Saudi Arabia and China have signed an MoU to launch a $20bn investment fund to finance joint projects, Saudi Energy Minister Khalid al-Falih announced at the Saudi-Chinese Investment Forum in Jeddah on 24 August. The two countries will jointly operate the fund sharing costs and profits 50:50 and targeting the infrastructure, energy and mining sectors. Talks remain at a preliminary stage, though there is “commitment from the top,” Mr Falih says.
The Saudi private sector is slated to be the main driver in implementing these new projects, part of the program envisaged under Saudi Vision 2030, the blueprint launched by Crown Prince Muhammad bin Salman to transform the Saudi economy and reduce its dependence on oil. (CONTINUED - 391 WORDS)
