and make sure they can adapt to the vast market,” he said in an interview.
Ajlan & Bros plays a crucial role in easing the entry of Chinese companies into Saudi Arabia, helping them align with the kingdom’s Vision 2030 strategy for economic transformation and reducing its dependence on fossil fuels. It has already brought in a dozen Chinese firms from a range of sectors that focus on sustainable business models catering to government, corporate, and individual clients.
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Saudi tech minister says China a ‘success story to replicate’ during Hong Kong visit
Saudi tech minister says China a ‘success story to replicate’ during Hong Kong visit
These include electrical equipment maker Chint, gold miner Chifeng, the courier giant SF International and smart pharmacy solutions provider Shanghai General Healthy.
Ajlan, which makes textile products at its factories in China and exports garments to Saudi Arabia, has been in the Chinese market since 2002, when it launched a factory in Suzhou, in the eastern province of Jiangsu . The following year, it set up a new textile plant in Zaozhuang, in Shandong province.
The firm began diversifying its business in China in 2017, with the aim of bringing top Chinese companies to Saudi Arabia.
The conglomerate’s commitment and investment serve as an endorsement of the world’s second-largest economy, which faced challenges in 2022 amid supply-chain disruptions and crippling Covid-19 restrictions, according to Yan. He said Ajlan & Bros is confident in the country’s potential and resilience, as well as the investment potential of China’s established companies.
Chinese companies also see business opportunities in the Mena (Middle East and North Africa) region because of its large population and abundant mineral resources. Ajlan & Bros is currently in advanced talks with several companies and hopes to make announcements in the near future, Yan said.