Saudi-Chinese joint ventures expected to be formed during king’s visit

Abdullah Al-Meleihi
Updated 04 March 2017

Saudi-Chinese joint ventures expected to be formed during king’s visit

RIYADH: Top Saudi businessmen have expressed optimism that joint ventures or partnerships could be formed with Chinese counterparts during King Salman’s visit.
Sheikh Abdullah Al-Meleihi, board member of the Council of Saudi Chambers of Commerce and Industry, said 65-70 businessmen will join the king’s entourage during his trip, and they are looking forward to forming industrial partnerships with Chinese counterparts.
He said King Salman is expected to visit China, the world’s second-biggest economy, in mid-March. From there, he will proceed to Japan, Brunei and Jordan, where he will attend the Arab League Summit. Last Thursday he was in Indonesia, and before that Malaysia.
“King Salman is giving a strong message to different countries that the Kingdom welcomes investors,” said Al-Meleihi, adding that in support of this, the Kingdom announced recently that it is studying giving visas to foreign investors in 24 hours.
He said the China visit will give King Salman the opportunity to promote Saudi Aramco’s initial public offering (IPO) in 2018. He added that it is the world’s biggest IPO, involving 5 percent of Saudi Aramco and worth $2 trillion, and it is attracting government funds as well as international banks.
Yasser Al-Harbi, a member of the Saudi-Chinese Business Council, said the visit “comes at a crucial time as the Kingdom carries out its Vision 2030 plan.”
Saudi Arabia is attracting investors in relation to it. The Saudi leadership is seeking partnerships with international players in all fields.”

Saudi Arabia says halt in arms sales will embolden Iran

Updated 26 min 32 sec ago

Saudi Arabia says halt in arms sales will embolden Iran

  • Minister of State for Foreign Affairs Adel Al-Jubeir was speaking after UK suspended issuing new licenses for weapons sales to the Kingdom in response to a court ruling
  • UK government disagrees with the judgement and will seek permission to appeal

LONDON: Halting weapons sales to Saudi Arabia will only benefit Iran, Adel Al-Jubeir said Wednesday, after the British government announced it would suspend issuing new licenses for the sale of arms to the Kingdom.

The UK’s International Trade Secretary Liam Fox announced the decision in parliament after a court ordered the government to “reconsider” the sales because of their humanitarian impact in Yemen.

Fox said he disagreed with the judgement and would seek permission to appeal.

Minister of State for Foreign Affairs Adel Al-Jubeir said the deployment of weapons in Yemen was legitimate.

“The decision by the court in the UK has to do with procedures for licensing, not any wrongdoing that took place,” Minister of State for Foreign Affairs Adel Al-Jubeir told reporters in London.

“The coalition is an ally of the West and the coalition is fighting a legitimate war at the behest of a legitimate government to stop Iran and its proxies from taking over a strategically important country - so the only beneficiary of a cut-off of weapons to the coalition is going to be Iran.”

The court ruling does not halt Britain's arms exports but means the granting of new licences will be paused.

Leading British defence firm BAE Systems said it would continue to support the UK government “in providing equipment, support and training under government to government agreements between the United Kingdom and Saudi Arabia.”

Saudi Arabia is part of the Arab coalition fighting to support the internationally recognized government in Yemen which was driven from the capital Sanaa in 2014 by Iran-backed militants.

Saudi Arabia accounted for 43 percent of Britain's global arms sales in the past decade, Reuters reported.

The legal action against the British government was brought by the Campaign Against the Arms Trade.

Meanwhilw, a State Department official said the US must stand with Saudi Arabia as a key security partner, when asked about the Thursday's court ruling in the UK.
Assistant Secretary of State for Political-Military Affairs Clarke Cooper said both the US and Britain had long-standing bilateral ties to Saudi Arabia.
"They are carrying a significant amount of equity to protect US interests and US persons, and it is incumbent upon us to stand shoulder to shoulder with our partners, especially when they are on the front line for our interests," he said.

*With Reuters