Saudi Arabia and China have signed an MoU to launch a $20bn investment fund to finance joint projects, Saudi Energy Minister Khalid al-Falih announced at the Saudi-Chinese Investment Forum in Jeddah on 24 August. The two countries will jointly operate the fund sharing costs and profits 50:50 and targeting the infrastructure, energy and mining sectors. Talks remain at a preliminary stage, though there is “commitment from the top,” Mr Falih says. 

The Saudi private sector is...