Cannot be. Saudi just borrowed money from China
Business deals
Saudi sovereign fund PIF signs $50bn deals with Chinese banks
Pacts with 6 institutions encourage 2-way capital flows
Flags of participating countries are pictured ahead of the China-Arab summit in Riyadh in December 2022. © Reuters
August 1, 2024 22:06 JST
DUBAI (Reuters) -- Saudi Arabia's sovereign wealth fund PIF has signed six memorandums of understanding (MOUs) worth a total of $50 billion with leading Chinese financial institutions, the fund said in a statement on Thursday.
The MOUs were signed with Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), China Export and Credit Insurance Corp. (SINOSURE), Export-Import Bank of China (CEXIM), and the Industrial and Commercial Bank of China (ICBC), the statement added.