Saudi-based Kingdom Holding Company said on Saturday it has led a consortium of investors to buy a SR1.5bn ($399m) stake in a Chinese online retail firm.
The investment firm, chaired by Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, led the acquisition of the stake in 360Buy Jingdong Inc, with Kingdom investing SR470m.
Prince Alwaleed said the deal solidified the strategic relationship between Saudi Arabia and China.
360buy Jingdong Mall is the biggest consumer electronics online retailer in China.
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