Saudi Arabia is bringing policymakers, government officials, investors and executives from top companies in both the kingdom and China under one roof in Riyadh as it looks to deepen its trade ties with the world's second-largest economy.
The 10th Arab-China Business Conference, taking place on June 11 and 12 at the King Abdulaziz International Conference Centre, is seen as a significant step forwards in Saudi Arabia’s efforts to boost trade with China beyond the hydrocarbons sector and attract Chinese investments in the non-oil economic sectors of the kingdom, analysts say.
“This is a major event and the gathering makes perfect business and economic sense,” Ihsan Bu Hulaiga, an independent Saudi economist said. “Trade between Saudi Arabia and China has risen in a very consistent [manner] from the 2000s until today."
The two economies have “mutual needs” and the relationship has all the ingredients to be a “sustainable one for years to come”, he said.
This year, the conference is held under the theme "Collaborating for Prosperity" and will focus on economy, trade and investment to further help boost relations with China.
One of the key objectives will be to explore ways to strengthen existing ties, said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
“China is already one of the largest trading partners for Saudi Arabia and it is a key export market for its hydrocarbons.
“From the kingdom’s perspective, it is very important.”
Saudi Arabia, which has been diversifying its economy away from oil, is looking to deepen trade and economic ties with partners around the world.
The conference is “important and critical” for future collaboration and prosperity, said Maha Akeel, a Saudi political commentator, lecturer and consultant.
“Being hosted by Saudi Arabia, a key player in the region economically and politically, gives the themes and agenda of the conference added significance and indications of future directions for investments and business opportunities,” she said.
Maha Akeel was the director at the information department of the Organization of Islamic Cooperation.
'Great milestone'
China has also played an important role in restoring relations between Iran and Saudi Arabia.
This will strengthen their relations with other Arab states, said Ahmad Hijazi, a Saudi businessman in Jeddah.
"This was a great milestone for the kingdom and shows the importance of China as our partners, not just in trade but also politically," he said.
"China has always been a great partner for our business and we have been working with them in the manufacturing sector for more than nine years."
Prince Abdulaziz bin Salman Al Saud, Minister of Energy, Laura May-Lung Cha, chairwoman of Hong Kong Exchanges and Clearing, Prince Faisal bin Farhan, Minister of Foreign Affairs, Ahmed Aboul Gheit, Secretary General League of Arab States, and Abdullah Alswaha, Minister of Communications and Information Technology, will speak at the conference.
It is expected that up to 2,500 people from China will attend.
Industry sectors such as AI, renewable energy, robotics, tourism, logistics and transportation will feature.
Trade ties between China and the Arab world go back 1,500 years, to the time of the Silk Road. Today, China is Saudi Arabia’s largest trading partner.
In 2021, trade between the two countries reached $87.3 billion. Between January and October 2022, it reached $95.46 billion.
China is Saudi Arabia's largest importer of oil from the kingdom, buying about 1.75 million barrels of oil per day in 2022.
Last year, Chinese President Xi Jinping's visit to Saudi Arabia marked a major milestone in Saudi Arabia's relationship with Beijing as well as other Arab states. President Xi Jinping attended summits with Arab leaders during his three-day visit.
Some 35 agreements worth about $30 billion were signed during his visit to the kingdom.
An alignment plan between Vision 2030 and China’s Belt and Road Initiative was agreed by Crown Prince Mohammed bin Salman and President Xi Jinping, as well as a memorandum of understanding in the field of hydrogen energy, to activate the housing memorandum and co-operation in civil and commercial cases.
The Saudi Investment Ministry signed with Shandong Innovation Group, for the construction of an aluminium plant. Other companies included in the signing of MoUs include the chemical company Kingfa, Shanghai-based wind turbines and energy software company Envision, and China’s Economics and Technology Research Institute.
"In March, Aramco unit acquired a 10 per cent stake in Rongsheng Petrochemical for $3.6 billion, which is a huge investment and opportunity for us to expand our operations in China," said Rakan Alaref, a Saudi business operations manager in Jeddah.
"We have been working with China in renewable energy and are committed to them as partners eyeing big opportunities for both of us."
Aramco's chief executive Amin Nasser said in March the kingdom wants to be an all-inclusive source of energy and chemicals for China’s long-term energy security.
"That’s why we are doubling down on China’s energy supply, including new lower carbon products, chemicals, and advanced materials, all supported by emissions reduction technologies," he said.
Saudi Arabia also joined the Shanghai Cooperation Organisation, which includes China, India and Russia.
Last week, Iran reopened its diplomatic missions in Riyadh restoring diplomatic ties with Saudi Arabia after a seven-year rift following a Chinese-brokered deal in March.
At a press conference with US Secretary of State Antony Blinken on Thursday, Saudi Foreign Minister Prince Faisal bin Farhan said China's relationship with Saudi Arabia and other regional countries will probably continue to grow.
“That partnership has given us and China significant benefits and that co-operation is likely to grow just because of China's economic impact on the region," he said.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
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
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
AUSTRALIA%20SQUAD
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
THE%20SPECS
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Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
Killing of Qassem Suleimani
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
WRESTLING HIGHLIGHTS
COMPANY%20PROFILE
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
SPECS
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The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
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
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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.
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
Armies of Sand
By Kenneth Pollack (Oxford University Press)
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How to tell if your child is being bullied at school
Sudden change in behaviour or displays higher levels of stress or anxiety
Shows signs of depression or isolation
Ability to sleep well diminishes
Academic performance begins to deteriorate
Changes in eating habits
Struggles to concentrate
Refuses to go to school
Behaviour changes and is aggressive towards siblings
Begins to use language they do not normally use
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Killing of Qassem Suleimani
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE%20athletes%20heading%20to%20Paris%202024
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
Sweet%20Tooth
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Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
