Baoshan Iron & Steel Co., China’s biggest steel producer, said it had more than doubled its investment in a steel plate venture in Saudi Arabia to $1 billion.
Middle Eastern sovereign wealth funds accounted for more than half the value of all deals done by global state-backed investors this year, highlighting the oil-rich nations’ growing domination at a time when many peers are reducing spending.
Saudi Arabia and Taiwans Foxconn Technology Group are in talks to form a joint venture to make electric vehicles, a move that could help accelerate plans by the oil-dependent kingdom to diversify its economy