Trade PIF signs Japan and Hong Kong pacts worth $52bn Saudi Arabia’s Public Investment Fund has signed memorandums of understanding (MoUs) worth up to $51 billion with five Japanese banks. The kingdom’s sovereign wealth fund said the agreements cover a variety of areas, including encouraging two-way capital flows through both debt and equity. The agreements were signed with Mizuho Bank, Sumitomo Mitsui Financial Group, MUFG […] November 1, 2024
Oil & Gas Aramco predicts oil market expansion on China demand Saudi Aramco is forecasting oil market growth in 2025 of 1.5 percent, driven by fundamental growth in China and the role of fossil fuels in underpinning the green energy transition. A recent stimulus package failed to alleviate market concerns about China. Although it accounted for 70 percent of oil demand growth in 2023, Chinese demand […] October 30, 2024
Industry Copper-trading centre in Abu Dhabi planned by UAE’s IRH The UAE’s International Resources Holding (IRH) intends to set up a copper trading hub in Abu Dhabi, as the market looks to forecasts from China on the direction of prices. IRH, an arm of International Holding Company, said it plans to target “over 500,000 tonnes of green copper annually by 2025”. “This initiative will further […] October 25, 2024
Finance HSBC to fold Middle East operations into Hong Kong HSBC Holdings announced on Tuesday that the group’s operations in the Middle East and Turkey will be folded into a unit headquartered in Hong Kong from the beginning of next year. Stephen Moss, who has been based in Dubai as chief executive of the giant bank’s Middle East operations since April 2021, is leaving at […] October 22, 2024
Oil & Gas Oil prices up as Blinken flies to Israel for peace talks Oil prices rose to $75 a barrel on Tuesday, extending gains from the previous session as investors weighed the impact of China’s stimulus measures to boost its economy, while concerns over conflict in the Middle East persisted. Brent crude futures for December delivery were up 43 cents, or 0.6 percent, to $74.72 at 13:19 GMT. US West Texas […] October 22, 2024
Oil & Gas Oil prices regain some ground after 7% loss last week Oil prices rose on Monday, recouping some of last week’s more than 7 percent decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.16, or 1.6 percent, to $74.22 a barrel at 10:36 GMT. US West […] October 21, 2024
Oil & Gas Aramco CEO bullish on Chinese oil demand Saudi Aramco’s CEO is confident that China’s bid to increase growth will have a positive impact on oil demand, especially due to chemicals needed for its energy transition. Amin Nasser said the world’s second biggest economy needs more chemicals for “the electric vehicles, for solar panels, so that’s huge growth there”. Speaking on the sidelines […] October 21, 2024
Markets Neom-backed robotaxi operator Pony Ai files for US IPO Pony AI, a Chinese autonomous driving company backed by an investment arm of Saudi giga-project Neom, has filed for an initial public offering in the US. The Guangzhou-based company applied to be listed on the Nasdaq stock exchange but did not reveal the size of the offering. Pony AI operates a fleet of more than […] October 18, 2024
Oil & Gas Aramco cancels Saudi project amid Asia focus Aramco, the world’s largest oil producer, has scrapped plans for a refinery and chemicals project in Saudi Arabia to focus on Asia expansion, mainly in China. The 400,000 barrels per day (bpd) facility at Ras Al Khair, which was being planned in collaboration with Saudi Basic Industries Corporation, an Aramco subsidiary, has been cancelled, Bloomberg […] October 16, 2024
Analysis Mining Saudi Arabia’s zinc project is set for the long term In the deserts of Saudi Arabia, 170km southwest of Riyadh, the Khnaiguiyah mining project is the kingdom’s largest mineral exploration site. Geologists and miners are looking to extract 25 million tonnes of zinc and copper ore from this opencast prospect over the next 12 years. That would establish Khnaiguiyah as the Gulf’s first world-level zinc mine […] October 16, 2024
Oil & Gas IEA confident global oil supply can absorb disruption Escalating tensions between Israel and Iran are fuelling concerns that an attack on Iranian production facilities could disrupt global oil supply. But forecasts by the International Energy Agency (IEA) suggest there are adequate global supplies to absorb the impact of such an event. Iran, a major oil exporter and Opec member, ships 1.6 million barrels […] October 15, 2024
Trade Saudi Arabia to establish economic zone with China King Salman International Airport Development Company (KSIADC) has signed an agreement with EWPartners, an investment company backed by Saudi Arabia’s Public Investment Fund, to establish a special economic zone to increase trade with China. The KSA-Sino Logistics Zone will be located at the King Salman International Airport in Riyadh, which is expected to be one of […] October 14, 2024
Manufacturing Turkey hits major Asian steel exporters with tariffs Turkey’s decision to introduce tariffs on cheap foreign imports of steel has been welcomed by domestic industry experts. Ankara last week moved to protect its domestic steel industry against cheap imports from Asia by imposing taxes on hot rolled steel (HRS) produced in China, India, Japan and the Russian Federation. The tariffs range from 6 […] October 14, 2024
Oil & Gas Oil slips more than $1 over China’s deflation fears Oil prices declined over 2 percent on Monday, wiping out all of last week’s gains as China’s stimulus plans failed to inspire investor confidence. The country’s oil imports fell for the fifth month, stoking concern about fuel demand. The markets also remained on edge about potential Israeli attacks on Iranian oil infrastructure. Brent crude futures were down $1.84, or […] October 14, 2024
Trade China files trade complaint against Turkey over EV tariffs Beijing has lodged a trade dispute complaint against Turkey at the World Trade Organisation over Ankara’s efforts to stem a potential tide of imported Chinese electric vehicles. China’s launching the first stage of the dispute mechanism (termed a request for consultations) comes more than two years after Turkey first imposed tariffs on Chinese made-EVs, with […] October 9, 2024
Banking & Finance Mubadala-backed Shein courts investors before London IPO Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Shein is due to hold informal meetings to answer questions and test the investment appetite of major investors in the coming weeks, before its planned IPO […] October 4, 2024
Analysis Manufacturing Gulf spots opening in China’s polysilicon boom-bust cycle Solar power capacity across the Middle East region trebled from 3 gigawatts to 9GW between 2020 and 2023, according to the trade association Energy Industries Council. In the Gulf alone, a further 40GW of photovoltaic (PV) solar power are scheduled for installation by 2030, the International Renewable Energy Agency (Irena), an intergovernmental organisation, says. For […] October 4, 2024
Oil & Gas Without Opec+ ‘we would be in chaos’, says UAE minister Opec+ is doing a “noble” job of balancing supply and demand in the oil market, the UAE energy minister has said. “Without this group, we would be in chaos,” Suhail Al Mazrouei told a conference on Wednesday. “Opec+ has sacrificed more than others,” the minister said, adding that although the energy group’s members do not […] October 2, 2024
Video length: 04:09 VIDEO Banking & Finance The digital currency that could upend how the Gulf trades Project mBridge – a China-led central bank digital currency initiative, which the UAE and Saudi Arabia are part of – could have “broad strategic implications” for regional trade, according to market analysts. A CBDC is a digital form of a country’s fiat currency, which is backed by a government. It eliminates the need for intermediaries […] September 26, 2024
Manufacturing Aramco ties with China for industrial manufacturing Saudi Aramco, the world’s largest oil producer, is exploring opening manufacturing facilities for industrial components and advanced materials in collaboration with a state-run Chinese company. The Saudi-listed company and China National Building Material Group have signed a five-year agreement for potential collaboration, including establishing manufacturing facilities in the kingdom to produce wind turbine blades, hydrogen storage […] September 25, 2024
Trade UAE and Malaysia edge closer to free trade deal The UAE is expected to sign a free trade deal with Malaysia by the end of the year as it strengthens its ties with countries in south-east Asia. The update was delivered by Tengku Zafrul Aziz, Malaysia’s minister of investment, trade and industry, at the ninth annual Belt and Road summit in Hong Kong. Aziz […] September 25, 2024
Trade Sharjah’s Microsoft deal ‘will not harm China relationship’ Sharjah, the third largest emirate by population in the UAE, will not undermine its growing relations with China through its AI partnership with the American giant Microsoft, a prominent investment official has said. This week Sharjah unveiled the first AI-generated trade licence system in the world, developed jointly by Invest in Sharjah, Sharjah Publishing City […] September 19, 2024
