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Diago Lopez, Singapore-based managing director of Global SWF, says investment managers are increasingly exploring domestic markets as opportunities grow Video length: 04:13

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 […]

Chinese carmaker BYD is exempt from the rise in tariffs after agreeing to open a plant in Turkey, due to open in 2026

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 […]

A copper wire factory in China's Jiangsu Province. While global demand for copper has risen, it has weakened in China, affecting prices

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 […]

Shoppers admire Huawei's Mate 70 smartphone series at a flagship store in Beijing, China. Huawei is is banned in the US but expanding 5G networks in the GCC

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 […]

Workers at a solar panel factory in Uyayna, Saudi Arabia. The country's main non-oil trading partners are China, India, Japan and South Korea

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 […]

Opec on Wednesday also cut its global oil demand growth forecast for the fifth consecutive month

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 […]

There were estimated to be 4.5 million light commercial vehicles on British roads at the end of 2022 Jameel Motors

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 […]

An oil refinery in Wuhan, China. The sluggishness of the country's economy is a major factor in stagnating oil demand

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 […]

A worker at a lithium mine. Saudi Arabia's cooperation with China could turn competitive in the race for such critical minerals

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 […]

Solar panels near Nanchang, China; Acwa Power wants to acquire clean power assets with a value of up to 20GW

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 […]

QatarEnergy's LNG deliveries to China will commence in January 2025

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. […]

Qatar Holding is owned by sovereign wealth fund Qatar Investment Authority

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 […]

McDonald's China

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 […]

green hydrogen

Trump’s return may alter the future of renewable energy

Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […]

HSBC's Middle East operations will be overseen from Hong Kong

HSBC appoints former Turkey chief as Middle East CEO

British banking giant HSBC has appointed a new head of its Middle East operations following an internal restructuring. The company has appointed Selim Kervanci, the current CEO of HSBC Turkey, as CEO of the Middle East region. His appointment is subject to regulatory approval. Kervanci, who joined HSBC in Istanbul in 1996, replaces Stephen Moss […]

Chinese attendees at Cop29. The UAE's Masdar and China's Silk Road Fund signed a $3bn MOU at the climate conference

Masdar and Silk Road Fund to co-invest in renewables

The UAE and China have announced an initiative at Cop29 in Baku to co-invest nearly $3 billion in renewables in developing countries and the global south. Under a memorandum of understanding signed between Silk Road Fund (SRF) of China and UAE’s renewable energy company Masdar, SRF is set to pour up to CNY20 billion ($2.8 […]

Muslim Pilgrims at The Kaaba in The Haram Mosque of Mecca , Saudi Arabia, In the morning performing umrah

Saudi travel firm targets Chinese ahead of IPO

Saudi Arabia is hoping to attract 5 million Chinese tourists by 2030 as part of a push that is also targeting Russia, Germany, Italy and the UK, leading tour operator Almosafer said on Wednesday, flagging a likely IPO within two years.  “China is the top tourist source market and you really need to have a […]

Oil tanks and a cargo ship ready to transport crude. Saudi Arabia sold 5.75m barrels per day in September

Saudi Arabia’s crude oil exports rise to 3-month high

Saudi Arabia burned 36 percent less crude oil for power generation in September – freeing up fuel for exports, which hit a three-month high. The kingdom sold 5.75 million barrels per day in September, 80,000 bpd more than in August, according to data published this week.  The figures are from the Joint Organisations Data Initiative, […]

Masdar solar power Saudi Arabia

Masdar-led consortium to build Saudi solar plant

Masdar, the UAE clean energy company, has won a contract with Chinese and South Korean partners to develop a 2GW solar project in Saudi Arabia. The company, along with its partners GD Power of China and the Korea Electric Power Corporation, will build the plant at Al Sadawi, about 500km north of Riyadh in the […]

The Sasref expansion, located in Jubail Industrial City in the Eastern Province, is currently in the pre-feed stage

Saudi Aramco to begin Sasref refinery expansion

Saudi Aramco has signed a development framework agreement to begin the expansion of the Sasref refinery in Jubail, Saudi Arabia. A tripartite pact was signed with Saudi Aramco, Saudi Aramco Jubail Refinery Company (Sasref), and an affiliate of Rongsheng Petrochemical Co. The agreement outlines the design and development of the project and underscores Aramco’s plans to partner […]