Reported group”Bloomberg“Saudi sovereign wealth funds signed initial agreements worth up to $50 billion with six Chinese financial institutions, in what the group considered the latest example of deepening ties between the Kingdom and Beijing.
She explained that the deals were concluded to increase capital flows in both directions through debt and equity, according to a statement issued by the Public Investment Fund of $925 billion.
She pointed out that memorandums of understanding have been signed with the Agricultural Bank of China, the Bank of China, the Construction Bank of China, the Export and Credit Insurance Corporation of China, the Export-Import Bank of China, and the Industrial and Commercial Bank. from China.
According to the group, although the United States remains Saudi Arabia’s most important economic and strategic partner, the Kingdom has become closer to Beijing in recent years.
The group listed the signs of this rapprochement, the first of which is that the Governor of the Public Investment Fund, Yasser Al-Rumayyan, who is the main supporter of Crown Prince Mohammed bin Salman and a key figure of the country in Saudi-Chinese relations, ahead. a large delegation to Beijing, last July, and met with the Deputy Prime Minister of China, Sheikh Zayed in residence.
That trip included a series of calls between the Public Investment Fund and some of China’s largest renewable energy manufacturers. The largest steel production company in the Asian country recently doubled its investment in a project in the Kingdom to one billion dollars. Meanwhile, Chinese investors have poured money into two new exchange-traded funds tracking Saudi stocks as demand for overseas assets increases due to the poor performance of local stocks. .
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2024-08-03 16:38:31
