The Middle East was the top recipient of construction and investment deals under China’s Belt and Road Initiative (BRI) in 2024, with the total value reaching $39 billion. Almost half, $19 billion, was invested in Saudi Arabia.
China’s Belt and Road Initiative (BRI), often referred to as the New Silk Road, is an infrastructure and investment strategy launched by China in 2013 which, to date, has invested in more than 150 countries and international organizations.
The Griffith Asia Institute recently published its China Belt and Road (BRI) Investment Report 2024 which showed that BRI investment in Saudi Arabia more than tripled in 2024 to $19 billion from $5.9 billion in 2023. The biggest part of that increase was $5.6 billion for Riyadh’s subway contract.
Iraq was second in the Middle East receiving $9 billion in investment and UAE was third at $3.1 billion.
Latin American BRI countries saw their lowest Chinese engagement in almost 10 years—with significant drops in Chinese investments.
According to Gavin Gibbon with AGBI, since 2013 when the BRI was announced, Chinese companies have signed infrastructure contracts worth $103 billion in the six-member Gulf Cooperation Council, $17 billion in Iraq and $12 billion in Iran. Gibbon notes that Gulf-China trade may overtake Gulf-West trade by 2027, according to a study from think-tank Asia House.
Overall, the BRI’s total engagements globally reach $1.175 trillion with $704 billion in construction projects.
Key finding for the Griffith Asia Institute’s China Belt and Road (BRI) Investment Report 2024 are:
Key findings
- 2024 saw the highest BRI engagement ever, with USD70.7 billion in construction contracts and about USD51 billion in investments.
- China’s energy-related engagement in 2024 was the greenest in absolute and relative terms in any period since the BRI’s inception reaching USD11.8 billion, an increase of 60% compared to 2023.
- Oil and gas engagement surged to record highs of about USD24.3 billion, particularly through oil/gas processing facilities construction contracts in the Middle East.
- China continued to invest in coal-related activities, both in the construction of coal mine transport infrastructure and in coal mine ownership.
- Middle Eastern countries topped the rank of BRI engagement, reaching USD39 billion. Meanwhile, Latin American BRI countries saw their lowest Chinese engagement in almost 10 years—with significant drops in Chinese investments.
- The metals and mining sector reached new records of almost USD 22 billion—mostly through investments.
- The technology and manufacturing also broke records and reached almost USD30 billion with high-tech engagements in batteries, solar PV and—outside of the BRI in Spain—hydrogen.
- BRI investments in 2024 were back to state-owned domination led by Sinopec followed by private companies. Construction contracts continue to be dominated by state-owned enterprises (SOEs).
- In global comparison, Chinese overseas engagement grew, while global FDI into emerging economies in 2024 continued to drop (driven by a drop in FDI into China)
- Since its establishment in 2013, cumulative BRI engagement reached USD 1.175 trillion, with about USD704 billion in construction contracts, and USD 470 billion in non-financial investments.
- For 2025, we see further stabilisation of Chinese BRI engagement with a strong focus on BRI country partnerships in renewable energy, mining and related technologies.
- Global trade and investment volatility will potentially spur further investment for supply chain resilience and alternative export markets for Chinese companies.
- Potential future engagements are unchanged in six project types: manufacturing in new technologies (e.g., batteries), renewable energy, trade-enabling infrastructure (including pipelines, roads), ICT (e.g., data centres), resource-backed deals (e.g., mining, oil, gas), high visibility or strategic projects (e.g., railway).
