Saudi Arabia signs $65 billion deals with China
Top business and technology news for March 16, 2017. Part of the daily SupChina news roundup "A craft beer bully in China."
- China, Saudi Arabia eye $65 billion in deals as king visits / Reuters
On Thursday, Saudi Arabia’s King Salman signed deals with China worth as much as $65 billion involving everything from space to renewable energy markets. The deals included a memorandum of understanding for the Saudi kingdom to participate in China’s Chang E-4 Moon mission and a partnership agreement for manufacturing drones. King Salman told Chinese president Xi Jinping that he hoped China could play a greater role in Middle East affairs “to promote global and regional peace, security and prosperity.”
- AC Milan bidder said to lose China state-owned firm backing / Bloomberg
Haixia Capital Management, an investment firm controlled by State Development & Investment Corporation (SDIC 国家开发投资公司), will no longer purchase an interest in Silvio Berlusconi’s AC Milan soccer club, according to people familiar with the matter. Regulators in China have intensified their scrutiny of overseas investments, particularly in sports and entertainment. Last week, People’s Bank of China governor Zhou Xiaochuan said that some purchases of overseas sports and entertainment assets didn’t fit with China’s industrial policy because they “triggered some complaints abroad.” The AC Milan deal was first announced in August last year.
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