Al-Falih: $60bn worth of joint projects between Saudi Arabia, China

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih exchanges documents with a Chinese official on Thursday. (SPA)
Updated 25 August 2017
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Al-Falih: $60bn worth of joint projects between Saudi Arabia, China

JEDDAH: Signed agreements between Saudi Arabia and China are worth more than $60 billion, said Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.
He declared the establishment of a joint company between the Royal Commission for Jubail and Yanbu, Saudi Aramco and a Chinese company in Jizan region. It will be the biggest developed platform between the two countries, with the aim of attracting Chinese investments in various industrial sectors in Jizan.
“Saudi Arabia aspires to be the biggest investor in the sector of refining petrochemicals in the Chinese market, and there will be a big development in this field,” said Al-Falih.
“There is a strategic partnership between the two countries that was launched since the visit of the Chinese president to Saudi Arabia, followed by the visit of Crown Prince Mohammed bin Salman.”
Chinese Vice Premier Zhang Gaoli on Wednesday held a meeting with Saudi businessmen representing various economic, industrial and investment sectors, in the presence of Al-Falih. The meeting was held to boost joint investment opportunities between the two countries.
Jeddah on Thursday hosted the Saudi-Chinese Forum, organized by the Ministry of Energy, Industry and Mineral Resources with the involvement of the Ministry of Commerce and Investment, the Council of Saudi Chambers, and Saudi and Chinese businessmen.
The forum discussed ways to promote commercial exchanges, and inviting the business sector to benefit from investment opportunities in both countries.
Bilateral commercial trade reached $49 billion in 2015.


Saudi Arabia says halt in arms sales will embolden Iran

Updated 41 min 13 sec ago
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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.