Saudi Arabia, China plan joint $20 billion investment fund

JEDDAH, Saudi Arabia - 24 August 2017: Saudi Arabia and China plan to establish and operate jointly a $20 billion (15.63 billion pounds) investment fund, sharing costs and profits on a 50:50 basis, Saudi Energy Minister Khalid al-Falih told Reuters on Thursday.

Falih was speaking on the sidelines of an economic conference of senior officials and businessmen from the two countries.

He said that in addition to the fund, he expected 11 business agreements worth about $20 billion to be signed between the two sides on Thursday. He did not give details.