The fund is best known for European investments including the acquisition of London department store Harrods.
Two from the UAE and one from Bahrain feature on the list of the world’s largest smelters by capacity.
Trade ties between the countries have risen over 395 per cent from 2002 to reach $15.6 billion last year.
ICBC ME posted a pre-tax profit of $36 million in the first half of the year, up 157 per cent from H1 2011.
CITIC, partly owned by China’s sovereign wealth fund, did not give financial details of the investment.
With a combined GDP of over $9 trillion, China and India were poised to offset slower growth in the West, but recent developments have proved otherwise.
The Kingdom’s cabinet has given a licence to the Industrial and Commercial Bank of China (ICBC) to open one branch in Saudi.