BEIJING – China and Saudi Arabia have signed a memorandum of understanding on investment cooperation valued at $65 billion and involving 35 cooperative projects.
The agreement followed talks Thursday between Saudi King Salman and President Xi Jinping in Beijing.
Beijing is rolling out a massive 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. On Friday, Salman met with Premier Li Keqiang.
Despite the eye-catching figure, such agreements usually result in much smaller actual commitments once projects begin.
Saudi Arabia's state-owned oil producer, Aramco, is a partner with state-owned China Petroleum & Chemical Corp. in a refinery in the southeastern province of Fujian and has other Chinese projects.