Saudi Arabian General Investment Authority (SAGIA) has agreed with Chinese computer microprocessor Sunway to form a 1.69 billion riyals ($450 million) joint venture (JV) to operate in the manufacturing industries sector.

SAGIA revealed that the JV will be implemented in three phases.

In November, SAGIA said that Italian chemicals firm Italmatch Chemicals and the Saudi Development and Innovation Group (SADIG) signed a deal to build an integrated phosphate complex with $266.6 million pump in.

In April, SAGIA inked a memorandum of understanding with U.S.-based technology company Hewlett-Packard to boost the Gulf Cooperation Council’s information technology.