Saudi Arabia, China Sign Deals Worth $65 Billion

Chinese President Xi Jinping and Saudi Arabia’s King Salman, right inspects a Chinese guard of honor during a welcome ceremony in Beijing, China, Thursday, March 16, 2017. (AP Photo/Ng Han Guan)

BEIJING —  China and Saudi Arabia Thursday signed memorandums of understanding and letters of intent potentially worth about $65 billion during Saudi King Salman’s visit to Beijing, a senior Chinese diplomat said.

Deputy Chinese Foreign Minister Zhang Ming said the agreements involved investment, energy, space and other areas, but did not give details.

The octogenarian monarch, who has overseen the launch of an ambitious economic reform plan since his accession two years ago, is on a monthlong Asian tour. The visits to countries that are some of world’s fastest growing importers of Saudi oil aim to promote investment opportunities in the kingdom, including the sale of a stake in its giant state firm Saudi Aramco.

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Source: VOA News Online/Reuters

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About Cholo Brooks 3853 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL), including several other international organizations of journalists.