The two sides are expected to finalize details of a five-year investment plan, minister says
By James T. Areddy
THE WALL STREET JOURNAL - Sept. 5, 2016
HANGZHOU, China—China and Saudi Arabia have agreed to a raft of joint development proposals, including construction of oil facilities and housing projects, and shared thinking about security risks during recent meetings, a top Saudi official said Monday. “Security was a big thing between us and the Chinese,” Saudi Culture and Information Minister Adel al-Toraifi told The Wall Street Journal on the sidelines of a Group of 20 summit in the eastern city Hangzhou. Saudi Arabia’s G-20 delegation is led by Deputy Crown Prince Mohammed bin Salman, who last week met in Beijing with Chinese President Xi Jinping as a follow-up to Mr. Xi’s visit to the Gulf in January. Mr. Toraifi said the two sides have given each other a year to finalize deals outlined in more than a dozen memorandums of understanding signed during the Beijing visit that envisage a five-year program of investments in both countries, plus joint funding into third nations he declined to name. He said interests overlap in the development programs each country is pursuing, Saudi Arabia’s Vision 2030 and China’s One Belt, One Road.
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