ABU DHABI Feb 16 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.
($1 = 3.7502 Saudi rials)
(Reporting By Raissa Kasolowsky; Editing by Paul Tait)