MUST-READS

• Top US diplomat for Middle East says China providing Iranian proxies with drones

  The top US diplomat for the Middle East warned Thursday against China’s growing influence in the Middle East, calling out Beijing for not doing enough to stop the flow of drones reaching Iranian proxies. “Now, they're not provided by the state, but the state does not attempt to curtail that flow” of drones used to attack Gulf countries, Assistant Secretary of State for Near Eastern Affairs Barbara Leaf said.

• Saudi Arabia-China relations strengthen with Aramco-Sinopec deal

  Saudi Arabia’s state-owned oil company Aramco signed an agreement yesterday with a Chinese oil giant. The memorandum of understanding between Aramco and China Petroleum & Chemical Corporation (Sinopec) relates to cooperation within Saudi Arabia. They pledged to work together on oil industry matters as well as carbon capture and the development of hydrogen as an energy source. They will also discuss building a manufacturing hub in the King Salman Energy Park in eastern Saudi Arabia, Aramco said in a statement.

• Bad economic news from China is easing global oil prices

  The official manufacturing purchasing manager’s index slipped to 49.0 in July from 50.2 in June, far below what analysts had predicted in a Reuters poll. The 50-point mark separates growth from contraction on a monthly basis. Besides the drop in factory activity, muted consumer spending and an ongoing property crisis are also weighing on sentiment. Overall, China’s poor economic outlook is adding to broader concerns about a global slowdown. That’s especially the case given that China is a key contributor to global growth.

• Opinion: Saudi Arabia’s Planned Neom Metropolis Makes China Evergrande Look Practical

  If a property developer focused on Chinese Tier-3 cities can turn into a disaster, though, how should one rate the prospects of a brand-new city in a desert distant from both oilfields and the unique pilgrimage destinations of Mecca and Medina? Neom’s vision of zero-carbon living for the 21st century is seductive — but if it is achieved, the economic prospects of the nation that’s using billions in oil money to build it are grim indeed. A world in which Neom’s innovations in urban living work is one in which Saudi Arabia’s main exports are superfluous. If Neom is intended more as a rebranding exercise for a country determined to sell every last drop of its crude, there are far cheaper ways to recalibrate your public image.

• Will the Middle East be a flashpoint between the US and China?

  “In a region that is in a period of transition, people are not thinking in binary terms, namely either the US or China,” said al-Sudairi. “They need both.”

• More EVs Could Melt the Grid Without a Power Plan. China has a Solution

  It’s a bit of a chicken-and-egg problem: The infrastructure available will determine drivers’ charging behavior, but grids need to understand demand to come up with strategies. Increasingly, companies are realizing it won’t necessarily be like gas stations, where consumers fill up on the go. It may be overnight at home, during the day at the office, as well as last-minute. Either way, grids must cope and do better. Power distribution will need to expand and be reconfigured, while secondary substations, including transformers, will need to be upgraded — a behemoth task.

• Saudi Arabia Receives Largest Share of China’s BRI Investments

  Saudi Arabia was the primary recipient of gas investments by about $4.6 billion, followed by Iraq. Saudi Arabia was the primary recipient of Chinese investments, while various countries saw no Chinese engagement in H1 2022, including Russia, Sri Lanka, and Egypt. According to the report, BRI finance and investments are steady at low levels in the first half of 2022 at $28.4 billion, compared to $29.6 billion in the first half of 2021.

• Opinion: China Won’t Replace the U.S. as the Middle East Hegemon

  On the security side, China has similarly begun greater engagement, contributing more than 1,800 troops to U.N. peacekeeping missions in and around the region as of 2020 (419 in Lebanon, 370 in Sudan, and 1,072 in South Sudan). The Chinese Navy has also participated in maritime security missions in the Arabian Sea and the Gulf of Aden and built its first overseas military base in Djibouti in 2017. There was even a suggestion that Beijing might be building a secret military base at a port in the strategically critical United Arab Emirates.

• China emerges as an arms supplier of choice for many Middle East countries, say analysts

  The combination of price point and industrial capacity are big selling points for Chinese weapons to international customers. "The Chinese have worked hard to develop a global market for their weapons, offering customers around the world with competitive prices on both hardware and maintenance costs, plentiful upgrade potential for weapons systems, and relatively effective weapons," he said.

• China’s Oil Imports Help Saudi Exports Notch Best Month Since 2020

  Preliminary numbers through July 18 reveal total observed Saudi shipments are headed for 7.7 million barrels a day, compared to a revised 6.6 million barrels a day last month. Bloomberg noted these numbers are subject to revision, as the shorter time span leaves room for adjustment.

  • Bloomberg - Saudi Arabia's Crude Exports Set to Rise in July on Stronger China Flows
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