A Bank of China branch in Beijing. China's banking sector assets grew nearly 10 per cent in 2023, according to BBVA Research. EPA
A Bank of China branch in Beijing. China's banking sector assets grew nearly 10 per cent in 2023, according to BBVA Research. EPA
A Bank of China branch in Beijing. China's banking sector assets grew nearly 10 per cent in 2023, according to BBVA Research. EPA
A Bank of China branch in Beijing. China's banking sector assets grew nearly 10 per cent in 2023, according to BBVA Research. EPA

Saudi Arabia's PIF signs deals worth $50bn with Chinese financial firms


Alvin R Cabral
  • English
  • Arabic

Saudi Arabia's Public Investment Fund has signed partnerships worth up to $50 billion with six major Chinese financial institutions, aimed at strengthening its global co-operation strategy.

The initial agreements were signed with Agricultural Bank of China, Bank of China, China Construction Bank, China Export and Credit Insurance Corporation, Export-Import Bank of China, and Industrial and Commercial Bank of China, the PIF said on Thursday.

The deals cover areas including two-way capital flows through both debt and equity, and allows Saudi Arabia to tap into China's banking sector, whose assets grew at nearly 10 per cent in 2023, reaching 417.3 trillion yuan ($57.6 trillion), according to BBVA Research.

The agreements “demonstrate the PIF’s strong and deepening relationships with leading financial institutions and accentuate PIF’s commitment to enhancing partnerships globally”, Fahad Al Saif, the PIF's head of global capital finance, said.

Saudi Arabia has been embarking on a major economic transformation under its Vision 2030 programme, which seeks to diversify its economy away from dependence on oil.

The PIF, along with its related entities, is one of the main driving forces, pouring investments into key areas including finance, health care, sports, renewables, technology, automotive, real estate, aerospace, defence, entertainment, leisure, retail and mining.

This push is being extended overseas, as the Arab world's largest economy seeks to grow and diversify its investments in key regions through the PIF.

The PIF's moves are aimed at “driving transformation at a scale never seen before, sparking a new era of economic growth and opportunity”, according to its website.

By far, the PIF has about $925 billion of assets under management and formed 95 portfolio companies that has resulted in the creation of about 763,000 direct and indirect jobs, it said.

Relations between Saudi Arabia and China, meanwhile, have continued to expand, maintaining the long trade ties between the Arab world and the world's second-largest economy that has dated back 1,500 years.

Today, China is Saudi Arabia’s largest trading partner: latest available data shows that trade between the two countries hit $87.3 billion in 2021, growing to $95.46 billion between January and October 2022.

Energy is one of the key industries linking the two countries, as China is Saudi Arabia's largest importer of oil from the kingdom, buying about 1.75 million barrels of oil per day in 2022.

They are also continuing to strengthen investments in the sector. In April, Saudi Aramco, the world’s largest oil-producing company, said it was exploring the formation of a joint venture in the Saudi Aramco Jubail Refinery Company with China's Rongsheng Petrochemical as it seeks to attract new investment to the downstream sector.

Chinese exports to Saudi Arabia jumped more than 13 per cent annually to nearly $43 billion in 2023, according to UN's Comtrade database.

Results:

5pm: Maiden (PA) | Dh80,000 | 1,200 metres

Winner: Jabalini, Szczepan Mazur (jockey), Younis Kalbani (trainer)

5.30pm: UAE Arabian Derby (PA) | Prestige | Dh150,000 | 2,200m

Winner: Octave, Gerald Avranche, Abdallah Al Hammadi

6pm: Arabian Triple Crown Round 3 (PA) | Group 3 Dh300,000 | 2,200m

Winner: Harrab, Richard Mullen, Mohamed Ali

6.30pm: Emirates Championship (PA) | Group 1 | Dh1million | 2,200m

Winner: BF Mughader, Szczepan Mazur, Younis Al Kalbani

7pm: Abu Dhabi Championship (TB) | Group 3 | Dh380,000 | 2,200m

Winner: GM Hopkins, Patrick Cosgrave, Jaber Ramadhan

7.30pm: Wathba Stallions Cup (PA) | Conditions | Dh70,000 | 1,600m

Winner: AF La’Asae, Tadhg O’Shea, Ernst Oertel

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

The distance learning plan

Spring break will be from March 8 - 19

Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm

Staff will be trained in distance learning programmes from March 15 - 19

Teaching hours will be 8am to 2pm during distance learning

Pupils will return to school for normal lessons from April 5

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

Rocketman

Director: Dexter Fletcher

Starring: Taron Egerton, Richard Madden, Jamie Bell

Rating: 3 out of 5 stars 

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
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Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

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  • Premier League-standard football pitch
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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

UAE currency: the story behind the money in your pockets
The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
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Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

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Engine: 51.5kW electric motor

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Power: 134bhp

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MATCH INFO

Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)

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Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment

Director: Prosit Roy

Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani

Three stars

The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

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Company%20profile
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Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

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MATCH INFO

Al Jazira 3 (O Abdulrahman 43', Kenno 82', Mabkhout 90 4')

Al Ain 1 (Laba 39')

Red cards: Bandar Al Ahbabi (Al Ain)

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

The%20specs
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Company%20profile
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Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

Points to remember
  • Debate the issue, don't attack the person
  • Build the relationship and dialogue by seeking to find common ground
  • Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
  • Listen actively without interrupting
  • Avoid assumptions, seek understanding, ask questions
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Updated: August 01, 2024, 1:47 PM`