Saudi's Kingdom Holding buys stake in Chinese online retailer
Saturday, 16 February 2013
ABU DHABI: 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 ($400m) stake in Chinese online retail firm 360 buy 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. (Reuters)