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Sharjah Microsoft China

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 […]

Nvidia CEO Jensen Huang arrives for the Inaugural Artificial Intelligence Insight Forum in Washington DC last year, which discussed how the US should craft AI legislation

Saudi Arabia anticipates US easing Nvidia chip ban

Saudi Arabia is welcoming reports that the US government is considering lifting export restrictions on Nvidia chips to the kingdom, which maintains close trade ties with US rival China.  Asked at an artificial intelligence (AI) forum in Riyadh if he would be content to see exports without limits, minister of industry and mineral resources Bandar […]

IEA executive director Dr Fatih Birol. The agency has cut its 2024 oil demand growth outlook by about 7 percent

IEA cuts oil demand forecast as Chinese economy stalls

Rapidly slowing Chinese economic output is the primary driver of falling global oil demand, the International Energy Agency has said, as it cut the forecast in its monthly oil market report. The Paris-based energy watchdog has trimmed its 2024 oil demand growth outlook by 70,000 barrels per day, or around 7 percent, to an average […]

Aramco and Rongsheng have signed an agreement to potentially expand the facilities at Saudi Aramco Jubail Refinery Company (Sasref)

Aramco and Rongsheng move on chem plant expansion

Saudi Aramco is accelerating plans to expand the liquids-to-chemicals project in Jubail in collaboration with China’s Rongsheng Petrochemical Company. The companies have signed a development framework agreement to potentially expand Saudi Aramco Jubail Refinery Company (Sasref) facilities and increase investments in the petrochemical sectors of both nations. This follows a cooperation framework signed in April, where Rongsheng proposed […]

QatarEnergy CEO Saad Sherida Al-Kaabi (centre) and senior executives of Hudong-Zhonghua Shipbuilding and China Shipbuilding Trading Company signing the deal

QatarEnergy signs $2bn deal with Chinese shipyard

State-run QatarEnergy has ordered six additional large LNG vessels valued at $2 billion from China State Shipbuilding Corporation (CSSC). The new order brings the total number of LNG vessels to 128, including 24 QC-Max mega vessels. The QC-Max vessels will be built at China’s Hudong-Zhonghua Shipyard, a wholly-owned CSSC subsidiary. These vessels will have a […]

A floating solar plant in Brazil – 10,500 panels sit on the surface of the Billings reservoir in Sao Paulo. Masdar is on the hunt for solar and wind projects

Masdar ‘on the lookout’ for deals in China, says CFO

Masdar, Abu Dhabi’s state-owned clean energy company, is looking to acquire assets in China as part of its strategy to expand its portfolio of renewable energy projects. Mazin Khan, its chief financial officer, told AGBI that “macroeconomic conditions, with high interest rates and renewable players looking for capital” were opening the door for mergers and […]

Officials at the contract signing ceremony. The agreement will expand production rates in area no. 15 in Oman's Al Dhahirah governorate

Omani-Chinese venture wins oil exploration contract

Oman has contracted an Omani-Chinese oil exploration and producing venture to explore and develop an oil concession area. The arrangement will boost the sultanate’s oil and gas reserves, expanding production rates in a stretch of 1,389 sq km, called area no. 15, in Al Dhahirah governorate, state-run Oman News Agency reported. Muscat-headquartered Daleel Petroleum Co […]

NEW DELHI, INDIA - MARCH 15: Union Minister of Petroleum and Natural Gas Hardeep Singh Puri addresses during the launch of ëEthanol 100í at Indian Oilís Irwin Road Service Station, on March 15, 2024 in New Delhi, India. According to an official statement, ETHANOL 100 stands as a cleaner, greener alternative to gasoline, boasting lower emissions of greenhouse gases and pollutants, thus aiding in combating climate change and enhancing air quality in our communities. With its high-octane rating, typically between 100-105, ETHANOL 100 proves ideal for high-performance engines, ensuring improved efficiency and power output all while minimizing environmental impact. (Photo by Sonu Mehta/Hindustan Times/Sipa USA )No Use Germany.

India’s Russian oil imports dent Gulf’s market share

Energy-hungry India has overtaken China as the world’s top importer of Russian oil as New Delhi takes advantage of sizeable discounts and shuns Gulf exporters to satisfy growing demand. India’s oil intake from Russia rocketed to record levels of more than 2 million barrels per day in July, from just 88,000 bpd in 2021-22, according […]

Smartphone shipments in the Middle East recorded a 20 percent year-on-year increase in Q2 2024

Chinese brands gain ground as Mena smartphone sales surge

Economic stability and rising populations have fuelled a 20 percent year-on-year surge in the sale of smartphones in the Middle East and North Africa. Chinese brands have made significant gains on other, more established manufacturers. Smartphone shipments in the Middle East reached 11.5 million units in the second quarter of 2024. That was a 20 […]

The Saudi PIF phase IV Haden photovoltaic project is expected to commence commercial operations by early 2027

China wins $972m contract for new Saudi solar plant

A Chinese state-backed consortium has won a $972 million engineering, procurement and construction (EPC) contract to build a two-gigawatt (GW) solar project near Mecca in Saudi Arabia. The Saudi PIF phase IV Haden photovoltaic project is being developed by Buraiq Renewable Energy Company, a joint venture between Acwa Power, the Public Investment Fund and Saudi […]

rare earth elements

Rare earth elements: a complex issue that’s vital to net zero

Used in everything from car batteries and fridges to iPhones and elevators, rare earth elements are an ever-present – but rarely noticed – part of daily lives.  They are also now central to the global energy transition, and their importance to Gulf states was highlighted this week by a $180 million investment by Qatar. The […]

Qais bin Mohammed bin Moosa Al Yousef, the minister of commerce and industry for Oman

Oman-China trade value hits $15bn

Bilateral trade between Oman and China increased by 8 percent year on year in the first five months of 2024, reaching more than $15 billion, according to local media. Officials said during an Omani-Chinese friendship forum in the southern city of Salalah that the major joint projects with China currently being implemented in Oman are […]

As China's economy slows, demand for steel has dropped, forcing producers to sell internationally

Emirates Steel Arkan asks UAE to curb cheap Chinese imports

Emirates Steel Arkan is liaising with the UAE government to explore ways to reduce the impact of China exporting its excess steel at knockdown prices. A slowdown in China’s property sector has led to a sharp decline in domestic demand for steel, forcing Chinese producers to sell surplus stock cheaply to international markets. US president […]

Fashion, Adult, Female

PIF in $50bn pact with Chinese financers

The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, has signed six memorandums of understanding worth up to $50 billion with Chinese financial institutions as it seeks to raise more cash for its giga-projects. The agreements were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export & Credit Insurance […]