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  • Pompeo Calls Strikes an ‘Act of War’ as he Visits Saudi Arabia, Meets with Crown Prince
     

    Secretary of State Mike Pompeo has called the recent attacks against Saudi oil facilities an “act of war” by Iran, and met Wednesday with Saudi Crown Prince Mohammed bin Salman in Jeddah. The recent attacks “didn’t come from the Houthis,” Pompeo said Wednesday in remarks to reporters. “This was an Iranian attack…we’re blessed that there were no Americans killed […]

     
  • Report: Saudi Aramco Considering Tokyo For International Listing
     

    Saudi Aramco is considering Tokyo as the international destination to list its shares, according to an exclusive report in The Wall Street Journal on Thursday. Saudi Aramco is “considering a plan to split the world’s largest IPO into two stages, offering a portion of its shares on the Saudi stock exchange later this year and following up […]

     
  • Oil Continues Slide as Recession Fears Mount
     

    Oil fell 2% toward $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession in the United States and and a surprise boost in U.S. crude inventories, Reuters reports. Last week, oil prices rallied in response to indications from Saudi Arabia and the so-called OPEC+ group that it would work […]

     
  • Saudi Arabia’s PIF has agreed initial terms for a $10bn loan – report
     

    Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has agreed to initial terms for a $10 billion loan, the second time the fund has sought to raise money in less than a year, the Financial Times reports. Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole and Citigroup are among the 10 banks that have […]

     
  • UK Petrochemical Company INEOS will Invest $2bn to Build Three Plants in Saudi Arabia
     

    INEOS, one of the world’s largest chemical producers and oil and gas companies, is a privately owned company based in London. “On top of a combined $4bn investment recently announced in the UK and Europe, this is part of a wider Group strategy of globalisation that will stimulate growth and jobs worldwide,” the company said on Twitter. […]

     
  • Arabian Centres IPO Postponed Two Days, But will Still Make History
     

    Saudi Arabia’s largest share offering in four years for Arabian Centres shopping malls has been postponed for two days amid rising geopolitical tensions and a looming trade war between the U.S. and China, but when trading begins, it will still be a historic moment for Saudi Arabia’s markets. In addition to being the biggest IPO in four years, the […]

     
  • 70 Percent Increase in New Licenses for Foreign Businesses in First Quarter, Al-Omar Says
     

    The number of new licenses approved for foreign businesses in Saudi Arabia rose by 70 percent in the first quarter from a year earlier, the head of Saudi Arabia’s General Investment Authority (SAGIA) said. According to Bloomberg, applications from British and Chinese companies drove the increase, rising by 86 percent and 71 percent, respectively. The data […]

     
  • Oil Notches Third Straight Week of Gains, but Global Economy Fears Still Weigh on Prices
     

    Concerns that a looming economic slowdown might soon impact fuel consumption around the world are weighing down oil prices after Saudi Arabia and the OPEC+ group of oil producing nations have successfully reversed a downward trend for oil since the start of 2019. Brent hit a four-month high of $68.69 per barrel on Thursday, up from $51 […]

     
  • Saudi Arabia Enters Global Race for 5G Telecom with New STC Deals
     

    Saudi Arabia is in the global race to launch one of the first 5G telecom networks in the world and the largest 5G in the Middle East and North Africa, according to reports. The stakes are high for all countries in the 5G race; the new cellular system will potentially transform the world as we […]

     
  • Crown Prince Mohammed bin Salman Meets with Xi Jinping in Beijing, Tours Great Wall
     

    Saudi Arabia’s Crown Prince Mohammed bin Salman continued his tour of Asian nations with a second day in China, where he met with Chinese President Xi Jinping and the two countries inked over $28 billion in deals, according to reports. In his meeting with President Xi Jinping, the Chinese leader urged joint efforts to counter extremism and […]

     

MUST-READS

  • Yemen’s Houthis Tell China, Russia Their Ships Won’t Be Targeted

    The Yemen-based Houthis have told China and Russia their ships can sail through the Red Sea and Gulf of Aden without being attacked, according to several people with knowledge of the militant group’s discussions. China and Russia reached an understanding following talks between their diplomats in Oman and Mohammed Abdel Salam, one of the Houthis’ top political figures, said the people, who asked not to be named discussing private matters.

  • Americans Still See China as Nation’s Top Foe, Russia Second

    Forty-one percent of Americans name China as the United States’ greatest enemy today, making it the top perceived U.S. adversary for the fourth straight year. Russia ranks second, cited by 26%, followed by Iran at 9%. Five percent of national adults now name the United States itself, edging out North Korea at 4%.

  • China’s limits as a diplomatic powerhouse

    The spat between Iran and Pakistan earlier this year—a clash which saw armed cross-border operations by both sides—raises questions about China's potential role as a regional peace broker. Despite attempts to get involved, Beijing remained largely on the sidelines as Islamabad and Tehran de-escalated the situation on their own. This was surprising to many who had anticipated that China might emerge as the region’s next diplomatic heavyweight following its hosting of successful Iranian-Saudi normalization talks in Mar. 2023. As tensions brew in the Red Sea, Beijing’s credibility as a mediator has once again been put to the test.

  • Aramco seeks more investment opportunities in China, sees healthy oil market in 2024: CEO

    On an earnings call, Nasser added that the global oil market is expected to remain healthy for the rest of the year and increase by roughly 1.5 million barrels, according to Reuters.   The CEO also predicted that global oil demand will reach 104 million barrels per day in 2024, up from an average of 102.4 million barrels in 2023.   Aramco, he added, is targeting a 60% boost in gas production by 2023, compared to 2021 levels.

  • Saudi-China Collaboration in the Context of a Circular Carbon Economy: Priorities and Opportunities in the Globalization of Hydrogen Markets

    Developing clean hydrogen industries and markets are strategically crucial for Saudi Arabia and China to achieve their net-zero climate goals. Saudi Arabia has made significant progress in hydrogen development from extraction to commercialization. Different options for galvanizing clean hydrogen production are being explored, with the goal of reaching four million tons of clean hydrogen annually by 2030, most of which will be exported to major energy consumers in East Asia and Europe. China is the world’s largest producer and consumer of hydrogen. The construction of an integrated hydrogen industry by 2035 will promote the use of hydrogen across the transportation, energy storage, and industrial sectors.

  • Saudi Arabia and China ink agreement to develop air transport

    The MoU aims to expand the number of air transportation stops and promote air traffic. Moreover, it outlines developing and regulating frameworks for cooperation in transportation and air freight between Saudi Arabia and China.

  • China’s Biggest Fund Manager, Riyadh Capital Sign Pact to Share Local Investment Expertise

    E Fund Management, China's largest fund manager, and leading Saudi Arabian assets manager Riyadh Capital have signed a non-binding agreement to exchange expertise and cooperate in local investment areas. E Fund and Riyadh Capital inked the deal at the two-day Saudi Capital Market Forum in Riyadh on Feb. 20, ACN Newswire reported yesterday. Representatives from the Shanghai and Saudi stock exchange were present at the signing ceremony, according to Shanghai Securities News.

  • Saudi Manufacturing Push Draws SoftBank, China Surveillance Firm

    The new vehicle, Alat, and SoftBank will invest as much as $150 million to establish a fully-automated manufacturing and engineering hub in Riyadh. The venture will build industrial robots based on intellectual property developed by SoftBank, with the first factory set to open in December.

  • ‘Strings attached’: Saudi Arabia steps up demands in tech deals with China

    Saudi Arabia is mandating that leading Chinese technology companies invest in the Gulf kingdom in return for huge deals, as it leverages its petrodollar wealth to boost its domestic tech industry. Alibaba and SenseTime are among the top Chinese groups to have secured deals worth hundreds of millions of dollars with Saudi Arabia over the past three years, in exchange for setting up joint ventures in the country. According to five industry insiders, including fund managers, tech entrepreneurs and consultants working on the agreements, Saudi investors are applying increasingly stringent requirements to fund deals.

  • The energy transition would cost 20% more without China, analysis says

    Just how much would it cost to completely decouple from made-in-China clean tech products? According to a new analysis by energy consultancy Wood Mackenzie, the global energy transition would cost an extra $6 trillion—on top of the $29 trillion worth of capital expenditures it estimates would be required through 2050 to reach net-zero carbon emissions. That equates to an additional 20% of the original energy transition bill.