Tourism Direct Shanghai flights reinforce Saudi air links scheme China Eastern Airlines is to launch direct flights to Riyadh as part of the Saudi Air Connectivity Program (ACP) and the ‘Air Silk Road’ initiative to improve trade and tourism links between the two countries. Commencing on April 8, 2024, the three weekly flights will operate directly from Shanghai Pudong Airport and Riyadh’s King Khalid […] March 12, 2024
Banking & Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Opinion Oil & Gas Black gold and realpolitik define GCC-China relations China is playing a growing role in energy transition and economic diversification across all Gulf states March 4, 2024
Energy Acwa Power explores renewables projects in China Saudi renewables major Acwa Power has started due diligence on up to eight projects in China, CEO Marco Arcelli said. “The first one will be announced in the coming few months,” he said in the company’s Q4 2023 financial statement. “2024 will be the first full year of execution for the new growth strategy with […] March 1, 2024
Banking & Finance First Abu Dhabi makes China expansion a priority First Abu Dhabi, the UAE’s largest bank by assets, plans to triple revenue from its operations in China by 2026. FAB is the only fully licensed UAE-based bank in mainland China and considers growth in the country a “priority” after revenue rose by 50 percent last year to about AED100 million ($27 million). Group CEO […] February 29, 2024
Energy Turkey and China to build $600m energy storage facility Turkey’s Progresiva Energy Investments has struck a deal with China’s Harbin Electric International to build a $600 million electricity storage facility, according to a media report. The project will be one of Europe’s largest energy storage facilities, Daily Sabah newspaper reported, citing Progresiva’s vice president, Cevdet Yılmaz. He said the initial phase, which will cost […] February 22, 2024
Analysis Transport Abu Dhabi signs hydrogen transport deal with Shenzhen Abu Dhabi has signed a partnership with Shenzhen, one of the largest cities in China, to develop a green hydrogen complex to power buses and cars by 2025. The deal will look at collaboration on projects including green mobility, technology, autonomous solutions, sustainability and urban development, officials said. The agreement was signed by Mohamed Ali […] February 21, 2024
Opinion Markets Stock-picking in Chinese, American and Middle Eastern markets China’s economy is looking weaker than it has for decades February 12, 2024
Analysis Industry Gulf steel has a keen edge on Chinese and Indian rivals While the Gulf is currently a minor player on the global steel-making stage, economic diversification and the energy transition may be about to change all that. As the world seeks to decarbonise, Gulf steel makers have a head start, already producing lower-carbon steel than global sector leaders China and India. The region’s ample supplies of […] February 7, 2024
Oil & Gas Sabic to commence $6.4bn project in China in 2024 Saudi Basic Industries Corporation (Sabic) will start constructing a $6.4 billion petrochemicals complex in Fujian, China, during the first half of 2024. The Saudi-listed petrochemicals producer announced its final investment decision, which allows the development of the mega complex, after signing a memorandum of understanding (MoU) with the Fujian Provincial Government in 2018. The project […] January 22, 2024
Transport SUVs drive UAE car sales but motorists gear up to go green Gas-guzzling sports utility vehicles remain a popular choice for UAE motorists and outlets across the country have reported strong sales of SUVs in 2023, despite the ongoing drive to switch to more environmentally friendly alternatives. Abhinav Gupta, CEO for the Gulf region at Cars24, a global e-commerce platform for pre-owned vehicles, said that SUVs represented […] January 22, 2024
Oil & Gas Chinese refiners ask for less Saudi oil despite price cut Chinese refiners have lowered orders for Saudi crude oil for February despite Saudi Aramco’s biggest price cut in 13 months. About 38.5 million barrels were nominated by Chinese refiners for February loading, down slightly from about 40 million barrels for January, Reuters reported, citing trading sources. State-owned Saudi Aramco has cut the official selling price […] January 12, 2024
Opinion Economy GCC can emerge as ‘Middle Powers’ in second Cold War Three factors will enable the GCC to benefit from the fragmentation January 9, 2024
Manufacturing Dubai EV maker pulls out of $500m Chinese deal Dubai’s electric vehicle maker NWTN has pulled out of a deal to invest $500 million in Evergrande, a Chinese EV manufacturer. NWTN, which operates an electric vehicle assembly facility in Abu Dhabi, said it has terminated plans to buy 27.5 percent of the shares of China Evergrande New Energy Vehicle Group. Evergrande was established in 2019 […] January 9, 2024
Analysis Manufacturing Aluminium: waiting for the rise in demand With global aluminium prices soft and demand currently waning, the announcement last month of the launch of Kings Aluminium Industries’ AED750 million ($204 million) manufacturing and recycling plant in Abu Dhabi may have seemed unfortunately timed. However, “long term” has always been the name of the game with this lightweight metal, as giant, billion-dollar smelters […] January 5, 2024
Oil & Gas PetroChina takes control of Iraqi oilfield from ExxonMobil US energy giant ExxonMobil Corp has officially exited the West Qurna 1 oilfield in Iraq, handing over its operations to Chinese oil and gas major PetroChina as lead contractor. “We are meeting today to bid farewell to ExxonMobil, and at the same time we congratulate PetroChina for becoming the lead contractor,” Basim Mohammed, deputy oil […] January 2, 2024
Analysis Trade Gulf’s pivot to Asia set to keep on rolling in 2024 2023 has been the year of the comprehensive economic partnership agreement, better known as the Cepa, as the UAE seeks to increase non-oil trade to $1.1 trillion (AED4 trillion) by 2031. The Emirates has seven deals in the bag and several more in the pipeline – and like many of its Gulf neighbours, it is […] December 27, 2023
Energy UAE and China to explore global nuclear partnership The UAE’s Emirates Nuclear Energy Corporation (ENEC) and China National Nuclear Corporation (CNNC) will explore development and co-investment opportunities for new nuclear energy plants around the world. Mohamed Al Hammadi, managing director and chief executive of ENEC, and Yu Jianfeng, chairman of CNNC, signed a cooperation agreement during the Cop28 summit which ended last week, […] December 18, 2023
Opinion Economy Sisi’s third term heralds a new economic blueprint Financial crisis looms but Egypt is 'too big to fail' December 14, 2023
Trade Saudi Arabia and China sign $25bn of deals Deals worth more than $25 billion have been signed at the Saudi-China Investment Conference in Beijing. More than 60 agreements and memoranda of understanding were completed at Tuesday’s meeting, the Saudi Ministry of Investment said in a statement. The deals covered sectors including energy, agriculture, tourism, mining, financial services, logistics, infrastructure, technology and healthcare. About […] December 12, 2023
Analysis Trade Saudi leaders gather in Beijing to boost $106bn trade Saudi Arabia’s investment minister Khalid Al Falih is leading a delegation in Beijing this week as the kingdom looks to tighten ties with its largest trade partner. Government and private sector leaders will participate in the China-Saudi Investment Conference on Tuesday, as part of Al Falih’s six-day visit. China-Saudi trade stood at $106 billion in […] December 11, 2023
Analysis Finance Gold to glisten despite world’s economic concerns Central bank demand helped lift gold prices to all-time highs this month and further accumulation should support the precious metal next year despite a likely slowdown in the global economy, a top industry official has told AGBI. Gold’s performance is important to the United Arab Emirates. The country is a major processor and the world’s […] December 10, 2023
