Dec 13, 2022 06:54 AM

China and Saudi Arabia Agree on $50 Billion of Deals

What’s new: China and Saudi Arabia signed investment deals worth about $50 billion during a summit attended by Chinese President Xi Jinping last week in Riyadh, Bloomberg reported.

The pacts included both the private and the public sectors, the news outlet reported, citing Saudi Arabia’s Investment Minister Khalid A. Al-Falih.

Xi attended the first China-Arab States Summit and the China-Gulf Cooperation Council (GCC) Summit from Dec. 7 to 10 during his state visit to Saudi Arabia. According to a statement, Saudi and Chinese companies signed more than 30 agreements covering green energy, logistics, cloud computing and housing.

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