{"id":625268,"date":"2024-06-25T00:00:00","date_gmt":"2024-06-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/25\/mideast-sovereign-wealth-fund-flows-to-china-up-2-2k-y-o-y-in-2023\/"},"modified":"2024-06-25T00:00:00","modified_gmt":"2024-06-25T00:00:00","slug":"mideast-sovereign-wealth-fund-flows-to-china-up-2-2k-y-o-y-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/25\/mideast-sovereign-wealth-fund-flows-to-china-up-2-2k-y-o-y-in-2023\/","title":{"rendered":"Mideast sovereign wealth fund flows to China up 2.2k% y-o-y in 2023"},"content":{"rendered":"

The world\u2019s factory is catching the interest of Middle Eastern sovereign <\/strong>wealth funds in a<\/strong> big way: <\/strong>Middle East sovereign wealth funds poured some USD 2.3 bn into Chinese companies in 2023, Bloomberg<\/a> reports, citing Hong Kong Monetary Authority external executive director Kenneth Hui. To put this in context, the influx of funds represents a 2.2k% y-o-y increase from the USD 100 mn China received in 2022.<\/p>\n

When one door closes, another opens: <\/strong>The surge in China-bound funds from our region of the globe comes as the world\u2019s second most populous country found itself increasingly cut off from funds from Europe and the US that had historically been an important source of finance. The EU and US hiked tariffs<\/a> on Chinese imports in recent years in a bid to contain the country\u2019s rise in sectors that much of the developed world sees as a threat to their own economies.<\/p>\n

But wealth funds in the region have signaled that they\u2019re not immune from US pressure: <\/strong>Alat, the USD 100 bn AI and advanced technology investment firm created by Saudi Arabia\u2019s Public Investment Fund, made clear that it would divest from Chinese tech if requested to by the US, EnterpriseAM Saudi<\/a> reported in May. \u201cSo far the requests have been to keep manufacturing and supply chains completely separate, but if the partnerships with China would become a problem for the US, we will divest,\u201d Alat CEO Amit Midha told Bloomberg at the time. US officials have also reportedly<\/a> asked Saudi to \u201cchoose between Chinese and American technology\u201d as they develop a semiconductor industry that forms the backbone of AI technology.<\/p>\n

AND- The UAE\u2019s G42 struck earlier this year a <\/strong>partnership with Microsoft<\/a><\/strong> after turning its back on Chinese tech under heavy pressure from Washington<\/a>, as we have previously noted. <\/p>\n

MARKETS THIS MORNING-<\/p>\n

Major Asian benchmarks are mixed this morning after yesterday\u2019s Nvidia-led tech selloff <\/strong>on Wall Street. US equities futures are flat, and while most major European benchmarks look set to dip at the opening bell. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

26,902<\/p>\n<\/td>\n

\n

-0.6% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.27<\/p>\n<\/td>\n

\n

Sell 48.37<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.27<\/p>\n<\/td>\n

\n

Sell 48.37<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,697<\/p>\n<\/td>\n

\n

-0.3% (YTD: -2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,022<\/p>\n<\/td>\n

\n

+0.1% (YTD: -5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,000<\/p>\n<\/td>\n

\n

-0.3% (YTD: -1.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,448<\/p>\n<\/td>\n

\n

-0.3% (YTD: +14.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,282<\/p>\n<\/td>\n

\n

+0.5% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,951<\/p>\n<\/td>\n

\n

+0.9% (YTD: +9.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 86.02<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.82<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,346.00<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 59,504.00<\/p>\n<\/td>\n

\n

-7.1% (YTD: +40.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 3.7 bn (16.6% below the 90-day average). Foreign investors were net sellers. The index is up 8.1% YTD.<\/p>\n

In the green: <\/strong>GB Corp (+6.5%), Mopco (+3.4%), and Ibnsina Pharma (+3.3%).<\/p>\n

In the red: <\/strong>Telecom Egypt (-6.6%), Orascom Construction (-2.5%), and Oriental Weavers (-2.0%).<\/p>\n

CORPORATE ACTIONS- <\/p>\n

E-finance is selling 10 mn treasury shares<\/strong>, the state-owned fintech giant said in an EGX<\/a>disclosure (pdf).<\/a> The transaction is being carried out by Beltone Securities Brokerage.<\/p>\n","protected":false},"excerpt":{"rendered":"

Middle East sovereign wealth funds poured some USD 2.3 bn into Chinese companies in 2023<\/p>\n","protected":false},"author":1,"featured_media":625269,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,72,119,122,734],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-625268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-sovereign-wealth-funds","wpautop","entry"],"acf":{"mongo_id":"05ab2d93-cfe4-4af6-ade4-e00fbdbbd38d","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1534.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mideast 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