China, Saudi Arabia sign landmark $65 billion deal to boost economic ties

Chinese Premier Li Keqiang (2-R) meets with Saudi Arabia's King Salman bin Abdulaziz al-Saud (2-L) at Great Hall of the People in Beijing, China, March 17, 2017. (EPA Photo)18/03/2017 (Sabah – Turkey): Saudi Arabia’s King Salman met with China’s premier on Friday, a day after the two nations signed a memorandum of understanding on investment cooperation valued at $65 billion. The landmark agreement aims to boost joint efforts in fields including energy, investment, finance, culture and aerospace, part of Saudi Arabia’s drive to develop a growth strategy less dependent on oil. Beijing meanwhile is rolling out a massive trade and investment initiative across Central Asia and the Middle East called “One Belt, One Road” that sees the desert kingdom as a regional linchpin. Despite the eye-catching sum noted in the memo, the actual value of such commitments is usually much smaller once projects begin…




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