Saudi Arabia, China seal 15 deals

[alarabi]

BEIJING: Saudi Arabia and China signed 15 preliminary agreements on Tuesday in sectors from energy to housing on a trip headed by Deputy Crown Prince Mohammed bin Salman aimed at bolstering relations with a top energy customer and trade partner.
The visit is part of a broad reform drive to cut the kingdom’s reliance on oil exports and showcase Saudi Arabia as a dynamic international nation with diverse promising opportunities for global investors.
Prince Mohammed met China’s Vice Premier Zhang Gaoli on Tuesday, state news agency SPA reported.
“During the meeting, the strategic relationships and future opportunities to enhance the existing partnership between the Kingdom of Saudi Arabia and China were reviewed,” SPA said.
Fifteen memorandums of understanding (MoU) were later signed between the two nations in different fields including oil storage, water resources, cooperation on science and technology, and cultural cooperation, SPA said.
In April, Prince Mohammed launched radical economic reforms designed to develop non-oil industries in Saudi Arabia and attract billions of dollars of foreign investment. Chinese and Japanese banks and companies are expected to play major roles.
Prince Mohammed arrived in China on Monday on the second leg of a three-day Asia tour that started in Islamabad, Pakistan. He will then visit Japan from Aug. 31 to Sept. 3, meeting Prime Minister Shinzo Abe.
From Japan, the prince will return to China to chair Saudi Arabia’s delegation to the Sept. 4-5 summit of leaders of the world’s 20 biggest economies in the eastern city of Hangzhou.
Prince Mohammed is expected to present to the G20 his economic reform plan, which envisages state spending of around 270 billion riyals ($72 billion) in the next five years on projects to diversify the economy.
Saudi officials will also discuss energy cooperation agreements with Japan, the Saudi cabinet said last week.
Under Prince Mohammed’s economic reforms, Riyadh plans to sell a stake of less than 5 percent in national oil giant Saudi Aramco that could be worth tens of billions of dollars, and Chinese and Japanese money could prove crucial in smoothing the sale.

ArabNews

 

[Furqan Sarwar]

Good Move. It look like his visit to Pakistan could have another meaning as well.

 

[Chinese-Dragon]

Awesome news.

I think Saudi Arabia is committing an enormous amount of resources towards education in science and engineering, I forsee a bright future ahead in terms of cooperation in these fields.

 

[Furqan Sarwar]

MOU Details

China and Saudi Arabia signed 15 agreements and memorandums of understanding on Tuesday. The Saudi Press Agency listed the following MoUs as being signed:

• Memorandum of understanding (MOU) on energy development;

• MOU on oil storage;

• MOU on cooperation on mining;

• MOU on housing development;

• MOU on cooperation between the Chinese Ministry of Commerce and the Saudi Fund for Development;

• MOU on cooperation on water resources;

• MOU on the construction of a new city;
• MOU on cooperation on product quality control, supervision, testing and quarantine;

• MOU on a loan fund to help finance the reconstruction of the areas affected by earthquakes;

• MOU on cooperation between the Chinese Ministry of Science and Technology and King Abdulaziz City for Science and Technology;

• Agreement for a development loan to help finance the construction of buildings of the Faculty of Professional Engineering and Financial Project;
• Silk Road executive development program;
• Executive program of the Convention on Cultural Cooperation;
• Cooperation program between China’s Department of Standardization and the Saudi Standards, Metrology and Quality; and
• Memorandum of cooperation on translation and publication of literary and classical works.


During the meeting, the two sides also reviewed strategic ties and efforts to strengthen the existing partnership between China and Saudi Arabia.

From the private sector part, Saudi Arabia signed MoUs with Shanghai Electric and Huawei. There are more meetings planned with other corporations in the coming day.

 

[Shotgunner51]

In April, Prince Mohammed launched radical economic reforms designed to develop non-oil industries in Saudi Arabia and attract billions of dollars of foreign investment. Chinese and Japanese banks and companies are expected to play major roles.

Saudi officials will also discuss energy cooperation agreements with Japan, the Saudi cabinet said last week. Under Prince Mohammed’s economic reforms, Riyadh plans to sell a stake of less than 5 percent in national oil giant Saudi Aramco that could be worth tens of billions of dollars, and Chinese and Japanese money could prove crucial in smoothing the sale.

Welcome Deputy Crown Prince Muhammad Bin Salman! As KSA is diversifying the economy, I believe Chinese banks, industries and energy companies (participate in 5% of Aramco) will get more involved, look forward to more business with your country.

Good Move. It look like his visit to Pakistan could have another meaning as well.

I believe so, look at his itinerary before ending up in Hangzhou for G20, three capitals: Islamabad - Beijing - Tokyo, all critical to KSA's strategic future.

 

[Furqan Sarwar]

Welcome Deputy Crown Prince Muhammad Bin Salman! As KSA is diversifying the economy, I believe Chinese banks, industries and energy companies (participate in 5% of Aramco) will get more involved, look forward to more business with your country.

I believe so, look at his itinerary before ending up in Hangzhou for G20, three capitals: Islamabad - Beijing - Tokyo, all critical to KSA's strategic future.

Quite right. It would be great if they could also invest some billion $$ in our country in any venture of their liking except for giving us Aid money.

 

[jupiter2007]

Why doesn't Saudi sign deal with us? They can give us some free oil, and we can give them maryam nawaz and Nawaz and his corrupt government. Achakzai, Moulana Diesal and Altaf Hussain as a bonus.

 

[Furqan Sarwar]

Why doesn't Saudi sign deal with us? They can give us some free oil, and we can give them maryam nawaz and Nawaz and his corrupt government. Achakzai, Moulana Diesal and Altaf Hussain as a bonus.

Bro even if we do sign a deal for Free Oil, We can't give Nawaz Family to them as Nawaz already has family Relation with the Saudi Shahi Family. However we can give Moulana Diesel to them.

 

[Shotgunner51]

Quite right. It would be great if they could also invest some billion $$ in our country in any venture of their liking except for giving us Aid money.

Both KSA and China are your closest allies, both should feel comfortable investing in Pakistan which naturally becomes a priority, more $$ will come as the domestic business environment continues to improve. Moreover, the more deals happen between KSA and China, the more potential for Pakistan (CPEC) to benefit as trade-investment bridging hub, see itinerary of Deputy Crown Prince Mohammed bin Salman - Pakistan, China, Japan - good luck bro!

 

[alarabi]

Both KSA and China are your closest allies, both should feel comfortable investing in Pakistan which naturally becomes a priority, more $$ will come as the domestic business environment continues to improve. Moreover, the more deals happen between KSA and China, the more potential for Pakistan (CPEC) to benefit as trade-investment bridging hub, see itinerary of Deputy Crown Prince Mohammed bin Salman - Pakistan, China, Japan - good luck bro!

I think the Saudi culture and information mentioned that there will be a joint funding between Saudi Arabia and China into projects in Pakistan and yeah you're right the more deals happen between Saudi Arabia and China, the more potential for Pakistan.