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Middle East phone users turn to Chinese budget brands

Middle East consumers are embracing budget-friendly Chinese smartphone brands, as global favourites such as iPhone and Samsung suffer a slump in sales. The Middle East’s smartphone market is flourishing, with shipments excluding Turkey reaching more than 12 million units in the first quarter of 2024, a year on year increase of 39 percent, a report […]

The presidents of China and Russia, Xi Jinping and Vladimir Putin, held talks in Beijing last week

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 […]

An energy company representative submits his company's bid during the latest licensing rounds at the Iraqi Oil Ministry's headquarters in Baghdad

Chinese companies snap up Iraqi oil and gas blocks

Iraq has awarded Chinese companies a large share of oil and gas exploration concessions as it attempts to boost its hydrocarbon reserves and attract investment. Opec’s second largest oil producer hopes to add 1 million barrels per day (bpd) of oil and nearly 3.5 billion cubic feet of gas per day. Out of 22 prequalified […]

King Leung of InvestHK says Middle East investors are 'scooping up high quality, positive cash flow generating assets at very, very attractive valuations'

Hong Kong plans fund on Saudi stock exchange

Officials in Hong Kong are planning to set up an exchange-traded fund with Saudi Arabia’s stock exchange, as Middle East investors increasingly go “bargain hunting” in the Asian city state to take advantage of lower valuations. An exchange-traded fund (ETF) is an investment fund traded on regulated stock exchanges, much like individual stocks are bought and […]

Saudi US China Amit Medha

Saudi Arabia willing to drop China for US tech alliance

Saudi Arabia will sever technology ties with China if the United States compels it to, the chief executive officer of Alat, an investment company backed by $100 billion in capital from the Public Investment Fund, has revealed. According to Bloomberg US officials have told their Saudi Arabian counterparts that they will have to decide between […]

Qatar China ships

QatarEnergy awards $6bn contract to Chinese shipbuilder 

QatarEnergy has awarded a $6 billion contract to China State Shipbuilding Corporation (CSSC) to build 18 of the largest LNG vessels ever made as part of the state-owned company’s fleet expansion programme. Each “ultra-modern” QC-Max vessels will have a capacity of 271,000 cubic metres and will be constructed at China’s Hudong-Zhonghua Shipyard, a wholly-owned subsidiary […]

Aramco China Fujian

Aramco targets another petrochemical company in China

Saudi Aramco has begun talks to acquire a 10 percent stake in Hengli Petrochemical Company, owner of a 400,000 barrel a day refinery and chemicals complex in Liaoning, north-east China. Hengli Petrochemical, a subsidiary of Hengli Group, also operates plants and production facilities in Jiangsu and Guangdong provinces. The kingdom’s state-owned oil company is looking […]

BEIJING, CHINA - APRIL 08: U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. Embassy in Beijing on April 8, 2024 in Beijing, China. U.S. Treasury Secretary Janet Yellen visits China from April 4 to 9. (Photo by Jiang Qiming/China News Service/VCG )No Use China.

US treasury holdings high in Saudi Arabia’s estimation

Saudi Arabia’s holdings of US treasuries stayed close to a two-year high in February at $130.5 billion as yields rose in recent months, according to new data. The Saudi central bank’s holdings fell $3.2 million month on month, or 0.3 percent, to $130.5 billion, maintaining Saudi Arabia’s place at number 17 in the list of […]

An Acwa Power solar facility in Saudi Arabia. The Bank Of China loan will help finance its solar projects in Uzbekistan

Acwa Power takes China bank loan in first for Saudi Arabia

Saudi energy major Acwa Power has secured an $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gains traction in the GCC. Acwa Power, the world’s largest private water desalination company and a first mover into green hydrogen, has received the equity bridge loan to […]

Passengers at Beijing Capital International Airport. Air China will fly from the airport to Riyadh three times a week.

Third Chinese airline to launch flights to Saudi Arabia

Air China is set to begin flights to Riyadh in May, becoming the third Chinese airline to establish a route to Saudi Arabia. It joins China Southern and Eastern Airlines in connecting China with the kingdom.  Air China’s Airbus A330-300 will serve the Beijing-Riyadh route three times a week. NewsletterGet the Best of AGBI delivered […]

US company Albemarle controls 20% of the world's lithium market but Gulf companies have their sights set on production too

Lithium’s highs and lows – and what they mean for the Gulf

For one of the world’s most critical minerals, the past two years have been the best of times and the worst of times. First, lithium prices shot skywards, hitting around $80,000 per metric tonne in 2022 amid fears that global supply would not meet demand. Then, in just a year, the soft, silvery-white metal lost […]

Travelers at Beijing Daxing International Airport. China Southern Airlines (CZ) is making its debut in Saudi Arabia

Saudi Arabia and China strengthen ties with extra flights

Saudi Arabia is strengthening its ties with China with the launch of new passenger and cargo flights between the two countries. Beginning on April 16, China Southern Airlines (CZ) will operate four commercial passenger flights and three cargo flights connecting Beijing Daxing and Riyadh, according to a report on the Saudi Press Agency website. This […]

People, Person, Adult

China and US vie for FDI supremacy in Gulf’s biggest economies

China and the United States invested more than $23 billion in projects in the Gulf’s two biggest economies last year. The US more than doubled its “greenfield” foreign direct investment in the UAE to nearly $4 billion, while China’s commitment to Saudi Arabia rose 10-fold to almost $17 billion. Greenfield FDI involves a foreign entity […]

An employee inspects a well head in the Yarakta oil field in Siberia. Russia's oil output has been hit by Ukrainian drone attacks on facilities

Oil prices rise again ahead of Opec+ talks on Wednesday

Crude oil prices consolidated on Monday, following a run of increases in the first quarter, fuelled by signs of recovery in China, tighter supplies by the Opec+ producers and geopolitical tensions. Brent was trading slightly higher at $87.28 a barrel in the morning, while West Texas Intermediate rose to $83.45. Brent has gained about 15 […]

Crowd, Person, Accessories

China’s energy security is ‘set in stone’ says Aramco CEO

Saudi Aramco’s dedication to China’s energy security is “set in stone”, President and CEO of the state oil company Amin Nasser has said. “China has a vitally important place in our global investment strategy,” he said in his speech at the China Development Forum 2024. “Aramco was among the leading direct investors in China last […]

An apartment near a beach in Dubai is unlikely to appeal to Brits, according to property experts

What Dubai’s united nations of property buyers want

When purchasing a property in Dubai amenities are important to Brits, while Indian buyers are all about the return on investment, according to real estate experts. Last year Dubai recorded 1.6 million real estate transactions, a record 17 percent year-on-year increase, according to data from the Dubai Land Department. The demand comes from a largely […]

In this photo illustration, the MSCI Inc. logo is displayed on a smartphone screen. (Photo by Rafael Henrique / SOPA Images/Sipa USA) No Use Germany.

Gulf weightings increase on MSCI Emerging Markets

The MSCI Emerging Markets Index has increased the weightings of Gulf countries since their inclusion on the benchmark, as regulators loosened rules and companies ease foreign ownership restrictions to make it easier to invest. According to MSCI, more than $1.3 trillion in assets under management (AuM) was benchmarked against its emerging markets indexes as of […]

DAE's credit facility was increased to more than twice the proposed initial target following significant investor demand

Dubai Aerospace secures $420m from Chinese lenders

Aircraft lessor Dubai Aerospace Enterprise (DAE) has signed a $420 million five-year unsecured term loan with Chinese entities to support its business expansion. The DIFC branch of China Construction Bank and China Construction Bank (Asia) Corporation offered the loan facility. “This term loan will serve to further strengthen our already exceptional liquidity, which stood at […]