Economy 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 […] November 3, 2023
Trade 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 […] October 24, 2023
Analysis Trade 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 […] October 23, 2023
Construction 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) […] October 18, 2023
Energy 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 […] October 17, 2023
Markets 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 […] October 17, 2023
Markets 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 […] October 16, 2023
Finance 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 […] October 16, 2023
Energy 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 […] October 12, 2023
Gitex Tech Clarification: Careem ‘not exploring’ partnerships with China’s Trip.com Careem has clarified that it is not in official discussions with China’s largest online travel company Trip.com Group to offer its services on its app. Established in Dubai in 2012 offering a ride-hailing service, Careem has grown to what it calls a “Super App”, offering a range of services from local and global companies including […] October 11, 2023
Video length: 07:09 Analysis Energy Riyadh adds safety valve to US and China nuclear quest Saudi Arabia is to allow inspections of future nuclear facilities, in an effort to persuade Washington to allow transfer of US reactor technology. The decision by Riyadh will appease Washington, but the Saudis are still courting China as a possible alternative option if US fears of nuclear proliferation prevent a deal. The Saudi government presented […] October 11, 2023
Manufacturing Chinese cash to supercharge Morocco’s EV battery sector Morocco’s plan to become a centre for electric vehicle manufacturing has received a boost from two Chinese companies, as the kingdom benefits from the cooling relations between Beijing and Washington. CNGR Advanced Material, a Chinese manufacturer of battery components, announced last month that it would join forces with Al Mada, a conglomerate owned by the […] October 10, 2023
Opinion Aviation Middle East-China airline battle means cheap fares Emirates, Saudia, Hainan and Qatar airline services will create a glut in capacity this winter October 5, 2023
Renewable Energy Renewables workforce nearly doubles in a decade Employment in the renewable energy sector has almost doubled over the past decade, the International Renewable Energy Agency and International Labour Organization have found. There were 13.7 million jobs in the global industry in 2022, up from 7.3 million in 2012, the agencies said in the report Renewable Energy and Jobs: Annual Review. Employment growth […] October 3, 2023
Aviation China and Saudi Arabia agree to more direct flights The Saudi Air Connectivity Program (ACP) has signed an agreement with Hainan Airlines to launch two new air routes serving the kingdom and China as the two countries continue to forge closer ties. Flights from Riyadh and Jeddah to Beijing were opened by Saudia in August, providing 165 million people in northern China with direct […] September 26, 2023
Agriculture China and Arab states sign $471m worth of agri deals A total of 34 deals worth AED1.73 billion ($471 million) were signed at the China-Arab States Expo, promoting cooperation and development in the agricultural sector. Agriculture has become an important part of China-Arab cooperation, and trade in agricultural products has recorded steady growth, the UAE state-run Wam news agency reported, citing the China Economic Net […] September 25, 2023
Real Estate China’s unsold homes raise concerns over debt defaults Even China’s population of 1.4 billion would not be enough to fill all the empty apartments littered across the country, a former official said on Saturday, in a rare public critique of the country’s crisis-hit property market. China’s property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China […] September 25, 2023
Industry Chinese EV maker Nio raises $1bn in convertible bond deal Chinese electric vehicle maker Nio Inc said on Wednesday it had raised $1 billion in a two-tranche convertible bond from which it intends to use the proceeds to pay down debt and strengthen its balance sheet. The company raised $500 million in a six-year put-four convertible bond and the same amount in a seven-year put-five […] September 20, 2023
Finance UAE boosts trade ties with China’s Hainan province The UAE and China’s Hainan province have signed four major private sector agreements to boost bilateral trade and investment ties. The agreements include a memorandum of understanding between Ajlan & Bros Holding, Hainan Airlines Holding and Yangpu Economic Development Zone Management Committee and a cooperation framework agreement between Dubai Integrated Economic Zones and Hainan Airport […] September 18, 2023
Renewable Energy Acwa Power forms clean energy alliances in China Saudi renewable energy company Acwa Power has signed agreements with two Chinese companies to enhance their global clean energy collaboration. The agreements were signed with state-owned China Southern Power Grid International Company and MingYang Smart Energy Group Limited during this week’s China (Guangdong)-Saudi Arabia Economic and Trade Cooperation Conference. Acwa Power chairman Mohammad Abunayyan said: “Signing the two MoUs […] September 14, 2023
Tech China’s Alibaba to open ‘free’ AI model Alibaba said on Wednesday it would open its artificial intelligence (AI) model Tongyi Qianwen to the public, in a sign it has gained Chinese regulatory approval to mass-market the model. Authorities in China have recently accelerated efforts to support companies developing AI as the technology increasingly becomes a focus of competition with the United States. […] September 13, 2023
Analysis Trade Hong Kong thrives as GCC-China ‘super-connector’ As Hong Kong prepares to host the Belt and Road Summit this week, its focus is increasingly turning to the Gulf for trade and investment opportunities. The Chinese special administrative region has been strengthening its links with the Middle East since 2013, when the Belt and Road Initiative was launched. It now wants to attract […] September 12, 2023