LONDON: Saudi Arabia and China plan to establish a $20 billion investment fund as the Kingdom deepens ties with its biggest Asian oil customer.
King Salman met Chinese Vice Premier Zhang Gaoli in Jeddah on Thursday amid a flurry of deal-making between the countries, which are both pursuing economic transformation plans through Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative.
The pair plan to jointly operate the investment fund, sharing costs and profits on a 50:50 basis, Saudi Energy Minister Khalid Al-Falih told Reuters on Thursday.
He was speaking on the sidelines of an economic conference where senior officials and businessmen from both countries assembled.
Saudi Arabia is pursuing an aggressive international investment strategy spearheaded by the Public Investment Fund (PIF), which is taking multibillion-dollar stakes in companies such as Uber Technologies. The PIF is set to become the world’s largest fund when it receives the proceeds from the initial public offering (IPO) of Saudi Aramco.
“The key thing in this is the increasing economic relations between Saudi Arabia and China, which is its main customer for oil,” Jason Tuvey, an economist at London-based Capital Economics, told Arab News.
“It sees China as its main growth engine at a time when demand for oil in many developed markets is falling. Saudi Aramco will want to make sure it remains the ‘go to’ oil producer for China.”
The closer ties between China and Saudi Arabia may also extend to international debt markets if the Kingdom looks to add foreign bond sales denominated in yuan as well as dollars.
“One of our main objectives is to diversify the funding basis of Saudi Arabia,” Vice Minister of Economy and Planning Mohammed Al-Tuwaijri told the Jeddah conference, Reuters reported.
“We will do that through access to investors or bodies of liquidity in the markets. China is by far one of the top markets. We will also access other technical markets in terms of unique funding opportunities, private placements, panda bonds and others.”
Such overseas debt sales could not only help the country reduce its deficit but also fund job-creating investments at home.
Crown Prince Mohammed bin Salman is driving an ambitious economic diversification plan which aims to reduce the country’s dependence on oil and boost investment in new sectors.
He also co-chairs the high-level Saudi-Chinese Joint Committee with Zhang.
The first meeting of the committee was held in Beijing a year ago.
Saudi Arabia, China to set up $20bn investment fund
Saudi Arabia, China to set up $20bn investment fund
Thousands in Lebanon benefit from KSrelief healthcare services
RIYADH: A project by Saudi aid agency KSrelief to improve healthcare services for Syrian refugees and their host community in Bebnine, Akkar Governorate, has continued in Lebanon.
Some 2,689 patients were seen at the Akkar-Bebnine Health Care Center in December with 6,194 services provided under pharmacy, laboratory, nursing, community and psychological health programs.
Of the total number of patients, 68 percent were women and 51 percent were refugees, reported the Saudi Press Agency.
Saudi Arabia’s KSrelief continues aid work in new year
- The work reflects Saudi Arabia's ongoing commitment through KSrelief to help those most in need
RIYADH: The Kingdom’s aid agency KSrelief has continued its humanitarian work at the start of 2025, the Saudi Press Agency reported recently.
In Syria, 892 families received food aid and health kits in the Afrin and Aleppo governorates of the war-torn country, benefiting 5,352 individuals.
The agency also distributed bags of flour, winter kits, and personal-care bags to 211 families in Syria’s Al-Rastan area, benefitting 968 individuals.
In Syria’s Rural Damascus governorate, KSrelief distributed bags of flour, food aid, personal-care bags, and shelter kits to 164 families.
In Pakistan, there were 2,821 food parcels, benefiting 18,638 people, distributed in the Bahawalnagar and Rahim Yar Khan areas of Punjab province, and the Hingol area in Khyber Pakhtunkhwa province.
KSrelief also distributed 1,082 clothing vouchers to families in Palestinian refugee camps in Jordan’s Amman, Zarqa and Balqa governorates.
Saudi Museum of Contemporary Art to host ‘Manga Hokusai Manga’ exhibition
- Exhibition is homage to renowned Japanese artist Katsushika Hokusai
The much-anticipated “Manga Hokusai Manga” exhibition will be held at the Saudi Arabia Museum of Contemporary Art in JAX Diriyah from Jan. 15 to Feb. 8.
Held in collaboration with the Embassy of Japan and the Japan Foundation, the exhibition, ratified by the Kingdom’s Museums Commission, will showcase the works of the renowned Japanese artist Katsushika Hokusai.
It will highlight the history and evolution of manga, and provide a perspective on how Hokusai’s classical illustrations have influenced modern visual arts, the Saudi Press Agency reported recently.
Hokusai published his first collection of art in 1814, featuring sketches of “daily life, landscapes and whimsical creatures,” according to a post on X by the museum.
The Saudi Arabia Museum of Contemporary Art aims to foster cultural exchange between local and international creators.
Rain for 3 days over most parts of Saudi Arabia
- Warning of high waves along the Kingdom’s coastlines
RIYADH: Rain of varying intensities will fall over most parts of Saudi Arabia from Jan. 10 to 12, the National Center for Meteorology stated on Thursday.
In a weather bulletin, the NCM warned of downpours accompanied by winds of up to 60 kph, and the possibility of torrential rain and hail. High waves are expected along the nation’s coastlines.
The regions of Al-Jouf, the Northern Borders, and Hail will have rainy conditions on Friday and Saturday.
On Friday, rain is expected in the Tabuk and Madinah regions; on Saturday and Sunday in the Eastern Province, Asir and Jazan; and on Saturday in Qassim.
For the Riyadh and Al-Baha regions, rain is expected from Friday to Sunday.
The NCM urged the public to stay updated on the weather conditions in the Kingdom by checking the daily reports on its website, the Anwaa application, or its social media accounts.
Saudi Falcons Club CEO and Kazakhstan ambassador discuss ways to boost cooperation
RIYADH: The CEO of the Saudi Falcons Club, Ahmed Al-Hababi, met Kazakhstan’s ambassador to the Kingdom, Madiyar Menilbekov, in Riyadh on Thursday to discuss opportunities for cooperation and ways in which these might be enhanced to benefit mutual goals.
One of the topics was the Hadad Program, a leading initiative developed by the club with the aim of returning falcons to their natural habitats and saving the species from the threat of extinction.
Menilbekov praised the club for the important role it plays in enhancing falconry and preserving its cultural heritage.
The club said the meeting was part of its efforts to strengthen international partnerships in keeping with the goals of the Saudi Vision 2030 plan for national development and diversification.
