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Saudi's Kingdom Holding Buys Stake in Chinese Online Retailer - ASHARQ AL-AWSAT English Archive
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ABU DHABI,(Reuters) – Kingdom Holding Co, the international investment firm of Saudi billionaire Prince Alwaleed bin Talal, and a consortium of investors have bought a 1.5 billion rial ($400 mln) stake in Chinese online retail firm 360buy Jingdong, the company said.

Kingdom Holding’s investment in the deal came to 470 million rials, the firm said in a statement on Saturday. It said Qatari bank QInvest had advised on the deal.

“Our deal solidifies the strategic relationship between Saudi Arabia and China,” Prince AlWaleed was quoted as saying in the statement, which did not mention the identities of the other investors in the consortium.

According to its website, 360buy Jingdong is China’s leading online retailer of consumer electronics. Kingdom Holding already has investments in China’s entertainment and hotel sectors.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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