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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 […]

Saudi Crown Prince Mohammed Bin Salman, right, with China's President Xi Jinping. The report says Saudi Arabia could learn from Beijing's economic development

Beijing ‘exploits’ Iran, says US advisory panel

American officials have identified the Middle East, and particularly the GCC, as crucial turf in superpower competition between the US and China, singling out energy and advanced technology as the main fields where a tug-of-war is taking place. The US-China Economic and Security Review Commission, a 25-year-old Congressionally-mandated independent US government agency, dedicated an entire […]

DP World chairman and CEO Sultan bin Sulayem met with Indian prime minister Narendra Modi in January

DP World CEO shrugs off threat of US tariffs

A prominent Dubai business leader has downplayed the threat of tariffs from the incoming US administration of Donald Trump. Sultan bin Sulayem, chairman and CEO of DP World, one of the world’s largest port operators and a flagship enterprise of the emirate of Dubai, said on Monday that he was unfazed by Trump’s proposed blanket […]

Although China has its own oil industry it remains Saudi Arabia's top importer

China’s plans affect the future of oil

Aramco is betting on China to boost a well-supplied crude market and – here’s hoping in Riyadh – enable Saudi Arabia to unwind production cuts. Amin Nasser, the Saudi state oil giant’s CEO, said last week that he expects demand from China to drive global oil market growth of a healthy 1.5 percent next year. Nasser also […]

The US is keen to work with go-getting tech companies in the Middle East

US and China in race to get their tech into Gulf markets

Gulf countries are likely to face mounting pressure to adopt American technology as the US tries to exploit its best-in-class semiconductor and artificial intelligence products to muscle China out of their markets before the Asian superpower catches up. The US is walking a fine line between increasing the regional uptake of its chips and software […]

Young Asian broker international stock traders working at night in office using computer and thinking.

China to sell dollar bonds in Saudi Arabia 

China will sell dollar bonds in Saudi Arabia this month, its first debt issuance denominated in the US currency since October 2021. The imminent issuance marks a further deepening of ties between Opec’s top oil producer and the world’s largest economy by purchasing power parity.   China is Saudi Arabia’s most important trade partner, buying 16 […]

Trendyol

Alibaba-backed Trendyol plans $2bn Gulf investment

Trendyol, Turkey’s largest ecommerce platform, is to invest $2 billion in the Gulf region over the next three years. The company is backed by Chinese tech giant Alibaba, and has established a presence across all six GCC countries. It has had rapid growth in Saudi Arabia, now its second-largest market, in particular. Its group president, […]

Employees at Sabic's Jubail manufacturing site; increased prices for products helped raise profits

Sabic announces SAR1bn profit in dramatic turnaround

Saudi Arabian petrochemical giant Sabic (Saudi Basic Industries Corp) has announced profit in Q3 2024 of SAR1 billion ($266.2 million) in a marked turnaround from the same period last year. In 2023, the company reported a Q3 loss of SAR2.88 billion. Revenues in Q3 2024 were up 3 percent year on year, and the company […]

A worker at Nahr Bin Umar oil field, Iraq. Brent and WTI posted weekly declines of about 4 percent and 3 percent, respectively, last week

Oil gains 3% after Opec+ delays output hike

Oil prices rose about 3% on Monday on a decision by Opec+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the US presidential election. US Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s election day, […]