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17
March 2017
Cooperation Deals (The Total Investment & Insurance
Solutions)
Saudi Arabia's King Salman met with China's premier on Friday, a day
after the two nations signed a memorandum of understanding on investment
cooperation valued at $65 billion.
The landmark agreement aims to boost joint efforts in fields including
energy, investment, finance, culture and aerospace, part of Saudi Arabia's
drive to develop a growth strategy less dependent on oil.
Beijing meanwhile is rolling out a massive trade and investment
initiative across Central Asia and the Middle East called "One Belt, One
Road" that sees the desert kingdom as a regional linchpin.
Despite
the eye-catching sum noted in the memo, the actual value of such commitments is
usually much smaller once projects begin. The Total Investment & Insurance Solutions
Saudi
Arabia had been China's biggest supplier of imported crude oil before being
overtaken by Russia last year, and the kingdom's state-owned oil producer,
Aramco, is a partner with state-owned China Petroleum & Chemical Corp. The
two operate a refinery in Fujian province along with other Chinese projects. The Total Investment & Insurance
Solutions
The signing of the agreement, which involves 35 separate projects,
followed talks Thursday between Salman and President Xi Jinping, during which
the Chinese leader said results of their burgeoning cooperation had already
"surpassed our expectations."
Security
ties between the two have also grown significantly, with the Saudi air force
deploying Chinese unmanned attack drones and the two militaries holding joint
counter-terrorism exercises in western China. Chinese navy vessels have also
visited the Saudi port of Jeddah as part of increasingly active maneuvers in
the Gulf of Aden. The Total Investment
& Insurance Solutions
However, China is also a close partner of Saudi Arabia's arch rival Iran,
and has backed the government of President Bashar al-Assad in the Syrian
conflict, while Saudi Arabia has insisted on Assad's ouster and has supported
the Syrian opposition, including Islamic militant groups.
The
81-year-old Salman's visit is part of a monthlong swing through Asia.
Accompanied by a 1,500-strong retinue of businessmen, princes and support staff
in close to a dozen aircraft, he has already visited Japan, Indonesia, Malaysia
and Brunei. The Total Investment &
Insurance Solutions
He
was to travel next to the Maldives, but postponed that visit because of the
spread of swine flu in the Indian Ocean island nation, according to the
president's office. The Total
Investment & Insurance Solutions
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