Oil-rich Saudi Arabia is seeking more investment from China, signing 14 memoranda of understanding (MoUs) with Chinese companies on Aug. 31, 2016 concerning various sectors such as energy, logistics and telecommunication.

The two countries have been deepening their strategic partnership for years, and their cooperation will not end in the energy sector. It will also extend to other areas such as security, finance, national defense, technology and cultural exchange, Dr -Majed Abdullah Al-Kassabi, Saudi Minister of Commerce and Investment, told a meeting held on Wednesday in Beijing.

"Our newly proposed 'Saudi Vision 2030' has much in common with the China-proposed 'One Belt, One Road initiative [B&R initiative],' which will both offer more business opportunities to the countries involved," he said.

"Saudi Vision 2030," approved by the Saudi Cabinet in April, constitutes a road map for the kingdom's development and economic goals for the coming 15 years, according its government's website.