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Search resuls for: "Saudi Press Agency"


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☆ Saudi lays on lavish welcome as China's Xi heralds 'new era' in relations
  + stars: | 2022-12-08 | by ( Aziz El Yaakoubi Eduardo Baptista | Aziz El Yaakoubi | Eduardo Baptista | ) www.reuters.com   time to read: +4 min
It stood in stark contrast to the low-key welcome extended in July to U.S. President Joe Biden, with whom ties have been strained by Saudi energy policy and the 2018 murder of Jamal Khashoggi that had overshadowed the awkward visit. In an op-ed published in Saudi media, Xi said he was on a "pioneering trip" to "open a new era of China's relations with the Arab world, the Arab countries of the Gulf, and Saudi Arabia". [1/6] Saudi Crown Prince Mohammed Bin Salman welcomes Chinese President Xi Jinping in Riyadh, Saudi Arabia December 8, 2022. Chinese and Saudi firms also signed 34 deals for investment in green energy, information technology, cloud services, transport, construction and other sectors, state news agency SPA reported. While Saudi Arabia was an important U.S. ally, she noted, "in recent years, it has upheld its strategic autonomy, resisted the pressure of the United States".
☆ When China and Saudi Arabia meet, nothing matters more than oil
  + stars: | 2022-12-08 | by ( Laura He | ) edition.cnn.com   time to read: +9 min
Saudi Arabia is China’s largest trading partner in the Middle East and the top global supplier of crude oil. Saudi Arabian Foreign Ministry/Anadolu Agency/Getty ImagesEnergy is coreLast year, bilateral trade between Saudi Arabia and China hit $87.3 billion, up 30% from 2020, according to Chinese customs figures. China’s crude imports from Saudi Arabia stood at $43.9 billion in 2021, accounting for 77% of its total goods imports from the kingdom. Beyond security of supply, Saudi Arabia could offer Beijing another prize with bigger geopolitical ramifications. Eurasia Group’s Kamal believes it’s “highly unlikely” that Saudi Arabia would take such a step, unless there is an implosion on the US-Saudi relationship.
☆ Xi Jinping: Chinese president lands in Saudi Arabia amid tensions with US
  + stars: | 2022-12-07 | by ( Nadeen Ebrahim | ) edition.cnn.com   time to read: +5 min
CNN —Chinese President Xi Jinping landed in the Saudi Arabian capital Riyadh on Wednesday for a multiple-day visit, China’s official news agency Xinhua reported, amid frayed ties between the two countries and the United States. A purple carpet was rolled out for the Chinese president, and canons were fired. But Saudi Arabia’s grand reception of the Chinese president is only emblematic of the magnitude of their growing relationship, specifically around oil, trade and security. Saudi Arabia has also traditionally been China’s top oil supplier, with Saudi barrels making up around 17% of total Chinese oil imports as of last year, according to the Saudi-backed Arab News. Apart from oil exports, Saudi Arabia has this year ramped up its Chinese investments, which culminated in Aramco’s whopping $10 billion dollar investment into a refinery and petrochemical complex in China’s northeast.
☆ China's Xi to visit Riyadh as Saudi Arabia seeks to expand international reach
  + stars: | 2022-12-07 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +1 min
Chinese President Xi Jinping will be in Saudi Arabia on Wednesday to attend the first China-Arab States Summit and the China-Gulf Cooperation Council Summit in Riyadh, according to the Ministry of Foreign Affairs in China. The visit, which will span three days, followed an invitation from Saudi Arabia's King Salman, and will be attended by other Arab heads of state. Saudi Arabia was the largest oil importer for China in 2021, accounting for 17% of the Asian giant's oil imports. "The optics of a hospitable kingdom welcoming Xi and inviting host of US partners in the Middle East will prove important," Eurasia Group's analysts wrote in a note. "Saudi Arabia will adopt a similar model to US President Joe Biden's visit last July, presenting itself as the regional hub for heavyweight geopolitical meetings," they said.
☆ Saudi Arabia working with Lazard on funding options and IPO of Mecca mega project
  + stars: | 2022-11-10 | by ( Hadeel Al Sayegh | Andreas Rinke | Miranda Murray | ) www.reuters.com   time to read: +3 min
Saudi Press Agency/Handout via REUTERSDUBAI, Nov 10 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) is working with Lazard (LAZ.N) on funding options and a potential initial public offering of Masar, a $27 billion mega project in the holy city of Mecca, two sources with direct knowledge told Reuters. The PIF, Lazard and Masar did not respond to a Reuters query for comment. Bloomberg first reported Lazard was advising the sovereign wealth fund on NEOM. Masar is a 1.2 million square metre urban development project in the western part of Mecca. Reporting by Hadeel Al Sayegh;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.
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