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Kingdom Holding buys stake in Chinese online retailer
- Saudi Arabia: Sunday, February 17 - 2013 at 11:36
Kingdom Holding, 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 360buy Jingdong, Reuters has reported. Kingdom Holding's investment in the deal came to 470 million rials, the firm said. "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.
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StaffSunday, February 17 - 2013 at 11:36 UAE local time (GMT+4)
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