Saudi Arabia, China seal 15 deals

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SUCCESSFUL VISIT: Deputy Crown Prince Mohammed bin Salman and Chinese Vice Premier Zhang Gaoli clap after Saudi delegation members signed several important memorandums of understanding with Chinese officials in Beijing on Tuesday. (SPA)
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Saudi Deputy Crown Prince Mohammed bin Salman (center left) and China’s Deputy Prime Minister Zhang Gaoli (center right) witness the signing of memorandums of understanding between the two countries on Tuesday in Beijing. (SPA)
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Saudi and Chinese delegations led by Deputy Crown Prince Mohammed bin Salman (second left) and Chinese Vice Premier Zhang Gaoli (right) meet in Beijing on Tuesday. (SPA)
Updated 31 August 2016
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Saudi Arabia, China seal 15 deals

BEIJING: Saudi Arabia and China signed 15 preliminary agreements on Tuesday in sectors from energy to housing on a trip headed by Deputy Crown Prince Mohammed bin Salman aimed at bolstering relations with a top energy customer and trade partner.
The visit is part of a broad reform drive to cut the kingdom’s reliance on oil exports and showcase Saudi Arabia as a dynamic international nation with diverse promising opportunities for global investors.
Prince Mohammed met China’s Vice Premier Zhang Gaoli on Tuesday, state news agency SPA reported.
“During the meeting, the strategic relationships and future opportunities to enhance the existing partnership between the Kingdom of Saudi Arabia and China were reviewed,” SPA said.
Fifteen memorandums of understanding (MoU) were later signed between the two nations in different fields including oil storage, water resources, cooperation on science and technology, and cultural cooperation, SPA said.
In April, Prince Mohammed launched radical economic reforms designed to develop non-oil industries in Saudi Arabia and attract billions of dollars of foreign investment. Chinese and Japanese banks and companies are expected to play major roles.
Prince Mohammed arrived in China on Monday on the second leg of a three-day Asia tour that started in Islamabad, Pakistan. He will then visit Japan from Aug. 31 to Sept. 3, meeting Prime Minister Shinzo Abe.
From Japan, the prince will return to China to chair Saudi Arabia’s delegation to the Sept. 4-5 summit of leaders of the world’s 20 biggest economies in the eastern city of Hangzhou.
Prince Mohammed is expected to present to the G20 his economic reform plan, which envisages state spending of around 270 billion riyals ($72 billion) in the next five years on projects to diversify the economy.
Saudi officials will also discuss energy cooperation agreements with Japan, the Saudi cabinet said last week.
Under Prince Mohammed’s economic reforms, Riyadh plans to sell a stake of less than 5 percent in national oil giant Saudi Aramco that could be worth tens of billions of dollars, and Chinese and Japanese money could prove crucial in smoothing the sale.
(Additional input from agencies)
 
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Majlis culture brings a little Saudi warmth to freezing Davos

At a five-star hotel in Davos, the Saudi Arabia General Investment Authority has sponsored a prominent display proclaiming ‘The future-forward economy — Invest Saudi.’ (AN photo)
Updated 23 January 2019
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Majlis culture brings a little Saudi warmth to freezing Davos

  • The Misk Pavilion is one of the many signs of the Kingdom’s enthusiastic involvement in the world’s biggest gathering of political, business and thought leaders

DAVOS: From the sub-zero temperatures of the icy Davos Promenade you are ushered through a glass door into the warmth of a desert majlis, with works by young Saudi artists on the walls and traditional Arabian delicacies being served. It is quite a culture shock.

The Davos majlis is the work of the Misk Global Forum (MGF), the international arm of the organization founded by Crown Prince Mohammed bin Salman to promote youth empowerment. 

The Misk Pavilion is one of the many signs of the Kingdom’s enthusiastic involvement in the world’s biggest gathering of political, business and thought leaders.

“The Kingdom’s participation in WEF 2019 highlights its role in developing the regional and global economy, and reflects the nation’s continuing ambition for sustainable development,” said Bader Al-Asaker, head of the crown prince’s private office and chairman of the Misk Initiatives Center. 

The Saudi delegation’s HQ overlooks the main congress hall, inside the Davos security cordon. 

At a nearby five-star hotel, the Saudi Arabia General Investment Authority has sponsored a prominent display proclaiming: “The future-forward economy — Invest Saudi.” 

This is the second year Misk has been prominent at Davos. As well as the majlis, its pavilion offers visitors the chance to immerse themselves in modern Saudi art via a virtual reality tour of the work of four young artists.

Misk is organizing daily events there, building up to a power breakfast with leading executives on Friday on the theme of youth empowerment.

“In an age of profound economic disruption, we regard young people as the problem-solvers, not a problem to be solved,” said MGF executive manager Shaima Hamidaddin.

“We’re holding interactive discussions on how to empower young people to be the architects of the future economy, not the tenants of it.”