As the global wave of energy transformation sweeps across the world, Middle Eastern nations, flush with substantial oil wealth, are turning their gaze eastward—China’s photovoltaic industry has become a crucial direction for their strategic layout in the “post-oil era.” From the long-term plans of Saudi Arabia’s sovereign fund PIF to the industrial chain cooperation of the UAE’s Mubadala Investment Company, Middle Eastern capital is using investment as a bridge to achieve deep synergy with China’s PV sector in technology, projects, and ecosystem development. This East-West energy collaboration is injecting new momentum into the global PV industry landscape.
I. Capital Influx: From Financial Investment to Strategic Synergy
The deployment of Middle Eastern capital in China’s PV industry has evolved from scattered financial investments to strategic actions aligned with national economic transformation needs. As a representative force, Saudi Arabia’s Public Investment Fund, with assets under management of USD 1.15 trillion, announced during its 2024 annual strategy briefing a plan to invest USD 50 billion in China by 2030 to advance clean energy projects, with photovoltaics as a core investment sector. Related installation targets will be clarified as projects materialize.
This trend is not an isolated case. The UAE’s Mubadala is exploring cooperation with GCL Energy to promote an overseas FBR granular silicon project in Abu Dhabi, aiming to build a full PV industry chain base. The Qatar Investment Authority has indirectly participated in technology R&D and market expansion by acquiring stakes in leading Chinese PV inverter companies. According to public information, since 2024, Middle Eastern capital directed towards China’s PV industry has exceeded USD 20 billion, a year-on-year increase of 120% compared to 2023, covering the entire chain from PV manufacturing and power plant development to energy storage support.
More distinctive is the practice of the “capital agent” model. Wuji Capital, backed by Abu Dhabi capital, under the strategic guidance of its founder Qian Tao to “build a capital channel between Middle Eastern sovereign funds and Chinese hard tech,” strategically invested in GCL Technology through a private placement in September 2025, amounting to HKD 5.446 billion, with a six-month lock-up period. The funds are primarily intended for polysilicon capacity adjustment, silane gas business expansion, and capital structure optimization. This cooperation model of “Middle Eastern capital + Chinese GP + PV enterprise” lowers the market entry barrier for Middle Eastern capital while injecting long-term funds into Chinese PV companies.
II. Project Implementation: Technological Prowess Strengthens the Foundation of Cooperation
The deployment of Middle Eastern capital is consistently supported by solid technological synergy and project execution. Mohammad Abunayyan, Chairman of Saudi Arabia’s ACWA Power, stated at the 2023 Summer Davos Forum: “China’s support in equipment manufacturing, innovation, and the industrial chain is of great significance to the energy transition in the Middle East,” a view widely shared within the Middle Eastern industry.
On the manufacturing front, Chinese PV companies, leveraging their full industry chain advantages, are actively participating in localized production in the Middle East. TCL Zhonghuan, through board resolution, is jointly investing with PIF subsidiary RELC and Vision Industries to build a 20GW PV crystal and wafer factory in Saudi Arabia, with a total investment of USD 2.08 billion. Upon completion, it will become a leading crystal and wafer production base in the Middle East. Jinko Solar plans to invest in building a 10GW high-efficiency cell and module project in Saudi Arabia; relevant cooperation has reached a framework agreement with a PIF subsidiary, with specific details being advanced. Furthermore, China Tianchen Engineering Corporation signed an EPC turnkey contract with Egypt’s Al Alamein Silicon Company for a 45,000 tons/year industrial silicon project, filling the upstream gap in the local PV industry chain with high-purity industrial silicon production technology and promoting the localization of PV manufacturing in the Middle East and North Africa region.
In the field of power plant development, the implementation of benchmark projects provides practical support for cooperation. The 2.6GW Al Shuaibah PV plant in Saudi Arabia, constructed by China Energy Engineering Corporation, has achieved full capacity commercial operation. Utilizing N-type bifacial modules and unmanned operation and maintenance technology, it covers an area of 53 square kilometers, generates over 5 billion kWh annually, and can meet 15% of the residential electricity demand of Riyadh. The Dubai Mohammed bin Rashid Al Maktoum Solar Park Phase IV project, built by Shanghai Electric, achieves 24-hour power supply through “PV + CSP” hybrid technology. By the first half of 2025, its cumulative power generation reached 6.678 billion kWh, equivalent to reducing CO2 emissions by 3 million tons, making it a benchmark for regional new energy projects.
III. Ecological Symbiosis: Complementary Advantages Create a Cooperation Loop
The deep integration between Middle Eastern capital and China’s PV industry is essentially an ecological symbiosis based on complementary resources, technology, and markets. Middle Eastern countries possess abundant capital, rich solar resources, and vast application markets, while China boasts the world’s most complete PV industry chain, leading technological R&D capabilities, and mature project operation experience. Their cooperation has formed a virtuous cycle of deep integration across “resources – technology – market.”
In terms of resource complementarity, a pattern of two-way empowerment between “oil & gas + PV” has emerged. Petrochemical Industries Company of Kuwait invested USD 638 million in Yantai Wanhua Petrochemical, securing a stable channel for annual exports of 4.5 million tons of LPG, while utilizing Chinese technology to achieve high value-added transformation of petroleum resources. Saudi Aramco has deepened energy cooperation by investing in companies like Zhejiang Rongsheng Petrochemical. Its President, Amin Nasser, mentioned during the Q1 2024 earnings call that “China is a key market.” Meanwhile, an official gazette from the Saudi Ministry of Energy in November 2023 showed that the country’s “Vision 2030” renewable energy target had been raised to 130GW, with photovoltaics accounting for no less than 65%.
Regarding market synergy, China’s PV industry offers long-term return expectations for Middle Eastern capital. In 2022, the UAE imported 3.6GW of PV modules from China, a year-on-year increase of 340%. Import volumes in Saudi Arabia, Oman, and other countries saw average annual growth exceeding 80%. As the Middle Eastern PV market expands, the technological output and project operation of Chinese companies will deliver stable returns. Simultaneously, the injection of Middle Eastern capital helps Chinese PV companies navigate global market fluctuations and consolidate their industrial chain advantages.
Middle Eastern capital betting on China’s PV industry is a market-driven choice against the backdrop of global energy transformation. From strategic investments at the capital level to technology transfer in manufacturing, and further to practical exploration through project implementation, their cooperation has transcended simple industrial pairing. In the future, as more cooperative projects advance and technological synergy deepens, China-Middle East collaboration in the PV field will continue to expand. This East-West partnership not only provides a new development path for Middle Eastern countries in the “post-oil era” but also opens greater possibilities for the high-quality development of China’s PV industry.
