Per Bloomberg

Saudi Arabia has just recently hosted a gathering with China which was designed to boost business interest. This comes as the kingdom was trying to strengthen its relationship with China instead of the US.

Saudi Investment Minister Khalid Al-Falih gave a statement in a keynote address regarding China as an investment partner.

Al-Falih: “The time has come, in my view, for China to be a principal investment partner in the Arab world’s development drive,”

This comes as the Saudi capital hosted what was described as the "largest Chinese-Arab business gathering." This included Chinese executives gathered together under Riyadh's finest conference hall.

Nou Shi, HK-based North Beta International Asset Management Limited's senior investment manager, gave a statement regarding Saudi's plans for de-Americanization.

Shi: “We have been told Saudi is trying to ‘de-Americanize’ and they want to embrace Chinese technology... They won’t be able to pull off the grand vision by themselves and that’s why we’re here.”

By the end of March, Saudi Arabia joined a China-led security bloc and trade alliance which involved Russia, India, Pakistan, and other countries.

Recently, the kingdom has been selling its own suppliers to the EU while buying millions of barrels of Russian diesel.

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