Tianjin's Binhai New Area signs an $80 million investment agreement on Thursday with Saudi Arabia-based global investment firm ewpartners. [Photo provided to China Daily]

Tianjin's Binhai New Area has signed an $80 million investment collaboration on Thursday with Saudi Arabia-based global investment firm ewpartners to introduce China's mature industrial systems and supply chain capabilities to enhance the kingdom's manufacturing competitiveness.

The deal was signed during the 9th Future Investment Initiative in Riyadh, witnessed by officials from Saudi Arabia's Public Investment Fund and Jada Fund of Funds, the kingdom's national fund-of-funds platform.

The collaboration supports Saudi Vision 2030, a national strategy which focuses on economic transformation and industrial diversification, while backing ewpartners Fund II — targeting digital, advanced manufacturing, logistics and consumer sectors — to grow Saudi's private equity and venture capital ecosystem. For China, it marks a key step in Tianjin's industrial expertise "going global" and aligns with the Belt and Road Initiative.

As China's second national-level new area after Shanghai Pudong, Binhai New Area boasts a $108 billion GDP and hosts over 240 Fortune Global 500 firms. It has solid foundations in sectors such as petrochemicals and electronics, fast-expanding new energy, smart manufacturing and digital economy. Its world-class ports also link Asian and Middle Eastern industrial clusters.