China, Saudi Arabia sign $65 billion in co-operation deals
BEIJING — 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 co-operation 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.