The Arab world is ready for increased Chinese investment with Saudi Arabia taking centre stage as it looks to solidify its position as a bridge between the Middle East and the world’s second-largest economy.
Resource-rich Arab nations are looking for investment partners that share their vision to be part of their growth story by not only developing mega projects but also by increasing local consumption in the region, Khalid Al Falih, Saudi Arabia’s Minister of Investment, said on Sunday.
“We will make sure China has a big part of this market,” he told delegates at the 10th Arab-China Business Conference in Riyadh.
“What we also need in the next development phase is real Chinese investment that adds value – not only receiving our natural resources but also adding value through industrialisation, logistics services and connecting the region … and its surrounding in Africa, Europe and of course China.”
In recent times, Chinese companies, whether private or government, and investment funds in the country have adopted a strategy of mixing their export of goods and services with the export of investments, he said.
This not only bodes well for Saudi Arabia, the Arab world’s biggest economy, but also for the rest of the Middle East, he added.
“What is coming to Saudi Arabia [in terms of Chinese investment] is good for the rest of the Arab countries,” Mr Al Falih said.
“We believe that the economic strength of Saudi Arabia is an integral part of the economic integration of the bigger Arab world.”
While the Arab world will benefit from deeper trade and investment relations with China, Chinese investors also stand to gain from partnering with the regional economies, the minister said.
He was speaking to more than 3,500 delegates comprising Chinese, Saudi and other Arab policymakers, government officials, investors and executives from top companies who have gathered for the two-day event.
The region has a population of 500 million, mostly young people, and its aggregate gross domestic product stands at $3.5 trillion, which makes it a substantial market for investments.
Saudi Arabia accounts for a third of the region’s cumulative GDP.
The region, especially the six-member economic bloc of GCC, is rich in hydrocarbon wealth and is looking to transform its economic landscape through radical reforms to cut reliance on oil.
Saudi Arabia, Opec’s largest crude exporter, the UAE, the Arab World’s second-largest economy and other countries in the broader Middle East and North Africa are trying to broaden their trading relationships with partners across the globe.
Arab nations have set ambitious foreign direct investment targets to expand their industrial base and develop non-oil sectors including mining and minerals, tourism and leisure to increase local consumption, create jobs and develop alternative revenue streams.
These countries are offering attractive incentives to foreign investors including those from China. The Chinese government and private sector companies have been aggressively investing over the past decade in countries along the old silk road through Belt and Road initiatives.
Rania Al Mashat, Egypt’s Minister of International Co-operation, said the pace of foreign investment in Egypt, which fell during the pandemic, has picked up again. There is renewed interest for investments in the Suez Canal, renewable energy, conventional energy and ports projects.
The Arab world’s most populous nation is open to innovative financing structures and public-private partnerships with Chinese investors and there are a multitude of opportunities available, she said.
Companies in Oman and the Omani government are also keen to partner with Chinese investors in the industrial sector and Oman’s ports, including Duqm, said Abdulsalam Al Murshidi, president of Oman's Investment Authority, at a panel discussion on Sunday.
China's overall outward direct investment reached $146.5 billion in 2022, up 0.9 per cent year-on-year.
Non-financial investment climbed 2.8 per cent on an annual basis to reach $116.9 billion, while the Belt and Road non-financial outward investments increased 3.3 per cent annually to $21 billion, according to EY estimates.
The number of Chinese companies setting up base in Saudi Arabia is also increasing rapidly as the kingdom launched four special economic zones at the end of last month – the King Abdullah Economic City, Jazan, Ras Al Khair and Cloud Computing in the King Abdulaziz City for Science and Technology.
These zones have already attracted $12.6 billion from investors across the maritime, mining, manufacturing, logistics and tech sectors. The investment pipeline has grown to $31 billion as interest continues to grow to set up base in the zones that also offer tax rebates for businesses.
Saudi Arabia is also keen to work with China on renewable energy as well as the mid-stream oil and gas sector, Energy Minister Prince Abdulaziz bin Salman told delegates.
Asked about criticism of the growing Saudi Arabia-China relationship, the minister said: “I ignore it”.
There have been several co-operation deals announced between the kingdom and China and "I wouldn’t be surprised if you will hear more announcements soon”.
He said the kingdom does not pick and choose and will work with partners where it sees the opportunity.
“We are involved in transactional activity and it is not a pot that you divide between countries,” he said.
“You go where the opportunity is and you go where partners want to invest.”
There are so many things that Saudi Arabia intends to do with China and “equally they want to do with us”, he said.
There are also synergies between what the Belt and Road initiative and what the kingdom wants to achieve out of its Vision 2030 programme, he added.
China is also keen to deepen trade ties with GCC countries and is seeking a free-trade agreement with the economic bloc.
However, the interests of emerging industries in the Gulf region and Saudi Arabia should be protected in the proposed agreement, Mr Al Falih said.
“We need to enable and empower our industries to export, so we hope all countries that negotiate with us for free trade deals know we need to protect our new, emerging industries,” he said.
The minister said he hoped the agreement, which is currently being negotiated, will be finalised soon.
“We have come a long way. The leadership from both sides is showing willingness,” he said.
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Match statistics
Dubai Sports City Eagles 8 Dubai Exiles 85
Eagles
Try: Bailey
Pen: Carey
Exiles
Tries: Botes 3, Sackmann 2, Fourie 2, Penalty, Walsh, Gairn, Crossley, Stubbs
Cons: Gerber 7
Pens: Gerber 3
Man of the match: Tomas Sackmann (Exiles)
Killing of Qassem Suleimani
Killing of Qassem Suleimani
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
World%20Food%20Day%20
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Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
more from Janine di Giovanni
From Conquest to Deportation
Jeronim Perovic, Hurst
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
India Test squad
Kohli (c), Dhawan, Rahul, Vijay, Pujara, Rahane (vc), Karun, Karthik (wk), Rishabh Pant (wk), Ashwin, Jadeja, Kuldeep, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Army of the Dead
Director: Zack Snyder
Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera
Three stars
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Story%20behind%20the%20UAE%20flag
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
