Saudi Arabia can help act as a conduit between the US and China at a time of heightened geopolitical tensions, Saudi Finance Minister Mohammed al-Jadaan said Monday at the World Economic Forum in Davos, Switzerland.
The comments came amid questions about what worries the minister most in 2023. He called for calm and cooperation, expressing his country’s ability to maintain an open dialogue with all major political forces amid Russia’s war in Ukraine, the competition between Washington and Beijing, and the energy market volatile.
“I really think we should focus on collaboration, cooperation, avoiding more geopolitical tensions, and calling for a calm and political solution to geopolitical tensions,” al-Jadaan told CNBC’s Hadley Gamble.
“We make our position very clear on this issue – whether it’s in the general assembly at the United Nations or any other forum.”
Mohammed Al-Jadaan, Saudi Arabia’s finance minister, at the World Economic Forum in Davos, Switzerland
Jason Alden | Bloomberg | Getty Images
Asked about Saudi Arabia’s ability to facilitate dialogue between adversarial powers like the US and China, al-Jadaan said: “I would say yes. We have a very strategic relationship with the US, and we have a close relationship with China, and we think we can bridge gap.”
The Kingdom of Saudi Arabia and the United States have a relationship that goes back to the 1930s, and which has been summed up in broad terms as one of oil in exchange for security. The US has a military presence in Saudi Arabia, selling advanced weapons and providing training and joint operations with the Saudi military.
The critical attitude of the Biden administration towards the kingdom has poured cold water on the relationship that has been going on for almost a century lately, and Saudi Arabia continues to refuse to pump more oil for the global market to balance the loss of Russian supplies, despite requests from the White House. . The loss of Russian oil and gas to Western markets stems from sanctions imposed by the US and the European Union in Moscow’s full-scale invasion of Ukraine.
China, meanwhile, has for years made inroads – especially economically – as Saudi Arabia’s top trading partner and the biggest buyer of its oil. Riyadh’s relationship with Beijing is more functional and economic than strategic, meaning it is unlikely to replace the US role in the kingdom anytime soon.
However, Saudi Arabia in recent years has bought more Chinese weapons, especially those that Washington is less willing to sell its Gulf allies, such as drones. Chinese technology transfers and infrastructure projects are also growing in the kingdom, as Saudi Crown Prince Mohammed bin Salman seeks to diversify his country’s alliances and make it more independent.
Chinese President Xi Jinping visited Saudi Arabia in December, and the two countries signed a strategic partnership agreement that the Chinese foreign ministry at the time called “an epoch-making milestone in the history of China-Arab relations.”
