Analysis Trade Diplomacy and trade to fore as China woos GCC leaders It’s quite a coup. Hu Jintao (still with us) must be feeling vindicated. The heads of four Arab states are in Beijing to attend the China-Arab States Cooperation Forum, which Hu founded in 2004 to bring together China and the Arab League. Xi Jinping, Hu’s successor as leader of the Chinese Communist Party (CCP), will […]
Opinion Oil & Gas Opec+ – if it ain’t broke, don’t fix it The rejigged meeting is likely to maintain the status quo in global crude markets
Analysis Oil & Gas Oil keeps Russia and China close, but analysts warn it won’t last Russia was China’s biggest oil supplier once again in April, according to official figures, staying ahead of Saudi Arabia thanks to its cheaper crude. However, crude flows from Riyadh to Beijing are expected to increase as the kingdom strengthens its presence in the Chinese energy sector, analysts have told AGBI. Russia’s crude oil exports to […]
Opinion Oil & Gas The fascinating complexity of China’s Middle East energy ties Saudi Aramco is seeking to anchor its position in the Chinese market, and particularly in petrochemicals
ANALYSIS Economy 200 billion reasons why the Gulf is China’s hottest trading partner When Deng Xiaoping, the former communist leader of China, started his modernisation drive in the late 20th century, he looked to the Middle East as the only place that could provide the enormous quantities of oil and gas that his country required to become a global powerhouse. By the end of this decade, less than […]
Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Manufacturing Aramco and PIF invest in Saudi-Chinese steel venture Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […] July 26, 2024
Energy Adnoc and Borouge explore chemicals complex in China The UAE’s oil giant Adnoc and Borouge, one of its Abu Dhabi-listed subsidiaries, is exploring the potential of developing a speciality thermoplastics complex in China. A consortium, which includes Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Borealis […] July 24, 2024
Oil & Gas Analysts optimistic on oil but the price stays steady Global hedge funds and money managers have become increasingly optimistic about the short term outlook for oil prices in recent months, despite the oil price remaining flat at around $80 a barrel. The net length held by hedge funds and other money managers in WTI (West Texas Intermediate) futures and options has risen to its […] July 23, 2024
Transport Adnoc L&S unit awards $2bn contract to Chinese shipyard AW Shipping, a joint venture between Adnoc Logistics & Services and China’s Wanhua Chemical Group, has awarded a $1.9 billion contract to Chinese shipyard Jiangnan to construct “green and low-carbon” ammonia and ethane carriers. The contract for nine very large ethane carriers (VLECs) is priced at $1.4 billion, the Adnoc subsidiary, which trades on the […] July 23, 2024
Energy Acwa Power gets Chinese partner for Uzbek green projects The Saudi renewable energy company Acwa Power has divested a 35 percent stake in two subsidiaries to a state-backed power grid contractor in China for SAR596 million ($159 million). Acwa Power signed sale and purchase agreements for the stake in Acwa Power Bash Wind Project Holding and Acwa Power Uzbekistan Wind Project Holding to China […] July 18, 2024
Aviation Iraq given boost in plan to lift European flight ban Iraq has moved a step closer to returning its flag carrier to European skies after receiving the support of the International Air Transport Association (IATA). Iraqi Airways was originally banned from Europe in 1991 due to safety concerns. Restrictions were briefly lifted in 2009 but enforced again in 2015 as the airline failed to meet […] July 17, 2024
Aviation Iraq signs deals to advance new civil airport project Iraq has signed two contracts for the construction of Nasiriyah International Airport in Southern Iraq. The Iraqi transport ministry this week signed an addendum to the construction contract with China State Construction Engineering Corporation (CSCEC) and the consulting contract with Turkey’s Kiklop Design Hertz Insaat, the state-run Iraqi News Agency reported. The Turkish company will […] July 17, 2024
Renewable Energy PIF ties up with China to meet renewable energy targets Saudi Arabia’s Public Investment Fund (PIF) is swiftly moving towards localising renewable energy components to achieve its 2030 targets. The Renewable Energy Localization Company (RELC), a unit of the sovereign fund, has signed three joint venture agreements with Chinese companies to support the kingdom’s clean energy needs. RELC works to build partnerships between global manufacturers […] July 17, 2024
Opinion Finance The Thames Water crisis makes waves for the UK’s Labour Party A government bailout is no longer unthinkable and Gulf investors will have grave concerns July 15, 2024
Economy Sharjah to quadruple FDI to $10bn Sharjah is aiming to quadruple the level of foreign direct investment into the emirate over the next five years. The third largest of the seven emirates in the UAE, behind Dubai and Abu Dhabi, Sharjah reported a 140 percent jump in FDI between 2022 and 2023, to $2.75 billion, with 19 new greenfield projects launched. […] July 14, 2024
Opinion Renewable Energy Despite EVs, the ICE Age will last longer than expected Transition to electric transport will be slow and evolutionary July 11, 2024
Giga-projects Saudi-Chinese partnership wins $2bn Diriyah deal Work will begin on a new mixed district at the Saudi giga-project Diriyah in the third quarter of 2024 after a SAR7.8 billion ($2 billion) construction contract, the largest yet, was awarded to a Chinese-Saudi partnership. Saudi contractor El Seif Engineering and China State Construction Engineering will build the district, which will contain educational institutions, […] July 11, 2024
Aviation Iraqi Airways resumes direct flights to Beijing Iraqi Airways has resumed direct flights from Baghdad to Beijing, ending a hiatus that lasted several years, with hopes of increased business travel and tourism. The Ministry of Transport announced that the first flight departed from Baghdad International Airport in Iraq to Beijing Daxing International Airport in China this week. “In line with the directives […] July 10, 2024
Finance Mubadala-backed Shein to invest $271m in Europe Chinese fashion retailer Shein, backed by the UAE’s Mubadala sovereign wealth fund, will invest €250 million ($271 million) over the next five years in the UK and Europe to expand its online business. The company has allocated €50 million for potential investments in research and development or pilot production facilities in Europe or the UK. […] July 10, 2024
Analysis Giga-projects Chinese builders pitch modular tech for giga-projects Chinese contractors are leveraging their size and access to innovative construction techniques to lay claim to increasing numbers of projects in Saudi Arabia, as the kingdom’s massive development push puts pressure on resources. Some $1.25 trillion in giga-projects, spanning the residential, commercial and hospitality sectors, are in the pipeline across the vast and arid Saudi […] July 8, 2024
Finance Hong Kong’s Animoca considers Gulf bourses Animoca Brands, a major Web3 and crypto gaming company valued at nearly $6 billion, is considering a public listing in 2025, with the Gulf and Hong Kong as potential venues. The company’s investors include heavyweights such as Singapore’s Temasek Holdings and the Saudi Arabia government’s Neom project, which injected $50 million into it last year. […] July 5, 2024
Finance Saudi PIF to invest $500m in Hong Kong Chaoshang The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has signed an agreement to invest $500 million in Hong Kong Chaoshang Group, an investment holding company. The investment includes $100 million in five-year convertible debentures and $400 million in a five-year loan. Negotiations on the terms of the investment will be completed within three […] July 5, 2024
Trade Saudi shipping line to link Jeddah with Chinese ports The Saudi Ports Authority has launched a new shipping service, CBS, at Jeddah Islamic Port in partnership with China’s NewNew Shipping Line, strengthening trade links between the two nations. The arrangement also aims to improve Saudi Arabia’s position on the Liner Shipping Connectivity Index, increase operational efficiency at ports, and strengthen the country’s connectivity with […] July 2, 2024
Trade Oil export dip fails to dent Saudi trade with China China is holding up as Saudi Arabia’s main trading partner – even after a fall in crude oil exports in the first half of the year that led to an Aramco price cut, which takes effect this month. The latest international trade bulletin from the General Authority for Statistics says China accounted for 16.6 percent […] July 1, 2024
