Middle Eastern countries have secured $39 billion in investments and construction contracts from China under the Belt and Road Initiative (BRI) in 2024. This figure positions the region as the leading beneficiary of the infrastructure program, according to the China BRI Investment Report 2024, which is a joint effort by the Fudan International School of Finance and the Griffith Asia Institute

The reported surge in Chinese construction contracts represents a remarkable 102 percent increase, reinforcing the Middle East’s role as a crucial partner for Beijing. Saudi Arabia topped the list by attracting $18.9 billion in BRI engagement, while Iraq followed with $9 billion, and the UAE secured $3.1 billion.

China’s investments in oil and gas reached a record high of $24.3 billion, with substantial expenditures on processing facilities. A significant component of this investment included an $8 billion deal for an oil refinery in Iraq.

As Middle Eastern investments flourished, Chinese engagement in Latin America fell to its lowest level in a decade. Investments in Pakistan’s China-Pakistan Economic Corridor (CPEC) continued their decline, dropping by 40 percent following a sharp decrease the previous year.

Experts predict that amid global trade uncertainties and evolving investment strategies, China will maintain its focus on energy, mining, and infrastructure development within Middle Eastern economies in the years ahead.