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Costs of Saudi economic failures show up in electric bills

Saudis are complaining openly about their electricity bills that have doubled overnight, a dire sign for their economic future.
A Saudi money exchanger counts Saudi riyals in Riyadh August 4, 2008. Saudi Arabia's annual inflation rose 10.6% in June to a 30-year high due primarily to increases in food and housing costs, official data released on Sunday showed. The cost of living index for the largest Arab economy rose to 115.5 points on June 30 from 115 points in May, the Saudi Press Agency cited a report by the Ministry of Economy and Planning's Central Department of Statistics.   REUTERS/Fahad Shadeed   (SAUDI ARABIA) - RTR20M01
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In the lead-up to the Sept. 4-5 G-20 summit in which Saudi Arabia will participate, Deputy Crown Prince and head of the Council for Economic and Development Affairs Mohammed bin Salman arrived in China Aug. 29 for an official two-day visit. His trip came at the invitation of Vice Premier of the People's Republic of China Zhang Gaoli for the purpose of promoting economic integration and trade exchange, which reached $51 billion between the two countries in 2015.

Chinese Ambassador to Saudi Arabia Li Huaxin reiterated on Aug. 29 China’s interest in Salman’s visit and in supporting the kingdom’s Vision 2030, a plan prepared by the consulting firm McKinsey & Company that calls for nonoil investment expansion. During the visit, 15 agreements were signed in the sectors of energy, oil storage, minerals and housing.

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