Saudi king's visit highlights China's Middle East engagement

March 16, 2017

Beijing, Mar 16: Saudi Arabia's King Salman began a visit to Beijing Thursday that highlights growing ties underpinned by China's thirst for Saudi oil and the kingdom's status as a key link in Beijing's bid to connect China to Europe through infrastructure development.

Saudi

Salman went immediately into talks with President Xi Jinping following a formal welcoming ceremony at the Great Hall of the People, the seat of China's legislature. The 81-year-old monarch's visit is part of a monthlong swing through Asia in a push to develop a less oil-dependent growth strategy.

During Salman's visit to Tokyo earlier this week, the Saudi sovereign wealth fund announced a new $25 billion technology fund with telecom giant Softbank.

Beijing for its part is rolling out a trade and investment initiative across Central Asia and the Middle East called "One Belt, One Road," and sees the desert kingdom as a regional linchpin.

In opening remarks at their meeting, Xi said he looked forward to discussing projects under development, and said results so far "have surpassed our expectations."

Security ties between the two have also grown significantly, with the Saudi air force deploying Chinese unmanned attack drones and the two militaries holding joint counter-terrorism exercises in western China. Chinese navy vessels have also visited the Saudi port of Jeddah as part of increasingly active maneuvers in the Gulf of Aden.

Chinese officials say their overriding security interest in the Middle East is to prevent ethnic Uighur fighters who have left western China and joined militant groups in Syria and Iraq from returning to strike at China.

"China's Uighur ethnic minority is a key if sometimes under-appreciated factor in Beijing's Middle East strategy," said Andrew Scobell, a political scientist at the RAND Corporation.

Xi has signaled his desire to play a bigger role in the region as part of China's quest for resources, markets and increased global influence on a par with its economic heft. In a major speech before the Arab League in Cairo last year, Xi indirectly alluded to how the U.S. presence had waned and how China hoped to present an alternative.

"Instead of looking for a proxy in the Middle East, we promote peace talks," Xi said. "Instead of attempting to fill the vacuum, we build a cooperative partnership network for win-win outcomes."

A relative newcomer to the Middle East's complicated politics, China has tried to maintain friendly ties with all sides, despite sometimes conflicting geopolitical interests.

Beijing has backed President Bashar al-Assad in the Syrian conflict, while Saudi Arabia has insisted on Assad's ouster and has supported the Syrian opposition, including Islamic militant groups unfriendly to China over Beijing's sometimes harsh treatment of its Muslim minority.

China has also maintained close ties to Saudi Arabia's bitter enemy Iran.

Salman, who is traveling with a 1,500-strong company of businessmen, princes and support staff in close to a dozen aircraft, is next due to visit the Indian Ocean island nation of the Maldives. Along with Japan, he earlier visited Indonesia, Malaysia and Brunei.

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Agencies
April 26,2020

Riyadh, Apr 26: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia has issued an order to partially lift the curfew in all regions of the Kingdom, to become from 9am to 5pm, starting Sunday through Wednesday May 13, while keeping a 24-hour curfew in the holy city of Makkah and in previously isolated neighbourhoods, state news agency (SPA) said early on Sunday.

The order also allowed the opening of some economic and commercial activities, which include wholesale and retail shops in addition to malls.

They can operate for two weeks, beginning on April 29 (Wednesday) until May 13 (Ramadan 6-20), however, certain shops within malls like beauty clinics, barber salons, gyms, cinemas, and restaurants will continue to be restricted from reopening.

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News Network
January 12,2020

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

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News Network
April 25,2020

Riyadh, Apr 25: Saudi Arabia announced nine deaths and 1,197 new cases of the COVID-19 virus on Saturday.

Of these cases, 120 were recorded in Madinah, 364 in Makkah, 271 in Jeddah, 170 in Riyadh and 43 in Dammam.

The number of people who had recovered from the coronavirus in the Kingdom increased to 2,214 after 165 patients were reported to have recovered.

A total of 136 people have died of the disease in the Kingdom so far.

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