Prince Alwaleed keen to boost economic ties with China

Prince Alwaleed keen to boost economic ties with China
Updated 29 March 2016

Prince Alwaleed keen to boost economic ties with China

Prince Alwaleed keen to boost economic ties with China

RIYADH: Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received at his office in Riyadh, Li Chengwen, ambassador extraordinary and penipotentiary of People’s Republic of China to Saudi Arabia.
Hassna Alturki, executive manager for International relations to the chairman, Hani Agha, head of travel and external affairs department, Fahad bin Nafil, senior executive assistant to the chairman and Ahmed Altobaishi, executive assistant to the chairman, also attended the meeting.
The talks began as the ambassador thanked the prince for giving him the opportunity to meet and thanked him for his support and for receiving Chinese delegations during their visits to Saudi Arabia.
During the meeting, Prince Alwaleed and Chengwen discussed investment and economic issues, and the bilateral economic relations between their respective countries, and ways in which Saudi-Chinese economic relations could be further strengthened.
Chengwen also commended Prince Alwaleed on his efforts in playing a vital role in economic and social development, and referred to the prince’s local, regional and international investments.
The two also discussed Prince Alwaleed’s investments in China which included the banking and hotel sectors.
In 2013, KHC and Prince Alwaleed acquired an equal strategic stake in JD.com its combined value at $250 million.
This investment is in line with KHC’s diversified and unique investment strategy following a combined investment in Twitter by Kingdom Holding and Prince Alwaleed.
KHC has an indirect presence in China via Citibank.
Moreover, investment in the entertainment sector in China includes Disneyland Hong Kong and in the hotel sector via Four Seasons Hotels and Fairmont Raffles Hotel.
In 2006, Prince Alwaleed had met with Chinese President Hu Jintao at the Royal Guest Palace in Riyadh during his official visit to Saudi Arabia.