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A woman checks her jewellery in Mumbai. The UAE’s top gold export market is India

Gold to glisten despite world’s economic concerns

Central bank demand helped lift gold prices to all-time highs this month and further accumulation should support the precious metal next year despite a likely slowdown in the global economy, a top industry official has told AGBI. Gold’s performance is important to the United Arab Emirates. The country is a major processor and the world’s […]

The initial phase of Befar Group's industrial complex in the Suez Canal Economic Zone will see investments of $500m

Chinese firm to build $2bn industrial complex in Egypt

Chinese company Befar Group will build a $2 billion industrial green complex in Suez Canal Economic Zone for the production of specialised chemicals, according to a local media report. The project’s initial phase will see investments of $500 million, leading to the creation of 1,000 jobs, Egypt Today newspaper reported. The complex is expected to […]

The currency swap agreement between China and the UAE has a nominal value of $4.9bn for the next five years

UAE and China renew $4.9bn currency swap deal

The UAE and China have renewed their currency swap agreement to settle cross-border financial and trade transactions in local currencies. The Central Bank of the UAE and the People’s Bank of China signed a currency swap agreement with a nominal value of AED18 billion ($4.9 billion) for the next five years, UAE state-owned Wam news […]

Investors will be able to trade the constituent stocks of the Saudi stock market directly in the Hong Kong market

Saudi exchange-traded fund to list in Hong Kong

Saudi Arabia’s exchange-traded fund (ETF) will be listed on the Hong Kong stock exchange tomorrow. Investors will be able to trade the constituent stocks of the Saudi stock market directly in the Hong Kong market through the ETF in Hong Kong dollars or renminbi, state-owned Xinhua news agency reported, citing Paul Chan, financial secretary of […]

The superpowers' preoccupation with domestic affairs in 2024 is not expected to have a major negative impact on Middle East businesses

US-China tensions among risks facing Middle East

The divide between China and the US is one of the top five global risks facing businesses in the coming year, according to consultancy Control Risks.  But commentators said the Middle East would continue to engage economically and politically with both superpowers, with little negative impact on trade flows.  Control Risks’ annual “RiskMap” forecast highlights […]

Egypt's PM Mostafa Madbouly greets President Xi Jinping at the Great Hall of the People in Beijing

China shows faith in Egypt with deeper investment

When President Xi Jinping welcomed the prime minister of Egypt, Mostafa Madbouly, to Beijing’s Great Hall of the People in October, it was a signal that China is stepping up bilateral co-operation with Cairo. Their meeting, on the sidelines of the Belt and Road forum, took place as Egypt grapples with mounting debt and delays […]

Oil tankers and other vessels moored off Singapore. An area further off Singapore is favoured by Iran's dark fleet for ship-to-ship transfers

Growing ‘dark fleet’ carries sanctioned oil to China

More than 600 ships, often old tankers which are unsafe and whose ownership is obscure, are transporting Iranian and Venezuelan crude around the world. The numbers of vessels and cargoes are growing, industry experts told AGBI.  The ships turn off their transponders – a vessel’s automatic identification system or AIS – to go ‘dark’. They […]

What strategies do the oil majors have to achieve net zero?

What Big Oil says about climate change

The role to be played by Big Oil in global efforts to tackle climate change will be central to the debate at the Cop28 summit that begins in Dubai in three weeks.  Ending the world’s dependence on oil in its current form is seen as vital if the worst effects of rising temperatures are to […]

A Human Horizons EV. PIF’s investment could potentially value the Shanghai-based company at $3bn

PIF in talks to invest $250m in Chinese EV company

Saudi Arabia’s Public Investment Fund (PIF) is discussing investing $250 million in Chinese electric vehicle (EV) maker Human Horizons Group. The kingdom’s sovereign fund’s investment could potentially value the Shanghai-based company at $3 billion, Bloomberg reported, citing informed sources. An agreement is likely to be reached by the end of the year, but it could […]

An industrial furnace workshop in Nanjing, capital of Jiangsu. Manufacturing makes up 45% of the province's GDP

Abu Dhabi strikes deal with Chinese province of Jiangsu

Abu Dhabi is turning to the Chinese province of Jiangsu, the 12th largest economy in the world, as it seeks to expand its manufacturing sector. The Abu Dhabi Department of Economic Development and Jiangsu Provincial Overseas Cooperation and Investment Company have signed an agreement that aims to attract more Chinese industrial investments. The focus is […]

CDB's cash injection is to help finance projects agreed upon with Egypt during the third Belt and Road Initiative summit

China injects $956m into Egypt’s central bank

The China Development Bank (CDB) has injected ¥7 billion ($956 million) into Egypt’s central bank to help finance projects agreed upon during the third Belt and Road Initiative (BRI) summit last month.  The funds are part of a loan agreement signed during the summit in Beijing, as well as the nine programmes outlined in 2021’s […]

UAE economy minister Abdulla bin Touq Al Marri and China's commerce minister Wang Wentao meet at a conference in Guangzhou, China 

UAE non-oil trade with BRI nations hits $305bn

Non-oil trade between the UAE and Belt and Road Initiative (BRI) countries reached $305 billion in the first half of 2023, growing more than 13 percent year on year, according to economy minister Abdulla bin Touq Al-Marri. Trading with BRI nations accounted for 90 percent of the UAE’s non-oil trade during the period, the UAE […]

President Xi Jinping poses with Arab leaders during his trip to the Gulf last December

GCC chief predicts China free trade deal ‘soon’

China and the GCC will sign a free trade agreement “soon”, according to a Gulf official, nearly 20 years after negotiations began. Jasem Mohamed Albudaiwi, the GCC’s secretary general, has predicted the deal will be “wrapped up during the next short period”, adding that its fruits “will be reaped as soon as possible”. His comments […]

An artists's impression of part of KEC's planned Islamic World District

Chinese builder picked for $1bn Medina projects

Agreements worth nearly $1 billion have been signed with a Chinese construction major to build two mixed-use projects in Saudi Arabia’s Knowledge Economic City (KEC) in Medina. A filing by KEC to the Saudi Stock Exchange on Wednesday revealed that a $400 million deal has been agreed with China Gezhouba International Engineering Group Company (CGGC) […]

One of the factories in the Sokhna industrial zone, where China Energy will build a green hydrogen project

Suez Canal Economic Zone signs $15bn energy deals  

Egypt’s Suez Canal Economic Zone signed a $6.75 billion deal with China Energy Engineering Corporation on Tuesday, for a green ammonia and green hydrogen project to be built in its Sokhna industrial zone.  On the same day, another Chinese company, Hong Kong’s United Energy Group, signed a memorandum of understanding for a potassium chloride production […]

Mohamed Maait, Egypt's finance minister, at an IMF/World Bank meeting in Marrakech on October 13. He said Cairo's panda bonds had a low interest rate of 3.5%

Egypt issues $500m of green panda bonds in China

Egypt issued $500 million of sustainable panda bonds on the Chinese financial market on Tuesday, becoming the first country from the Middle East and North Africa to do so.  The panda bonds – securities denominated in yuan but issued by non-Chinese borrowers – will be used to finance projects that support sustainable development goals, in […]

Zhang Xiaodong, executive VP at Bank of China, rings the opening bell at Nasdaq Dubai to mark the green bonds' release

Belt and Road green bonds listed in Dubai by Chinese bank

Bank of China has issued the first green bonds focused on Belt and Road Initiative projects in the Middle East, listing them on Nasdaq Dubai. The $770 million listing by one of China’s largest state-owned banks raises the total value of debt listed on Nasdaq Dubai to nearly $120 billion.  The green notes have simultaneously […]

Text, City, Logo

IMF closes Morocco meetings without consensus  

International Monetary Fund (IMF) countries on Saturday failed to agree on a US-backed plan to boost IMF funding without giving more shares to China and other big emerging markets, but pledged a “meaningful increase” in lending resources by year-end. As IMF and World Bank annual meetings in Morocco closed, a statement from IMF’s steering committee […]

Officials and executives from Shandong Energy Group and Aramco Asia at the signing ceremony

Aramco in talks to buy 10% of Shandong Yulong refinery

Saudi Aramco, the world’s largest oil producer, is discussing buying a 10 percent stake in China’s Shandong Yulong Petrochemical Company. Shandong Yulong is currently in the process of completing the construction of a refining and petrochemicals complex in eastern China’s Shandong province. The facility will process 400,000 barrels per day of crude oil and produce […]