中国与阿拉伯国家投资合作及展望China-Arab Countries Investment Cooperation and Prospects

The relationship between Arab countries and China is undergoing a transformative evolution, marked by rapid developments and significant milestones. A foundation of mutual respect and trust among leaders from both regions has invigorated this partnership, particularly in the realms of economic collaboration and investment.

This robust partnership has fostered a political commitment to enhance economic and investment cooperation through a variety of practical measures and strategic decisions. A cornerstone of this collaboration is the China-Arab Cooperation Forum, established in 2004. Over the past two decades, this forum has played a vital role in promoting cooperation between China and Arab nations. By 2024, trade between China and Arab countries is projected to surpass $400 billion, positioning China as the largest trading partner for these nations, which have also emerged as a reliable source of energy for the Chinese economy. The Arab region has forged extensive strategic partnerships with China, transforming the Middle East into a prime destination for Chinese enterprises seeking international expansion. Additionally, China has granted zero-tariff treatment on imports from Arab countries classified as least developed and has trained tens of thousands of young Arabs from various nations.

In recent years, wealthy Arab funds have become a crucial source of foreign direct investment (FDI) for China. With Chinese corporations shifting their global expansion strategies from west to east, the Arab world—particularly the Gulf region—has emerged as a top priority for entering this burgeoning market.

When examining the Arab world as a collective entity, several key data points stand out:

● The total economic output of Arab nations is projected to exceed $ 3.5 trillion based on GDP, and around $10 Trillion based on PPP ranking fifth globally, behind only China, the United States, European Union, and India.

● The combined land area of Arab countries is the second largest in the world, covering 13.3 million square kilometers, trailing only Russia.

● Strategically, Arab countries occupy a critical position in global geopolitics, controlling significant international trade routes.

● They hold 35% of the world’s oil reserves and boast capital reserves exceeding $15 trillion.

● A mighty defense force with military personnel in Arab nations totaling over 4 million.

Arabs share a common language, although dialects differ, facilitating communication. Most adhere to the same religion and pass down similar customs and values, reflecting a collective empathy towards shared challenges.

On June 5, 2014, President Xi Jinping delivered a pivotal speech at the sixth ministerial meeting of the China-Arab Cooperation Forum, inviting the Arab world to engage in the “Belt and Road Initiative.” He outlined a cooperation framework known as “1+2+3,” which focuses on collaboration priorities. This framework emphasizes energy cooperation as a pillar of economic partnership, alongside infrastructure development and trade, with high-tech fields such as nuclear energy, aerospace, and new energy as focal points for innovation.

All 22 Arab countries signed cooperation agreements related to the Belt and Road Initiative, engaging 500 million residents of the Arab world in this global project and enhancing international momentum for China’s initiative.

The long-standing friendship between Arabs and China has opened new avenues for collaboration. This relationship reached a new pinnacle at the Riyadh China-Arab Leaders Summit in 2022, where China’s proactive diplomacy in the Middle East garnered widespread acclaim, significantly boosting China’s popularity in the Arab region and advancing economic and investment cooperation.

Regarding Arab investments in China, several key considerations emerge:

The foundation of this relationship is built on friendship, characterized by pragmatism and mutual benefit. Arab nations have consistently supported China’s core interests, and their influence extends to Africa, where many Arab states are located, positively shaping African nations’ perspectives toward Beijing. Furthermore, China’s relations with the Muslim world rely on Arab support, underscoring the significance of fostering friendly ties with the Arab world as a core interest of Chinese diplomacy.

Economically, this focus has been paramount since China’s reform and opening-up policies. Initially, the economic relationship primarily centered on the energy sector, where Arab countries proved to be reliable partners, significantly contributing to China’s economic growth. As we entered the 21st century, Chinese state-owned enterprises began to invest in infrastructure within Arab nations, further solidifying cooperation in this area. The Belt and Road Initiative has facilitated financing for infrastructure projects, increasing the market presence of Chinese companies.

China’s positive reputation has positioned it as a trustworthy partner in the eyes of Arab nations. A significant shift occurred following the trade war initiated by the Trump administration, with Arab leaders carefully observing U.S. sanctions and pressures on China. As China navigated these challenges successfully, Arab leaders began to pay increased attention to their relationship with China.
Many Arab nations are eager to leverage China’s experience to advance their development strategies, such as Saudi Arabia’s Vision 2030, Kuwait’s Vision 2035, and Egypt’s 2030 plan, with numerous agreements signed to align national development plans with the Belt and Road Initiative. Arab leaders are particularly interested in China’s successes and the challenges it has faced throughout its development history.

However, it is crucial to recognize that Arab capital has missed out on significant investment returns during China’s economic boom over the past 20 years. Consequently, Arab investors feel an urgency to seize future investment opportunities in China, prompting an increase in their investments there.

Currently, the share of Arab investments in China is estimated to be less than 2% of their total global investment allocations, with most of this small percentage funneled through Western investment firms, limiting Arab influence in Beijing. Given that the Chinese economy accounts for nearly 20% of the global economy, this gap is driving a rapid increase in Arab investments in China, potentially tenfold, to better reflect China’s significance in the global market. Experts predict that this figure could exceed $2 trillion. This represents a significant opportunity for China to transform goodwill and momentum from Arab countries into substantial investments, providing its economy with much-needed foreign capital.

Before converting this interest into concrete actions, it is essential to systematically understand the status of Arab capital.

Four Primary Segments of Arab Capital

Through my extensive engagement with Arab capital over the years, I have categorized it into four primary segments:

1. Sovereign Wealth Funds: The majority of Arab sovereign wealth funds originate from Gulf countries, accounting for approximately 80% of the total. With low production costs, these nations balance their national budgets at around $50 per barrel, allocating part of their oil revenues to these funds to invest across various sectors, aimed at creating wealth and security for future generations while enhancing global influence. These funds often function as funds of funds, with relatively small teams managing large investments, leading them to prefer passive investment strategies. Members of local ruling families typically serve on boards to maintain oversight.

Traditional sovereign funds, like those from Kuwait and Abu Dhabi, tend to be discreet, whereas newer funds from Saudi Arabia, Qatar, and the UAE exhibit a more proactive stance, willing to invest in emerging industries with greater risk appetites.

2. Royal Family Investment Funds: Managed by trusted members of ruling families, these funds are typically run by professionals and focus on foreign markets. Arab rulers often prefer not to invest their funds in the local economy to avoid competing with local businesses. These royal families are among the wealthiest in the world, and their political influence often safeguards their investments. Royal Group of UAE and Tharawat Group in Saudi Arabia are examples of this category.

3. Large Business Family Investments: Wealth among Arab business families originates from a variety of sources. In Gulf countries, major conglomerates primarily engage in trade and services, representing global brands. In Saudi Arabia, Egypt, and Morocco, numerous industrial family businesses exist. These families often manage their family investment offices professionally, involving investment experts and trusted family members. The younger generation typically possesses educational backgrounds from Europe and the U.S., which shapes their investment focus on Western markets. However, there is a growing interest among these families in investing in Chinese private companies, seeking to become shareholders rather than merely representing brands locally.

4. Financial Institutions: Established by governments to support specific industries and national development strategies, these institutions encompass various funds and banks that primarily provide financial services. For instance, Kuwait’s Public Institution for Social Security manages pensions and welfare, while the Kuwait Finance House offers Islamic financial services. Saudi Arabia’s National Development Fund supports national projects, and the Iraq Development Fund encourages foreign investments in targeted sectors.

Large state-owned enterprises often have subsidiary funds, such as the P7 Fund under Saudi Aramco. The UAE’s XRG, launched in December 2024, aims at green energy and artificial intelligence with an initial capital of $80 billion.

Additionally, regional financial institutions like the Arab Fund for Economic and Social Development promote economic cooperation among member states. These funds have diverse investment strategies and objectives, playing different roles in enhancing economic development and industrial upgrades within their regions.

Major Sovereign Wealth Funds of Arab Countries and Their Investments in China  

There are 24 sovereign wealth-related funds in Arab countries, with 21 belonging to members of the Gulf Cooperation Council (GCC), while Morocco, Libya, and Egypt maintain their own.

It is important to note that data on sovereign funds is often classified; therefore, I rely on recent industry surveys such as those from the Sovereign Wealth Fund Institute and Global SWF, along with my personal experiences, to present the following information:

As of 2024, the Abu Dhabi Investment Authority (ADIA) in the UAE stands as the largest fund in the Middle East, managing over $1 trillion in assets. The Kuwait Investment Authority also approaches nearly $1 trillion, while the Saudi Public Investment Fund is expected to exceed $1 trillion soon. The Qatar Investment Authority manages total assets of $530 billion.
Despite some similarities, differences exist among these sovereign wealth funds regarding scale, management structure, and investment strategies.

Established funds, such as the Kuwait Investment Authority (founded in 1953) and the Emirates ADIA (founded in 1976), are known for their cautious investment approaches, often focusing on fixed-income securities like U.S. Treasury bonds and other low-risk ventures. This conservative strategy aims to ensure long-term sustainability beyond oil revenues. For example, Kuwait’s fund manages the “Public Reserve Fund,” primarily funded by oil revenues, as well as the “Future Generation Fund,” which receives at least 10% of national annual income. The goal of these funds is to preserve high-quality standards for future generations.

Older sovereign funds maintain their traditional investment identities, allowing them to operate sustainably for decades. However, they face challenges in adapting to new realities and are often directly overseen by high-level government officials, which adds bureaucracy and slows things down. In contrast, newer-generation Gulf sovereign wealth funds have emerged due to rising energy prices since the early 21st century. These newer funds are characterized by a willingness to adapt quickly to global economic changes and emerging technologies with a bold investment appetite.
The development of these funds depends on management changes and national circumstances. For example, during financial crises, the Kuwaiti government might withdraw some funds from KIA to cover financial deficits, while various UAE funds may experience intense internal competition that necessitates intervention from national leaders.

Based on my experience over the past decade with the Arab Capital, I’ve observed a serious uptick in investments in China over the last three years. Official estimates suggest that total Arab financial fund investments in China ranged from $3 billion to $4 billion in 2020. In 2022-2023, these investments increased, capitalizing on the rebound in China’s stock market. Analysts anticipate that 2024 will be a breakthrough year for Arab investments in China, with major Chinese companies such as Wanda Commercial Real Estate, NIO, Zhipu AI, and much more attracting Arab capital.
Paradoxically, while Arab capital is seeking opportunities in China, many Western financial institutions are pulling back. It is estimated that Arab investment in China will reach about $25 billion in 2024, accounting for 15% of Arab capital’s global investments that year. Arab countries are expected to continue seizing opportunities within the Chinese economy, with direct Arab investments in China reaching $100 billion, primarily from Gulf nations.

Investment strategies among Arab financial funds vary. For instance, Saudi Arabia aims to invest in large Chinese companies to facilitate technology reinvestment in line with “Saudi Vision 2030.” The Saudi sovereign fund, PIF, through its new investment arm ALAT, recently invested in Lenovo, which is establishing a factory in Saudi Arabia. Similarly, Oman’s Investment Authority is focusing on logistics and energy sectors in partnership with China Merchants Bank. In contrast, Qatar and Kuwait’s sovereign wealth funds prioritize financial returns without requiring reinvestment in their home economies.

Most within China’s financial sector recognize these investment opportunities. In recent years, Chinese capital managers have sought to engage with Arab countries, particularly in the Gulf region, to attract Arab investments in China. Many China-based funds have visited the Arab region in recent years, seeking to replace their Western limited partners. While some successes have been achieved, many efforts have not yielded significant results due to a persistent trust gap between both parties.

China should closely monitor the investment interests of Arab countries and provide support to facilitate Arab capital investments in China. Given that Arab capital is relatively unfamiliar with the Chinese investment landscape, special measures should be adopted to encourage these investments.

Investment Environment in Arab Countries  

Different Arab countries vary in their capacity to attract Chinese investments. According to research published in the Georgetown Journal of International Affairs (June 2, 2023), China’s total investment in Arab countries surpassed $200 billion by 2022, with estimates reaching $300 billion by 2025. This increase is driven by ambitious development plans from countries like Saudi Arabia, the UAE, and Egypt. For instance, during President Xi Jinping’s visit to Saudi Arabia in 2022, investment agreements worth $50 billion were signed. Algeria also signed development cooperation agreements exceeding $50 billion, with Kuwait making similar commitments. Today, Iraq is viewed as a key market for China in the energy and infrastructure sectors, while the UAE serves as China’s primary commercial hub in the Arab world, thanks to its favorable business climate. Additionally, Morocco signed agreements worth over $20 billion at the 2024 China-Africa Summit.

Numerous large Chinese private enterprises are investing in Arab countries, capitalizing on favorable investment environments and participating in significant infrastructure development across the region. Chinese Foreign Minister Wang Yi highlighted several successful projects in an article for the 《Middle East Report》(November 2, 2024), noting landmarks such as Egypt’s new administrative capital, the longest highway in Algeria, the main stadium for the Qatar World Cup, and Morocco’s Mohammed VI Bridge, the largest suspension bridge in Africa.

Many markets in the Arab world are experiencing robust development, emerging as global hotspots. Over the past decade, Arab countries have hosted significant global events, including Dubai’s Expo 2020, Qatar’s 2022 World Cup, the UAE’s COP28 climate summit, and Morocco’s joint hosting of the 2030 World Cup. Furthermore, Saudi Arabia is set to host the Riyadh 2030 World Expo and the 2034 World Cup, marking a pivotal moment for the region.

Gulf countries are undergoing an economic boom, attracting international talent. The UAE and Saudi Arabia have emerged as key destinations for talent in recent years. Despite ongoing regional conflicts, trade and investment activities in the Gulf and North Africa remain vibrant. This shift indicates that the region is beginning to adapt to isolated conflicts while focusing on economic development, reflecting a new trend in the Arab world.

Despite significant achievements, several challenges hinder the growth of Chinese investment in Arab countries:

1. Instability in the Middle East. The region continues to face considerable tension and instability. Over the past decade, countries like Syria, Libya, Yemen, and Sudan have experienced turmoil and civil wars. Lebanon and Palestine have also suffered ongoing conflicts with Israel. These issues have led to widespread destruction of infrastructure, weakened production capacity, and the displacement of millions, leaving nearly a quarter of Arab countries unable to attract Chinese investment.

2. Pressure from Western Countries. Western governments are increasingly concerned about the deepening relations between China and Arab nations. This concern manifests through clear messages and incentives aimed at Gulf countries, Egypt, and Iraq to discourage closer cooperation with China. Western media often portray China’s economic presence in the Arab region negatively, frequently referencing the so-called “Chinese debt trap” and emphasizing potential risks to security and stability stemming from cooperation with China.

3. Impact on Local Business Interests. Influential Arab business leaders in various industries, particularly in real estate, industrial manufacturing, and infrastructure, find their businesses impacted by competition from Chinese goods and services. This dynamic has created resentment towards Chinese investment projects, with some local organizations blaming Chinese companies for rising unemployment and decreased production. Consequently, decision-makers—especially in Saudi Arabia, Algeria, and Morocco—have begun imposing new restrictions on Chinese investments.

4. Lack of Knowledge of the Arab World. Chinese investors face challenges due to a limited understanding of local conditions in Arab countries. Chinese business operations are relatively new to the region, and there is a learning curve for Chinese entrepreneurs regarding how to navigate these markets—an oversight that could lead to failures and harm their reputations.

Despite these obstacles, numerous Chinese private enterprises have successfully entered the Arab market, including companies like Huawei, Alibaba, Shein, TikTok, Meituan, Hongqi, Chery, Geely, LONGi Solar, and BGI. Chinese service providers, such as consulting and law firms, as well as HR and security service providers, are actively establishing offices in the Arab world to support the influx of Chinese business.

Suggestions to Attract Arab Investment in China  

China operates within a unique framework distinct from Western markets, which Arab businesses are accustomed to. Arab business leaders often rely on international news, particularly concerning the challenges of doing business in China, yet they are eager to engage strategically. Given the current geopolitical landscape especially with the new Trump administration that will require wealthy Arab states to increase their investments in the U.S, here are a few suggestions to enhance Arab investments in China:

1. Promote Local Currency Exchange Systems. Finalize the establishment of a currency exchange system to increase the proportion of trade conducted in local currencies, simplifying obstacles for foreign investors and encouraging Arab capital to flow to China.

2. Facilitate Efficient Investment Channels. Create pathways for “friendly” countries to support direct investments in Chinese companies using offshore RMB. Hong Kong could serve as a key international financial hub to deepen capital flow and economic cooperation between the two regions.

3. Implement Easy Access Policies. Develop convenient policies for Arab businesspeople to enter China, similar to those recently extended by China to many developed nations. Business experience suggests that when Arab investors can travel freely to China, it significantly promotes investment. Most Arab countries offer visa-free or landing visa policies to China, making reciprocal policies vital for advancing bilateral relations.

4. Establish an Arab Chamber of Commerce. Create an Arab chamber of commerce in China, akin to existing AMChina and EU chambers. This initiative would promote trade and investment, providing Arab businesses with representation and bolstering investor confidence.

5. Offer Banking Incentives for Chinese Enterprises in Arab Countries. Focus on sectors such as automotive, batteries, medical equipment, and artificial intelligence. Notably, some Arab countries have signed free trade agreements with Western nations, allowing Chinese companies to establish production in Arab countries to meet local demand while exporting to other markets.

6. Enhance Communication. Young Arabs increasingly disengage from traditional media outlets, making it crucial to involve them in storytelling beyond the confines of government narratives. Regular invitations for young Arab influencers to share the vibrant energy and culture of China can bridge this gap, fostering a more relatable and authentic dialogue.

7. Promote Pragmatic Cooperation and Avoid Ineffective Meetings. Engaging in activities that fail to produce tangible outcomes can lead to frustration among representatives from both the official and business sectors, ultimately undermining trust in the framework of China-Arab cooperation.

The China-Arab relationship is at a unique and unprecedented juncture. It is essential to capitalize on this moment of opportunity, fostering bilateral relations that resonate deeply with the people on both sides. By making a close Sino- Arab relationship a necessity and natural, we can ensure that the partnership withstands future shifts, solidifying a collaborative future for generations to come.

【N.B.: This version of English writing is a restatement by the author. T he two versions of Chinese and English may not necessarily coincide with each other on a full scale.】 

阿拉伯国家与中国之间的关系正经历前所未有的发展与提升。阿中领导人之间的相互尊重与信任为这段关系注入了更多的活力和动力，使其扩展到新的领域，尤其是在互惠投资方面，通过一系列实际措施和决策，促进了阿拉伯国家与中国之间经济与投资合作的加强。

在这些举措中，2004年成立的中阿合作论坛当居首位。在过去的20年里，该论坛在推动阿中合作方面发挥了引擎作用。到2024年，中国与阿拉伯国家之间的贸易额已超过4000亿美元，中国成为阿拉伯国家最大的贸易伙伴，阿拉伯国家也成为中国最主要的海外原油供应国，阿拉伯地区已成为同中国建立战略合作伙伴关系密度最高的地区之一。同时，中国还对阿拉伯国家中处于最不发达国家行列的国家98%的进口商品给予了零关税待遇，培训了数以万计的阿拉伯各国人才。近年来，中国对阿拉伯国家的关注大幅增加。阿拉伯国家已成为中国重要的海外市场，并在过去几年中成为中国的重要投资地。

值得一提的是，阿拉伯国家尤其海湾国家现在已成为全球主要的经济发展地区之一，经济发展速度高于世界平均水平。如果把阿拉伯国家作为一个整体来看：

在经济上，根据世界银行的数据，2023年阿拉伯世界的经济总量（名义GDP合计）为3.49万亿美元，以PPP合计为接近10万亿美元，全球第五名，仅次于中国，美国，欧盟，印度。在面积上，阿拉伯国家国土面积总和是全球第二大，仅次于俄罗斯，面积达1330万平方公里。此外，阿拉伯国家具有重要的战略地位，位于世界地缘政治的中心，控制着全球重要的贸易通道。阿拉伯地区蕴藏着丰富的资源，阿拉伯国家拥有全球35%的石油储备，资金储备超过15万亿美元。阿拉伯国家的军队人数超过400万。

阿拉伯人讲同一种语言，虽然方言不同但都能沟通，大多数人信仰同一种宗教，教育子女时也传承相似的习俗，面对共同的挑战表现出同理心。

2014年6月5日，习近平主席在中阿合作论坛第六届部长级会议开幕式上发表重要讲话，向阿拉伯世界发出共建“一带一路”的邀请。他提出，中阿共建“一带一路”，构建以能源合作为主轴，以基础设施建设、贸易和投资便利化为两翼，以核能、航天卫星、新能源三大高新领域为突破口的“1+2+3”合作格局。所有22个阿拉伯国家签署了“一带一路”倡议合作文件，阿拉伯世界的五亿居民进入这一中国全球倡议，为这一倡议注入了巨大的国际动力和影响力。

这些因素，加上阿拉伯和中国之间深厚的历史友谊，开辟了双方合作的新空间。中阿关系在2022年利雅得中阿峰会达到了高潮，中国在中东地区积极和建设性的外交也得到了阿拉伯老百姓高度认可，“中国”名片在阿拉伯地区好评度达到了新高，这些促进阿中关系在经济与投资合作领域走向新阶段。

在说阿拉伯国家在中国的投资之前，需要强调以下几点：

阿中关系是建立在友好关系基础上，双方关系几乎没有根本性的问题。这种关系以务实和互利为特征，阿方对中国核心利益的全面支持，加上阿拉伯国家在非洲的影响力（三分之一的阿拉伯国家位于非洲），使得阿方对中国友好的态度对非洲国家的立场产生了积极影响。此外，阿拉伯国家在全球伊斯兰社会中也占有重要地位，伊斯兰人口占全球总人口的25%。因此，建立友好的阿中关系对于中国来说非常重要，这解释了中国在阿拉伯世界积极开展外交的原因。

在经济层面上，阿中经济关系的初期主要集中在能源领域。阿拉伯国家在这段时间内证明了自己是中国在能源领域的可靠合作伙伴。进入21世纪后，中国国有企业开始在阿拉伯世界开展基础设施合作。随后，“一带一路”倡议为阿拉伯国家基础设施建设和发展提供了融资渠道，提高了中国公司在阿拉伯国家的市场份额。

此外，中国的良好声誉也促使阿拉伯国家将中国视为可靠的合作伙伴，阿拉伯领导人开始认真关注中国发展道路，学习中国的发展经验。然而，最重要的变化发生在特朗普政府对华发动贸易战之后。阿拉伯领导人高度关注美国对中国经济与科技的制裁，随着中国成功应对这些冲击，阿拉伯国家对中国更有信心。显然，阿拉伯国家开始认真考虑与中国建立真正的战略关系，阿拉伯高层也亲身感受到了习近平主席对发展中阿战略部署的引领，阿拉伯领导人开始亲自指挥对华关系，把巩固与中国伙伴关系作为外交政策重要任务。

许多阿拉伯国家考虑借鉴中国的经验来推动他们的各项发展项目，无论是提出“2030愿景”的沙特阿拉伯，提出“2035愿景”的科威特，还是提出“2030愿景”的埃及，包括其他一些阿拉伯国家也采取了类似措施。阿拉伯人在这些发展计划中关注中国成功的经验，以及中国在历史发展过程中所遭遇的一些教训和挫折。

然而，值得注意的是，阿拉伯资本在过去20年中并未真正参与并分享到中国改革开放为全球资本提供的投资红利。因此，在上述背景下，阿拉伯资方觉得不能错过中国未来发展投资红利，决定增加在中国的投资力度。

阿拉伯资金在中国的投资比例仅占其全球投资总额的2%，这个2%多数也是通过西方的投资公司投的，而中国经济规模占世界比重接近20%。因此，阿拉伯在中国的投资提升十倍，才能适应中国经济的规模。据专家估计，这一数字可能超过2万亿美元。可见，中国有巨大的机会将这种阿拉伯对华的好感和动力转化为实际投资。

在将这种关注和愿望转化为具体现实之前，有必要系统阐述阿拉伯资本的现状。

阿拉伯国家资本的四个组成部分   

1.主权财富基金。大多数主权财富基金掌握在海湾阿拉伯国家手中（约占80%），每桶原油的生产成本约为10美元，而这些国家通常以45或50美元作为国家财政预算平衡的基础点，超过50美元部分通常将进入主权投资基金或其他的投资机构。这些基金通常覆盖所有投资领域。单笔投资通常不低于数亿美元。据本人观察，各国主权基金的操盘手规模通常不超过200人，这意味着每人平均管理上千亿的资产，当地统治家族成员也会进入主权基金董事会。

阿拉伯传统主权基金特质为低调稳重，投资策略谨慎，就像科威特主权基金，阿布扎比主权基金，摩洛哥主权基金，很少能听到他们的消息。然而新兴基金，类似重组的沙特主权基金，卡塔尔、阿联酋新型基金则高调做事，愿意进入新兴行业。

2. 皇家家族投资基金。这些基金由国家的统治家族管理，通常由金融专业人士运营，并且大多数投资集中在外国市场。这意味着阿拉伯统治者通常不会将个人资金投入本地经济，以避免与本地的商业和工业竞争。阿拉伯皇家被认为是世界上最富有的家族之一，他们的政治影响力使他们的投资享有更多的外交保护和税收减免，大多数商业领袖会尽量避免得罪这些家族。代表这类的机构包括阿联酋Royal Group和沙特Tharawat Group。

3. 大工商业家族投资。阿拉伯商业大家族财富来源不同，以海湾国家为例，科威特、卡塔尔、阿联酋大财团的主业是贸易，代理各种世界大牌；沙特和埃及、叙利亚、摩洛哥有不少工业家族。家族企业通常由子女管理，家族投资办公室以专业的方式运营，邀请投资专业人士以及家族信任人员来运营。大家族的子女通常是有欧美学历背景，他们的思维方式更倾向于西方，因此这些家族投资办公室专注于西方市场。近年来，中国的民营企业对阿拉伯地区的拓展使得这些家族也开始对中国民营企业感兴趣。和以往的态度不同的是，以往他们只要代理这些中国公司的产品，但现在年轻一代提出愿意投资这些企业成为中国公司股东，并在本地落地产能。值得注意的是，大家族投资办公室通常避免与主权和皇家的基金进行合作。

4.金融机构。这些机构通常由政府设立，旨在支持特定行业或国家发展战略。它们包括各种类型的基金和银行，主要作用是提供资金支持和金融服务。比如科威特 PIFSS（Public Institution for Social Security）：科威特的社会保障基金，主要负责管理退休金和社会福利，科威特金融公司（KFH）提供符合伊斯兰教法的金融服务；沙特NDF（National Development Fund）：沙特的国家发展基金，用于支持国家经济发展项目；伊拉克发展基金IDF（Iraq Development Fund）：用于支持外企投资于伊拉克政府制定的领域。

阿拉伯大型国有企业下属基金：比如P7基金是沙特阿美石油公司旗下的投资基金，专注于能源和相关行业的投资；阿联酋XRG投资集团是2024年12月新成立的阿联酋石油公司旗下公司，初始资本800亿美元，专注于绿色能源、人工智能和新兴行业；沙特通讯公司的STV（Saudi Technology Ventures）是沙特电信公司（STC）旗下的风险投资基金，专注于技术、媒体和电信领域的投资。
地区性国际金融机构：比如阿拉伯经济社会发展基金AFESD（Arab Fund for Economic and Social Development)，隶属于阿拉伯国家联盟，总部在科威特，旨在促进成员国之间的合作和经济一体化。

这些基金和机构在投资策略和目标上各有侧重，通常不会在同一项目或公司中进行投资。它们各自扮演着不同的角色，共同推动各自国家和地区的经济发展和产业升级。

阿拉伯国家主权财富基金及其对华投资  

阿拉伯国家共有24个主权财富基金，其中21个属于海湾合作委员会（GCC）成员国。除此之外，摩洛哥、利比亚和埃及各自拥有自己的主权财富基金。

需要说明的是各国主权基金很少有开源信息，因此我根据SWFI (SWFInstitute.org )最新行业调查，结合本人实际经验得出以下数据： 截至2024年，阿联酋的阿布扎比主权财富基金（ADIA）被认为是中东地区最大的基金，目前管理的资产达到1万亿美元以上；科威特公共投资基金，其资产价值接近1万亿美元； 沙特公共投资基金也很快将超过1万亿美元的规模（计划到2030年要到2万亿规模）；卡塔尔投资基金，其总资产达到5300亿美元。在规模、管理结构和投资策略（即投资目的地和资产类别）方面，各主权财富基金之间存在差异。另外，基金的成立年份和分类可能影响其全球投资的偏好。

老牌主权财富基金，如科威特公共投资基金（成立于1953年）和阿布扎比投资基金（成立于1976年），以其谨慎和低风险的投资声誉而闻名，通常投资于固定收益证券，如美国国债。这是因为许多老牌基金的使命是确保在不依赖石油收入的情况下实现长期的可持续发展。例如，科威特公共投资基金管理着“公共储备基金”，以科威特石油收入的主要来源，以及“下一代基金”，这是1976年设立的储蓄账户，至少接收国家年收入的10%。

老牌基金努力保持其身份和传统，其投资倾向于保守，这使其在数十年内得以持续运营。然而，它们也面临着适应新现实的困难。新一代海湾主权财富基金，拟弥补老主权基金的缺陷，突出自己的优势。这些较新的基金领导者希望组建新的团队，以关注全球经济的变化，快速适应新科技新领域。比如，阿联酋在近十年新成立了近10个新的有主权背景的投资机构。

与其他商业公司一样，这些基金在不同阶段的发展取决于管理层的变化和国家的情况。例如，科威特政府在危机时刻会提取部分流动资金以资助政府开支，而阿联酋的几个基金在竞争中也会经历不同的阶段，甚至会出现相互竞争的情况，因此，国家领导人有时不得不介入进行调整。

根据我在过去十年与这四类资金机构的直接交往，我认为这四类资金在过去三年中开始真正认真地在中国进行投资。根据官方和公开信息，2020年阿拉伯金融基金在中国的投资总额估计在30亿到40亿美元之间，主要集中在中国股市。2022～2023年，这些投资再次增长。随后一些大型中国企业中也成功引进了多项阿拉伯投资，例如万达商业地产、蔚来汽车、智谱AI等。

2024年被视为阿拉伯投资在中国的突破年。当西方金融机构试图撤出中国时，阿拉伯资本抓住了这一机会，预计2024年阿拉伯对华投资额约为250亿美元，占阿拉伯资金本年度全球投资15%的份额。据不完全统计，在华阿拉伯直接投资规模已经超过1000亿美元，绝大部分是来自海湾阿拉伯国家的投资。

不同国家的阿拉伯基金各自的规则和关注点不相同。沙特阿拉伯试图投资于大型中国公司，以便这些公司能够将资金再投资并利用技术实现沙特“2030愿景”，例如沙特主权基金PIF新成立子公司ALAT对联想的投资，联想则在沙特建立工厂。同时，阿曼也采取类似的政策，阿曼与其在中国的合作伙伴招商银行共同投资，特别关注物流和传统与绿色能源领域。对于卡塔尔和科威特来说，主权财富基金则更注重投资的金融回报，而不附带对再投资于本国经济的先决条件。

值得注意的是，大多数中国金融企业也意识到这样的机会。过去两年内，中国资本管理者大量往阿拉伯国家尤其是海湾地区淘金，寻求阿拉伯国家在中国投资的兴趣。这些努力取得了一些成功，但大多数努力未能产生显著的实际效果，主要原因之一是双方对彼此的了解不足，不确定性让伙伴关系难以进展。 目前，中国政府应特别关注阿拉伯的投资意愿，并给予格外支持，以便为阿拉伯资本在中国的投资提供便利。阿拉伯资本对中国投资环境比较陌生，这些资本来自友好国家，除了投资回报之外没有其它意图，因此在初期阶段有必要采取特别的措施来鼓励这些资本投资中国。

阿拉伯国家的投资环境

不同阿拉伯国家在获得中国投资方面存在差异。根据《georgetown journal of international Affairs》（2023, june 2）杂志的研究，2022年，中国在阿拉伯国家的投资总额已超过2000亿美元。西班牙的西杜布研究所预计，到2025年这一数字将达到3000亿美元。值得指出的是，这些数字在2023年有所增加，这得益于一些阿拉伯国家宣布的雄心勃勃的发展计划，特别是沙特、阿联酋和埃及。举例来说，在2022年，习近平主席访问沙特期间，沙特与中国签署了价值500亿美元的投资协议。阿尔及利亚也签署了超过500亿美元的石油和发展合作协议，科威特也采取了类似措施。如今，伊拉克被视为中国在能源和基础设施领域的重要市场，阿联酋被认为是中国在阿拉伯世界的主要商业基地，这得益于其强大的商业环境。此外，摩洛哥在2024年的中非峰会上签署了超过200亿美元的协议。

许多大型中国私营企业正在投资阿拉伯国家，因为它们发现这些经济体提供了良好的投资环境，并参与了许多阿拉伯国家的重建和基础设施建设。中国外交部长王毅2024年11月2日发表在《中东报》上的文章中提到了一些成就，他写道，“中国在阿拉伯国家的投资已经形成了新的地标，例如埃及新行政首都的建筑，该建筑被埃及人称为‘新金字塔’，是非洲最高的建筑；连接阿尔及利亚东部和西部的高速公路，全长超过1200公里；卡塔尔世界杯的主体育场卢赛尔；以及摩洛哥的穆罕默德六世大桥，这是非洲最大的悬索桥。”

实际上，阿拉伯世界的许多地区正在经历文明的复兴，使其成为重要的经济发展活动中心。如果我们看这十年，阿拉伯国家已成为全球重要活动的承办地，从迪拜2020世博会、卡塔尔2022世界杯，到阿联酋的COP28气候峰会，摩洛哥联合举办2030世界杯以及沙特阿拉伯成功拿下2030世博会和2034世界杯的主办权，阿拉伯世界将在不到15年的时间里主办3届世界杯足球赛和2届世博会。

海湾国家保持着全球较高的经济增长率，使其成为吸引全球人才的中心，阿联酋和沙特阿拉伯在过去几年中成为吸引全球人才的重要目的地。此外，阿拉伯国家在适应长期存在的动荡方面也取得了一定的成功，尽管中东地区在过去一年经历了自以色列与巴勒斯坦和黎巴嫩激烈冲突以来最大的战争，但贸易活动在海湾地区和北非依然保持流畅。这表明，该地区开始适应其长期存在的问题，目前更专注于实现其发展目标，这在阿拉伯世界中是一个新的趋势。

尽管取得了这些成就，但仍有一些问题阻碍了中国在阿拉伯国家的投资增长，可以概括为以下几点：

首先，中东地区面临的紧张局势和不稳定局面。在过去十多年中，叙利亚、利比亚、也门和苏丹发生了动荡和内战，黎巴嫩和巴勒斯坦遭受了以色列的严重攻击。这些事件导致这些国家的基础设施被毁，生产能力削弱，甚至被摧毁，数百万人流离失所。目前尚无迹象表明这些国家的局势在可预见的未来会有所改善。这些现实使得近四分之一的阿拉伯国家无法吸引中国投资。

第二，西方国家对中阿投资往来施加压力。这些压力主要表现为对海湾国家、埃及和伊拉克的威胁与诱惑，旨在阻止这些国家与中国的密切合作。西方媒体全力地抹黑中国在阿拉伯地区的经济存在，频繁谈论所谓的“中国债务陷阱”。同时，西方媒体还强调与中国合作可能对阿拉伯国家的安全与稳定带来的威胁。

第三，中阿投资合作冲击了本地商人的利益，造成负面情绪。影响力较大的阿拉伯商人往往是工业、地产和基础设施领域的领军人物。这些人的业务受到了与中国商品和服务竞争的影响，因此在某些阿拉伯国家的工业界和房地产、基础设施领域，形成了对中国投资项目的负面情绪。这些行业表达了对自身无法与中国公司及商品竞争的担忧，甚至有些机构将中国公司视为部分领域失业率上升和生产下降的因素，并对决策者施加压力，特别是在沙特、阿尔及利亚和摩洛哥，要求对中国投资设定新的限制和条件。

第四，由于缺乏对阿拉伯国家情况的了解，中国资本将面临困难。目前，中国商人正在经历一个学习和教育的阶段，以了解如何在阿拉伯国家开展业务，因此将会出现不少失败的案例，这可能会影响对阿拉伯投资的信心。

然而，也有不少中国民营企业在阿拉伯世界取得了成功，包括华为、阿里巴巴、shein电子零售、TIKTOK、美团外卖KEETA、红旗、奇瑞和吉利汽车、隆基太阳能和华大基因等公司。为对外投资服务的中国公司正在讨论如何进入阿拉伯市场，并在阿拉伯国家开设商业咨询、法律、人力资源以及其他商业配套业务，以跟上这些新趋势。

阿拉伯对华投资的建议

鉴于中国市场特征，其商业规则与阿拉伯国家所熟知的西方国家规则存在差异，以下建议旨在帮助阿拉伯资本克服在中国市场可能遇到的挑战。值得注意的是，多数阿拉伯投资者受到西方媒体报道中关于中国及其经济环境负面消息的影响，特别是有关中国金融法规给予本土企业诸多优惠，而外资企业往往难以享受同等待遇的信息，以及中国政府倾向于支持国有企业而非私营企业的政策走向等等。

特朗普赢得总统选举后，预计美国与部分阿拉伯国家尤其是海湾国家关系将回暖，他将要求富裕的阿拉伯国家增加对美的投资力度。

为了应对这些挑战并推动阿拉伯资本在中国的投资，我提出以下建议：

1. 竭尽全力完成建立本币交换体系的所有程序，提高本币在贸易活动中的比例。这将大大简化外国在中国投资时所面临的障碍。应当进一步开发目前双方之间的贸易交换机制，利用本国货币进行交易，并且不仅限于官方机构之间的交易，应该向民营方向开放。这将进一步鼓励阿拉伯资本将资金转向中国。

2. 为促进阿拉伯资本更高效地投资中国市场，建议面向友好国家建立一个通道，支持以离岸人民币直接投资中国公司，这将有助于提升阿拉伯资本在中国市场的参与度。在这个过程中，香港作为国际金融枢纽，有望扮演关键角色，推动双方资本流动和经济合作的深化。

3. 为阿拉伯商人提供进入中国的便利政策，类似于中国最近对许多发达国家的待遇，这将大大增加与中国开展业务的机会。根据我个人的经验，一旦阿拉伯商界人士可以立即前往中国，来中国变成很方便的一件事，对促进投资作用极大。大多数阿拉伯国家已向中国公民开放，使任何中国公民能够轻松进出阿拉伯国家。因此，建议向阿拉伯国家采取相应的对等措施。

4. 在中国建立阿拉伯商会。中国本土已有美国商会，欧盟商会，以及其他国家的商会，因此建议成立阿拉伯商会，促进双方贸易投资规模，给阿拉伯商界提供代表自己在华的机构，这样会提高阿拉伯投资者的信心。

5. 为在阿拉伯国家投资的中国企业提供贷款优惠，尤其是在汽车、电池、医疗设备、人工智能等领域。值得注意的是，一些阿拉伯国家，如约旦、阿曼和摩洛哥，已经与欧美国家签订了贸易协议（如表所示）。同时阿拉伯国家之间也有自贸协议，中国企业可以在阿拉伯国家落地产能，满足当地需求以及面向其他市场的出口业务。

6.增进宣传交流，塑造良好国际形象。因为大多数阿拉伯年轻人不再关注官方媒体，年轻阿拉伯网红影响力巨大，因此建议定期邀请阿拉伯网红介绍中国真实的情况。

7. 提高务实的合作，避免无效会议和沟通。一些无实质结果的活动让双方的官方和商界代表感到失落，影响对阿中合作的效率。

阿中关系目前正处于一个历史上前所未有的活跃期，因此在这一黄金时期实现实质性成果是非常重要的，以增强双方在官方和公众意识中的认可，使双方的伙伴关系成为一种自然的常识和需求，从而在未来变化的环境下都不会退却。

【本文由作者提供中文原稿，经编辑部初次编辑后，特邀外部专家及学者审校并修订，对专家们专业细致的工作，本刊编辑部特此致谢。】