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  • Saudi Fund’s Multibillion-Dollar Bank Deals Deepen China Pivot

    Saudi Arabia’s wealth fund signed preliminary agreements worth as much as $50 billion with six Chinese financial institutions, in the latest example of the kingdom’s deepening ties with Beijing. The deals were done to boost two-way capital flows through both debt and equity, according to a statement from the $925 billion Public Investment Fund. The memoranda of understanding were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export & Credit Insurance Corp., Export-Import Bank of China and the Industrial and Commercial Bank of China.

  • China Investors Pile Into Saudi ETFs as Two Nations Grow Closer

    The Saudi-focused ETFs enjoyed a bumper start when they debuted in Shanghai and Shenzhen on July 16 with both jumping by the daily 10% limit on their first two trading days. They were then suspended for part of July 18 after their managers notified the exchanges that the premium of their share price over their net asset value had become excessive.

  • China’s Baosteel ups investment in Saudi steel plate venture to $1B

    Baosteel, a subsidiary of the world’s largest steelmaker, China Baowu Steel Group, said in Shanghai Stock Exchange statement that it will have a 50% stake in the Saudi venture, based in the kingdom’s special economic zone Ras Al-Khair Industrial City on the northeast coast of the country. The venture will process commodities and supply construction, gas, oil and shipping industries across the Middle East and North Africa, Baosteel said in the statement.

  • Palestinian factions agree to form unity government after talks in China

    Palestinian factions including rivals Hamas and Fatah agreed to end their divisions and form an interim national unity government during negotiations in China that ended on Tuesday, China's foreign ministry said. The Beijing Declaration was signed at the closing ceremony of a reconciliation dialogue among 14 Palestinian factions held in China's capital from July 21-23, according to the readout. Previous efforts by Egypt and other Arab countries to reconcile Hamas and Fatah have failed to end 17 years of power-sharing conflict that have weakened Palestinian political aspirations, and it remains to be seen whether this deal will survive the realities on the ground.

  • China’s solar industry finds oasis in the Middle East

    China's solar energy giants such as JinkoSolar, LONGi Green Energy Technology, TrinaSolar, and JA Solar Technology, have struggled since 2023. LONGi and JA Solar recorded losses in the first quarter of 2024, while JinkoSolar and TrinaSolar saw their net profits plunge by 29.09% and 70.83%, respectively, to CNY 11.76 billion (US$1.62 billion) and CNY 5.16 billion. Solar silicon wafer providers Tongwei and TCL Zhonghuan Renewable Energy Technology also swung from profit to loss.

  • China Investors Can Now Trade Saudi Stocks on Two ETFs

    Two exchange-traded funds focused on Saudi Arabian stocks that debuted today in Shanghai and Shenzhen give Chinese investors an option to bet on equities in the oil rich nation as both countries strengthen ties.

  • Is Saudi Arabia replacing the US with China in its security partner mix?

    The visit fuelled speculation that Riyadh could be looking to Beijing to ease pressure from Washington on issues such as human rights and its stand on the Israel-Gaza war. Defence specialists said the conflict and tensions in the broader Middle East would undoubtedly have been on the agenda – along with Saudi Arabia’s rising arms purchases from China. But Saudi Arabia still saw the United States as its key security partner – even as it increases rapport with and arms purchases from China.

  • Saudi Arabia Close to Deal With China’s Envision for Wind Energy Push

    Saudi Arabia and China’s second-largest wind turbine manufacturer are close to a deal to develop a new plant in the oil-rich desert kingdom to help support its goal of boosting renewable power production. The Saudi sovereign wealth fund and Vision Industries, a privately owned renewable-energy manufacturing company, could sign an agreement with Envision Energy Co. as soon as this week, according to people familiar with the matter.

  • China willing to strengthen trade with Saudi, commerce minister says

    China said it is willing to strengthen implementing development strategies with Saudi Arabia, and intensify trade and investment exchanges, its commerce minister said in a statement on Friday. Commerce Minister Wang Wentao held talks on Thursday with the head of affairs on Saudi Arabia's economic cooperation with China, who is also the president of the Saudi sovereign wealth fund Public Investment Fund and chairman of Saudi Aramco.

  • Saudi Oil Market Share in China Set for Rebound

    Saudi crude oil exports to China have been on the decline for four consecutive months, the report noted, adding some traders expected this to change in August, with imports from the kingdom rising for the first time since May. In July, Saudi oil exports to China totaled 36 million barrels, which comes in at a little over 1 million bpd, Reuters also reported, citing shipping data from Kpler. For August, however, some traders expect a total of at least 44 million barrels, Reuters said.