KSA + China ink USD 25 bn worth of agreements: The China-Saudi Investment Conference in Beijing saw some 60 agreements inked worth USD 25 bn, following Saudi Investment Minister Khalid Al Falih’s visit, the National reports. The signed agreements covered arrangements on logistics, infrastructure, technology, mining, energy, agriculture, and other key sectors and look to bolster bilateral trade and ties as the Kingdom pursues efforts to diversify away from oil, the National said.

Among the agreements:

  • A USD 7.5 bn arrangement between investment holding company Ajlan and Bros Holding Group and China’s Oriental Energy on manufacturing.
  • A USD 2 bn agreement between Saudi’s Investment Ministry and China’s state-owned rolling stock manufacturer CRRC Group to develop projects focused on renewable energy and sustainable mobility.

The conference also saw KSA dole out 9 regional HQ licenses to Chinese outfits: The Kingdom handed out regional HQ licenses to Huawei, Dahua, China Railway Construction Corporation, China Comservice, China Harbour Engineering Company, China Civil Engineering Construction Corporation, BGI, Nuctech and iMile. The awards come under the Saudi regional headquarter programme, an initiative led by KSA’s investment ministry and the Royal Commission for Riyadh City, which looks to attract multinational companies by offering incentives including a 30-year tax break.

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  • Iran’s Envoy to Moscow Kazem Jalali met with Russian Deputy Minister of Foreign Affairs Alexander Pankin to discuss boosting trade and economic ties. (Mehr News Agency)
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