Saudi Arabia, China plan $20 billion joint investment fund

Jeddah (IINA) � Saudi Arabia and China plan to establish and operate jointly a $20 billion investment fund, sharing costs and profits on a 50:50 basis, Energy Minister Khalid Al-Falih said on Thursday.

Al-Falih was speaking on the sidelines of an economic conference of senior officials and businessmen from the two countries. It was attended by Chinese Vice Premier Zhang Gaoli. Al-Falih said a company will be established between the Royal Commission for Jubail and Yanbu, Aramco and a Chinese company in order to attract Chinese industrial investments. This, he said, is in favor of both the Saudi Vision 2030 and the Chinese Belt and Road Initiative. China has announced plans to establish such joint investment funds around the world in recent years as a way to cement bilateral economic ties. In December 2015, Beijing said it would establish a $10 billion fund with the United Arab Emirates, and last October a plan for a fund with France was revealed.

Meanwhile, Custodian of the Two Holy Mosques King Salman received Gaoli at Al-Salam Palace in Jeddah on Thursday. The Chinese leader conveyed the greetings of President Xi Jinping to the King, who also sent his greetings to the Chinese president. King Salman commended the level of relations between the two friendly countries and the important role of the high-level Saudi-Chinese Joint Committee in developing and enhancing bilateral cooperation between the Kingdom and China. King Salman and Gaoli reviewed the prospects of cooperation between the two countries in various fields and the latest developments in regional and international arenas

Source: International Islamic News Agency