Arab nations seek to cement historic trade ties with Beijing at Riyadh event

Arab nations seek to cement historic trade ties with Beijing at Riyadh event
The two-day event will feature networking events as well as panel discussions covering a wide range of topics including China’s Belt and Road Initiative, renewable energy, pharmaceuticals, startups, esports, tourism, and food security. (Reuters/File)
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Updated 11 June 2023
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Arab nations seek to cement historic trade ties with Beijing at Riyadh event

Arab nations seek to cement historic trade ties with Beijing at Riyadh event
  • 10th Arab-China Business Conference to serve as networking platform to boost economic relations

RIYADH: In a bid to strengthen trade ties between Arab nations and China, the Saudi capital Riyadh is set to host a major business event on June 11 and 12 at the King Abdulaziz International Conference Center.

The 10th Arab-China Business Conference is being organized under the theme “Collaborating for Prosperity.” The event aims to identify key areas of cooperation between the Arab countries and the Asian economic giant.
The conference is organized by Saudi Arabia’s Investment Ministry and the Ministry of Foreign Affairs in collaboration with the Arab League, the China Council for the Promotion of International Trade, and the Union of Arab Chambers. It is touted to be the largest Arab-Chinese business gathering with more than 2,000 participants.
According to the conference’s website, the two-day event will feature networking events as well as panel discussions covering a wide range of topics including China’s Belt and Road Initiative, renewable energy, pharmaceuticals, startups, esports, tourism, and food security.
Some of the keynote speakers at the event include Saudi Energy Minister Prince Abdulaziz bin Salman, Royal Commission of AlUla CEO Amr Al-Madani, Fahd Alajlan, president of King Abdullah Petroleum Studies and Research Center, and Fahd Cynndy, CEO of Saudi Aerospace Engineering Industries.
Other speakers scheduled for the event include Laura May-Lung Cha, chairperson of the Hong Kong Exchanges and Clearing, Ahmed Aboul Gheit, secretary-general of the League of Arab States, and Tong Li, CEO of Bank of China International Holdings.
As many as 20 panel discussions and workshops will be organized during the event where top CEOs, business owners, investors, and government officials will share their views to strengthen trade ties between the region and China.
The conference is expected to catalyze the trade ties between Saudi Arabia and the Asian giant, as both countries are currently focused on developing several strategic sectors.
Earlier in June, the Saudi energy minister met with Zhang Jianhua, administrator of the National Energy Administration of China, and his accompanying delegation in Riyadh to discuss ways to strengthen relations between the two countries in various fields of energy, in order to achieve the goals of Saudi Vision 2030 and China’s BRI.
The meeting also discussed the importance of ensuring the security of energy supply to markets, joint projects to convert crude oil into petrochemicals, and innovative uses of hydrocarbons.
In May, China’s Baoshan Iron and Steel Co. announced its plans to invest SR15 billion ($4 billion) in a project in Ras Al-Khair’s economic zone to manufacture metal plates.
In March, energy giant Saudi Arabian Oil Co. also inked a deal with China’s Norinco Group and Panjin Xincheng Industrial Group to form a joint venture to construct a refinery and petrochemical complex in China’s Liaoning province.
Saudi Aramco will own 30 percent stakes in the joint venture called Hujain Aramco Petrochemical Co., while Norinco Group and Panjin Xincheng Industrial Group will hold 51 percent and 19 percent shares respectively.
Saudi Investment Minister Khalid Al-Falih recently said that the trade and cultural relationship between Arab nations and China has always been strong.
“Trade and cultural ties between Arab countries and China extend over 2,000 years but have deepened significantly given the complementary nature of our economies in sectors critical to the global economy. The Arab-China Business Conference will enable public and private sector participants to discuss the future of these collaborations,” said Al-Falih.
He added: “China’s strategic direction aligns with the Kingdom’s Vision 2030. In recognition of the importance of leveraging each region’s strengths, we look forward to the conference providing a forum to explore mutually beneficial opportunities.”


Abu Dhabi National Hotels CEO reveals expansion plans at Future Hospitality Summit

Abu Dhabi National Hotels CEO reveals expansion plans at Future Hospitality Summit
Updated 1 min 45 sec ago
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Abu Dhabi National Hotels CEO reveals expansion plans at Future Hospitality Summit

Abu Dhabi National Hotels CEO reveals expansion plans at Future Hospitality Summit

RIYADH: Abu Dhabi National Hotels is exploring expansion opportunities in North Africa and Europe, the company’s CEO revealed during the Future Hospitality Summit on Tuesday.

This development strategy points to the company’s growth ambitions, giving access to new customer segments and markets, Khalid Anib indicated.

The executive also emphasized ADNH’s commitment to environmental responsibility, stating: “As owners, we are embracing sustainability and are ready to enhance our buildings to be more sustainable.”

The Future Hospitality Summit, a gathering of industry figureheads and key stakeholders, witnessed prominent business leaders sharing their insights on expansion and ambitions for growth within the market. 

Adeeb Ahamed, the managing director of Lulu Financial Holdings & Twenty14 Holdings, addressed the hospitality industry’s pivotal role in job creation.

Ahamed stated: “One in 11 jobs are generated by the hospitality sector, making it a priority in every market.”

He stressed that despite technological advancements, the hospitality sector remains unique, with limited job displacement, as the human touch remains integral.

Ahamed also highlighted the growing appeal of the region as a tourist hot spot, drawing parallels with popular European destinations.

He noted: “The countries in the GCC (Gulf Cooperation Council) are becoming very attractive in terms of tourism, and this is very good news for the entire economy. Like in Europe where people visit multiple countries in one holiday, the GCC is creating something of that sort and this is where we like to capitalize, we like to see how we can do it in Oman, in Saudi Arabia, in Qatar. And this would give more reasons to travel here.”

In response to the rapid growth of the hospitality sector in neighboring Saudi Arabia, Ahamed commented: “I think Saudi Arabia is not a competition. It’s a combined effort that’s going to bring more confidence to investors to invest in the region, so more awakening done by neighboring countries is definitely going to boost the ecosystem.”


Saudi Arabia’s transport plans play crucial role in global carbon emissions battle 

Saudi Arabia’s transport plans play crucial role in global carbon emissions battle 
Updated 51 min 7 sec ago
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Saudi Arabia’s transport plans play crucial role in global carbon emissions battle 

Saudi Arabia’s transport plans play crucial role in global carbon emissions battle 

RIYADH: Saudi Arabia’s sustainable transport plans are a vital part of the Kingdom’s drive to reduce global carbon emissions by 4 percent, said a government official on Tuesday. 

Speaking at the Global Sustainable Transport Forum held in Beijing from Sept. 25-26, the Saudi Transport and Logistics Services Minister Saleh bin Nasser Al-Jasser stressed that sustainability is a fundamental element of the Kingdom’s Vision 2030. 

Al-Jasser underscored that the Kingdom’s strong commitment to sustainability has been smoothly incorporated into the transport and logistics sector through the National Strategy for Transport and Logistics.  


Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 

Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 
Updated 53 min 54 sec ago
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Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 

Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 

CAIRO: Egypt awarded on Tuesday four blocks in an oil and gas exploration bid round for concessions in the Mediterranean and Nile Delta to Italy’s Eni, BP, QatarEnergy, and Russia's Zarubezhneft, the petroleum ministry said. 

Eni would take two blocks by itself and a third in a coalition with BP and QatarEnergy, while Zarubezhneft was also awarded a block. 

This comes after Egypt’s petroleum ministry launched an international bidding round on Monday for exploration in 23 open blocks, with the offer deadline set for Feb. 25, according to Reuters. 

The round includes 10 areas in Egypt’s Western Desert, two in the Eastern Desert, seven in the Gulf of Suez and four in the Red Sea, the ministry said. 

Egypt, the most populous Arab country, has sought to position itself as a regional energy hub. 


Fitch upgrades Oman’s credit rating to BB+

Fitch upgrades Oman’s credit rating to BB+
Updated 56 min 29 sec ago
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Fitch upgrades Oman’s credit rating to BB+

Fitch upgrades Oman’s credit rating to BB+

RIYADH: Reflecting Oman’s commitment to fiscal stability, US-based Fitch Ratings upgraded the Gulf nation’s long-term foreign currency issuer default rating to “BB+” from “BB.”  

According to the agency, the Omani government’s dedication to implementing measures to maintain financial security was a key factor contributing to the advancement. 

This promise comes in response to the challenging scenario of the oil price’s breakeven point, which has declined from $80-90 per barrel between 2017 and 2019 to less than $70 per barrel in 2023. 

The agency also noted that the upgrade implied that the government would not backtrack on recent fiscal consolidation measures. 

“The reduction of Oman’s fiscal breakeven price to below $70 per barrel over our forecast horizon from $80-$90 over 2017-19 significantly reduces vulnerability to oil price swings, although risks remain,” said Fitch Ratings in its report.


Saudi Arabia, Singapore strengthen economic ties with business forum

Saudi Arabia, Singapore strengthen economic ties with business forum
Updated 26 September 2023
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Saudi Arabia, Singapore strengthen economic ties with business forum

Saudi Arabia, Singapore strengthen economic ties with business forum

RIYADH: In a move poised to bolster economic ties between Saudi Arabia and Singapore, the Kingdom’s Minister of Commerce, Majid Al-Qasabi, led a delegation of 36 officials on a working visit to the Southeast Asian country on Tuesday to explore potential bilateral agreements.

This visit, which extends until Sept. 27, is a key part of the Saudi-Singaporean Business Forum, focused on boosting trade in goods and services. The forum aims to foster collaboration in emerging industries, enhance digital literacy, and promote entrepreneurship, as reported by the Saudi Press Agency. 

The first day of the forum featured crucial discussions covering the Singaporean education system, cooperation in endowments, and opportunities for student skill development.