💰 Saudi Arabia signs Huawei deal, deepening China ties on Xi visit

TL;DR

King Salman signed a "comprehensive strategic partnership agreement" with Xi, who received a lavish welcome in a country forging new global partnerships beyond the West.The display stood in stark contrast to the low-key welcome extended in July to U.S. President Joe Biden, with whom ties have been strained by Saudi energy policy and the 2018 murder of Jamal Khashoggi that had overshadowed the awkward visit.A memorandum with China's Huawei Technologies [RIC:RIC:HWT.UL], on cloud computing and building high-tech complexes in Saudi cities, was agreed despite U.S. unease with Gulf allies over a possible security risk in using the Chinese firm's technology.Xi, due to meet other Gulf oil producers and attend a wider gathering of Arab leaders on Friday, said China would work to make those summits "milestone events in the history of China-Arab relations", and that Beijing sees Riyadh as "an important force in the multipolar world"."TRUSTED PARTNER"China, the world's biggest energy consumer, is a major trade partner of Gulf states and bilateral ties have expanded as the region pushes economic diversification, raising U.S. hackles about Chinese involvement in sensitive Gulf infrastructure."

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