Manufacturing China’s Geely opens Mena’s first car assembly plant in Egypt China’s Geely Auto has opened its first car assembly plant in the Middle East and North Africa near the Egyptian capital to produce 10,000 vehicles per year for the domestic market and up to 30,000 for export. Cairo-based Auto Mobility company (Geely Egypt), said it has invested around $100 million in the new car assembly […] January 17, 2025
Energy Acwa Power joins China’s renewable energy surge Saudi renewables major Acwa Power has struck joint ventures with Chinese companies to launch two renewable energy projects worth $312 million in China. The company, which trades on the Saudi Exchange (Tadawul), started due diligence on up to eight projects in China, CEO Marco Arcelli said last May. Acwa Power will develop a 132-megawatt (MW) solar photovoltaic […] January 17, 2025
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] January 16, 2025
Opinion Manufacturing How China won over the car market in the UAE Japanese, American and Korean brands retreated following the pandemic January 14, 2025
Manufacturing Lenovo completes $2bn deal to open Saudi PC factory The Chinese computer maker Lenovo Group will open a PC manufacturing facility next year in Saudi Arabia after the completion of a $2 billion investment deal with Alat, a Public Investment Fund-backed manufacturing company. The agreement means the company, which has headquarters in Hong Kong, will establish its Middle East and Africa HQ in Riyadh. The deal, […] January 10, 2025
Oil & Gas Iran seeks to free 25m barrels of oil stuck in Chinese ports Iran is pushing to free 25 million barrels of the country’s oil that has been stuck for six years in Chinese ports because of sanctions imposed by Donald Trump during his first presidency, sources have said. Trump is expected by analysts to tighten sanctions again on Iranian oil exports tolimit Tehran’s income when he returns […] January 8, 2025
Analysis Oil & Gas Middle East oil supplies to Europe drop, replaced by US Middle East oil exports to Europe fell by nearly a quarter in 2024, replaced by US and South American supplies, as geopolitics in the Middle East reshaped transport routes. European oil refineries cut imports from the Middle East as a result of increased shipping prices, triggered by attacks on vessels along the Red Sea route […] January 7, 2025
Analysis Markets Investor demand lowers yield on China’s dollar bonds Strong investor demand has lowered the yield on Chinese dollar bonds originally sold in Riyadh last November to below those of United States’ 10-year treasuries. This negative spread indicates pent-up demand for similar Chinese paper and could lead Beijing to sell more debt in Saudi Arabia, which is China’s second-largest oil supplier. In mid-November, China […] January 6, 2025
Video length: 04:13 VIDEO Tech Gulf sovereign wealth funds tilt towards emerging markets In the past 12 months Gulf sovereign wealth funds invested almost $10 billion in China, the largest such volume in history, Diego Lopez, Singapore-based managing director of Global SWF tells AGBI. This reflected a growing bias among Gulf funds towards emerging markets and domestic economies. “Every time [investment managers] are coming across a good opportunity […] January 6, 2025
Trade Turkey hikes tariffs on Chinese cars to boost investment Turkey has accelerated its policy of targeted tariffs on Chinese vehicles, increasing levies on gasoline and hybrid model imports. Industry insiders believe the move is designed to protect local manufacturers and encourage Chinese investors to set up in the country, even though it is likely to further anger Beijing. The Ankara government announced that tariffs […] January 3, 2025
Mining Oman resumes copper exports as global demand rises Minerals Development Oman (MDO) has resumed exporting copper from the Lasail mine in Sohar with its first shipment in nearly 30 years. The mine, developed by Oman Mining Company, a subsidiary of MDO, produces an average of 500,000 tonnes of copper ore per year. MDO said it also plans to initiate operations at the Al […] January 2, 2025
Analysis Tech China-US tech tensions threaten GCC telecom strategy High-tech restrictions Great power 'rivalry' Gulf states face risks Gulf countries risk being dragged into the great power “rivalry” between China and the United States when it comes to advanced technology, forcing them to pick a side. ... Register now: It’s easy and free This content is available for registered members only. Register for your […] January 2, 2025
Opinion Energy DP World, energy and AI: five predictions for 2025 Let the guessing game begin – but no promises... December 27, 2024
Trade Saudi Arabian non-oil exports increase by 13% Non-oil exports from Saudi Arabia increased by almost 13 percent to SAR25.38 billion ($6.76 billion) in October compared to the same month last year, according to the latest government trade report. Chemical products made up 26.8 percent of non-oil exports over the month, followed by plastics and rubber products at 23.7 percent, the General Authority […] December 27, 2024
Analysis Oil & Gas IEA and Opec agree on one thing: 2024 demand was down The Organization of the Petroleum Exporting Countries (Opec) and the Paris-based International Energy Agency (IEA) traditionally diverge strongly in their forecasts for the oil markets. While this is still the case – the IEA’s 2024 forecast for oil demand growth is about half that of its oil producing rival – the duo’s latest monthly reports […] December 12, 2024
Transport Saudi Arabia’s Jameel Motors to sell electric vehicles in UK Saudi Arabian mobility provider Jameel Motors has signed an agreement with a Chinese manufacturer to distribute electric commercial vehicles in the UK. Farizon Auto, which is based in Zhejiang, manufactures zero-emission vehicles, including trucks, light commercial vehicles (LCVs) and buses. The deal between Jameel Motors, owned by Saudi Arabia’s Abdul Latif Jameel Group, and Farizon […] December 12, 2024
Analysis Oil & Gas Fear of oil-price collapse lurks behind Opec+ cuts decision An Opec+ decision to delay raising oil output for another three months and extend the gradual phase-out of production cuts to the end of 2026 could crimp Saudi hopes for a major GDP boost – but shows how fearful oil states are of a price collapse. Cuts were scheduled to begin unwinding from October 2024 […] December 6, 2024
Analysis Mining Critical minerals become a Middle East battleground Saudi Arabia’s efforts to boost domestic processing of so-called critical minerals could redraw the mining industry’s regional and global supply chains, industry observers say. Critical minerals are defined as materials required for a country’s strategic industries where there is a risk of interruption to supply. They include lithium, for making batteries, platinum, used in fuel […] December 4, 2024
Renewable Energy Acwa Power plans to invest $50bn in China by 2030 Saudi energy company Acwa Power plans to invest up to $50 billion in renewable energy projects in China, a senior executive said on Tuesday. Lyu Yunhe, Acwa Power’s head of China operations, said they aim to work with Chinese state-owned companies to acquire clean power assets with a value of up to 20GW and an additional 1 […] December 3, 2024
Oil & Gas QatarEnergy to supply LNG to China from next year QatarEnergy has signed a long-term agreement with Singapore-based Shell to supply three million tonnes per annum (mtpa) of liquefied natural gas (LNG) to China. The LNG deliveries will commence in January 2025. No financial details were given. The agreement underscores the continued growth of China’s LNG market, which is expected to become the largest globally. […] December 3, 2024
Finance Qatar-backed consortium in play for Hong Kong’s ESR A consortium including Qatar Holding is planning to take Hong Kong-listed real estate fund manager ESR private, with the deal valued at more than $7 billion, according to Reuters. ESR stopped trading of its shares on Friday, “pending the release of an announcement in relation to inside information of the company”, it said in a […] November 29, 2024
Banking & Finance QIA invests in owner of McDonald’s China The Qatar Investment Authority has invested in a continuation fund that will hold a controlling stake in McDonald’s China. Trustar Capital, a Chinese private equity firm, raised $1 billion for the fund, sources told Reuters, with the QIA, Qatar’s sovereign wealth fund, committing the largest amount, to become the anchor investor. Other investors include the […] November 26, 2024
