{"id":84726,"date":"2024-03-26T00:00:00","date_gmt":"2024-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/26\/aramco-wants-to-become-chinas-partner-of-choice-on-more-than-just-oil\/"},"modified":"2024-03-26T00:00:00","modified_gmt":"2024-03-26T00:00:00","slug":"aramco-wants-to-become-chinas-partner-of-choice-on-more-than-just-oil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/26\/aramco-wants-to-become-chinas-partner-of-choice-on-more-than-just-oil\/","title":{"rendered":"Aramco wants to become China\u2019s partner of choice on more than just oil"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people<\/strong>, and happy hump day. It\u2019s a reasonably busy morning for news, but we\u2019re going by asking you to read about AI for a few minutes. We all have a lot on our plates, but there are <a target=\"_blank\" href=\"http:\/\/enterprise.news\/ksa\/en\/news\/story\/399e70a3-e2fe-4f5f-8a42-286b5b4ce2db\" style=\"\" rel=\"noopener\">USD 40 bn worth of reasons brewing<\/a> that suggest all of us need to give it a bit more time in our day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>We have three pieces worth at least a skim<\/strong> \u2014 or saving to your read-later app of choice (we\u2019re still using <a target=\"_blank\" href=\"https:\/\/getpocket.com\/\" style=\"\" rel=\"noopener\">Pocket<\/a>):<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Are you a banking nerd? Wondering how you should think about tech now that AI is at <\/strong><strong>center stage? <\/strong>EnterpriseAM UAE sat down with our friend Fernando Morillo from Mashreq. Fernando has been helping banks figure out tech change since Web 1.0, first as a consultant for McKinsey (he\u2019s an aeronautical engineer by training) and then as banker in Spain, Singapore, and now the Emirates. Fernando is a thoughtful and engaging thinker on the future of banking:&nbsp;<a href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/24760c59-5df3-47f4-a51a-31982ccb899f\" target=\"_blank\" rel=\"noopener\"><b>Tap or click here to read part one of the two-part sitdown<\/b><\/a><strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Niall Ferguson has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2024-03-24\/can-sam-altman-make-ai-smart-enough-to-answer-these-6-questions\" style=\"\" rel=\"noopener\">six questions<\/a><\/strong><strong> about the technological, financial, and economic future <\/strong><strong>of AI.<\/strong> Why should you listen to him? The Bloomberg columnist and Harvard professor is a brilliant polymath whose works include <a target=\"_blank\" href=\"https:\/\/www.amazon.com\/Ascent-Money-Financial-History-World-ebook\/dp\/B0018QQQKS\/\" style=\"\" rel=\"noopener\">The Ascent of Money<\/a>, <a target=\"_blank\" href=\"https:\/\/www.amazon.com\/War-World-Twentieth-Century-Conflict-Descent-ebook\/dp\/B008UCJ6T6\/\" style=\"\" rel=\"noopener\">The War of the World<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.amazon.com\/Civilization-West-Rest-Niall-Ferguson-ebook\/dp\/B0054TVW04\/\" style=\"\" rel=\"noopener\">Civilization<\/a>. This six question:<\/p>\n<ul>\n<li>Is there an endpoint to Moore\u2019s Law?<\/li>\n<li>Who makes the money?<\/li>\n<li>Are we witnessing an AI bubble?<\/li>\n<li>Will we get to artificial general intelligence (AGI) with enough computational capacity?<\/li>\n<li>Does AI cause mass job destruction?<\/li>\n<li>Will there be resistance to AI adoption?<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BIg-company CFOs are starting to ask: <\/strong>How much is all of this investment in AI costing? And what\u2019s the ROI? <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/cfos-tackle-thorny-calculus-on-gen-ai-whats-the-return-on-investment-24ebf435\" style=\"\" rel=\"noopener\">Read more in the Wall Street Journal<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF AI- Bankrupt crypto exchange Anthropic has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/25\/ftx-estate-sells-majority-stake-in-startup-anthropic-for-884-million.html\" style=\"\" rel=\"noopener\">sold<\/a><\/strong><strong> a USD 884 mn stake<\/strong>, and as we suggested earlier this week would be the case, Saudi isn\u2019t getting a piece of it. UAE wealth fund Mubadala is buying more than 50% of it. <\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>IPO WATCH- Al Mohafaza Education will ring the bell on Nomu<\/strong>, with shares opening at SAR 18.00 apiece. The education provider <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4ec37b25-a833-4fe4-857a-cb1202a37177\/updates-on-nomu-offerings-from-al-modawat-specialized-medical-%2B-al-mohafaza-education\" style=\"\" rel=\"noopener\">has sold 1.6 mn shares<\/a>, good for a 20% stake of the company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>The Green Falcons will play Tajikistan <\/strong><strong>at 6pm local time<\/strong><strong> at the Central Republican <\/strong><strong>Stadium<\/strong> in the group stage of the World Cup qualifiers. The reverse fixture took place last Thursday and saw us edge the Tajiks out by one goal, bringing our leaderboard score to 9 points after three matches. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Riyadh is looking at plenty of sunshine today<\/strong> and a strong breeze with temperatures peaking at 23\u00b0C before falling to a low of 16\u00b0C. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">It\u2019s more of the same in <strong>Taif<\/strong>, where you can expect a daytime high of23\u00b0C and an overnight low of 10\u00b0C. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AlUla<\/strong> is no exception with its fair share of warmth and sunshine at a high of 27\u00b0C before dropping to a low of 14\u00b0C. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, when do we eat?<\/strong> Maghrib prayers are at 6:08 pm in the capital city, and you\u2019ll have until 4:32 am to hydrate and caffeinate ahead of fajr. <\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#1- A new Saudization target for consulting services went into effect yesterday<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/twitter.com\/HRSD_SA\/status\/1772166787259383928\" style=\"\" rel=\"noopener\">post on X<\/a>. The new 40% target rate is part of the second phase of localizing consulting jobs in fields including financial, architectural, engineering, healthcare, and management consulting services. A Saudization rate of 35% for dental professionals went into effect <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c7c9b939-9eb5-4149-9315-0caca0657eb0\/aramex-opens-regional-hq-in-saudi-arabia\" style=\"\" rel=\"noopener\">earlier this month<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- Chinese internet services giant Tencent Holding wants to up its cloud <\/strong><strong>business game <\/strong><strong>in Saudi <\/strong>and the UAE, Senior Executive Vice President Dowson Tong told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-21\/tencent-to-boost-mideast-cloud-investments-amid-regional-ai-push\" style=\"\" rel=\"noopener\">Bloomberg<\/a> in Riyadh. The Shenzhen-based firm is particularly interested in offering cloud storage services to local gaming companies, as a starting point for further investments in computing power for AI applications, and developing an Arabic language model. \u201cWe are going to announce more throughout the year,\u201d said Tong.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tencent will face competition here<\/strong>, considering the Alibaba-STC partnership that will see the Chinese tech giant earmark USD 238 mn to develop cloud computing infrastructure in the Kingdom. Amazon Web Services, meanwhile, recently unveiled a plan to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/72e23e4f-4eab-455f-9a17-23a22cad6710\/day-1-recap:-leap-2024-lines-up-%253eusd-11.9-bn-in-tech-investment\" style=\"\" rel=\"noopener\">invest more than USD 5 bn in cloud infrastructure here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#3- ITFC set to provide loan to Bangladesh Petroleum: <\/strong>Jeddah-based Islamic Trade Finance Corporation (ITFC) signed an agreement to provide a USD 1.4 bn loan to Bangladesh Petroleum, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2073495\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported yesterday. The loan aims to \u201cbolster energy reliance in Bangladesh and improve energy infrastructure,\u201d according to SPA. No further details were provided.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>The Environment, Water, and Agriculture Ministry has updated <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2262.pdf\" style=\"\" rel=\"noopener\">guidelines (pdf)<\/a><\/strong><strong> for the <\/strong><strong>drilling of groundwater wells<\/strong><strong>.&nbsp;<\/strong>The rules outline licensing steps and penalties for violations of regulations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Could it be energy imports? <\/strong>The ITFC signed a USD 2.1 bn agreement with Bangladesh <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/itfc-signs-deal-fund-21-bln-bangladesh-oil-gas-imports-2024-02-07\/\" style=\"\" rel=\"noopener\">earlier this year<\/a> to finance oil and gas imports as the South Asian nation struggled to pay for fuel imports on the back of its FX crisis.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\">MORNING MUST READ- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Aramco wants to become China\u2019s partner of choice on more than just oil: <\/strong>\u201cWe [Aramco] are not mere investors, and China is not just a market to us. We want to be a partner of first resort in China\u2019s economic development journey, as new opportunities clearly come into focus,\u201d the oil giant\u2019spresident and <a target=\"_blank\" href=\"https:\/\/www.aramco.com\/en\/news-media\/speeches\/2024\/remarks-by-amin-h-nasser-at-cdf-2024\" style=\"\" rel=\"noopener\">CEO, Amin Nasser, said<\/a> at the two-day China Development Forum in Beijing which wrapped up yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Beyond energy, <\/strong><strong>Aramco and China <\/strong><strong>could work together on everything from chemicals <\/strong><strong>and <\/strong><strong>low<\/strong><strong>-emission tech to sustainable development<\/strong>, renewables, tech-powered industries, and venture capital, said Nasser. \u201cHere we have noted with keen interest what Premier Li Qiang recently called the \u201cstrategic emerging industries and future-oriented industries,\u201d explaining that he sees five key areas, in addition to energy, where \u201cwin-win investment and cooperation opportunities are expected to be enormous.\u201d<\/p>\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#3- Do we have competition on tennis? <\/strong>The Association of Tennis Professionals has opened up the bidding to Emirati, Qatari, and Australian investors for the hosting of at tenth Masters 1000 event, the <a target=\"_blank\" href=\"https:\/\/www.telegraph.co.uk\/tennis\/2024\/03\/25\/saudi-atp-wta-tennis-australia-qatar-uae-masters-1000\/\" style=\"\" rel=\"noopener\">Telegraph<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Saudi had offered USD 1.3 bn to host the tournament.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The newspaper says bids could come in separately from Dubai and Abu Dhabi and that officials in Riyadh have pulled the USD 1.3 bn offer and will instead work on a new pitch as part of the tendering process. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When will we know? <\/strong>The ATP plans to discuss the bids in five weeks at the Madrid Masters. <\/p>\n<p class=\"tag-border-left\">OIL WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not playing the phaseout game:&nbsp;<\/strong>OPEC sees a fossil fuel phaseout as \u201cwrong and unrealistic,\u201d its Secretary General Haitham Al Ghais told <a target=\"_blank\" href=\"https:\/\/www.kuna.net.kw\/ArticleDetails.aspx?id=3142934&amp;language=en\" style=\"\" rel=\"noopener\">Kuwait News Agency (KUNA)<\/a> in an interview. \"It would also have catastrophic impacts on mns of people losing their jobs. It would also put manufacturing worldwide to a halt, slow global economic growth and worsen energy poverty in many countries\u2026,\u201d he said. Instead, OPEC members\u2019 expertise in the industry should be utilized in developing innovative solutions to lower emissions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUNDBITE- Oil \u2014 \u201cthe lifeblood of modern life\u201d \u2014 is fueling the production of <\/strong><strong>renewable energy: <\/strong>\u201cIf oil disappeared, this would also affect the production of renewable energy, such as manufacturing of wind turbines and solar panels, as their production is linked to oil products,\u201d Al Ghais said.<\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a big morning for politics <\/strong>and comparatively quiet on the business front. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In politics: Israeli officials have <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/hostage-talks-stall-as-israeli-defense-minister-arrives-in-washington-ea36821d\" style=\"\" rel=\"noopener\">canceled a visit to Washington<\/a>&nbsp;<\/strong>after the US abstained from a UN Security Council ceasefire vote. Meanwhile, the commentariat is obsessing over <strong><a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2024\/03\/25\/trump-new-york-court-campaign-trials\/\" style=\"\" rel=\"noopener\">Donald Trump\u2019s courtroom battles<\/a><\/strong>. The presumptive Republican presidential nominee can post a smaller <a target=\"_blank\" href=\"https:\/\/www.cbsnews.com\/news\/trump-bond-deadline-payment-new-york-fraud-case\/\" style=\"\" rel=\"noopener\">USD 175 mn bond<\/a> as he looks to appeal a civil fraud case \u2014 but will <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/trump-hush-money-trial-new-york-b8fb980a6ec745e918a13e676b7f1460\" style=\"\" rel=\"noopener\">face criminal trial this April<\/a> (sooner than he had hoped) in a hush-money case.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sign of the times? French lender Credit Agricole said yesterday that it won\u2019t fund two major LNG projects<\/strong>, one in Papua New Guinea and the other in Mozambique, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/credit-agricole-says-it-will-not-fund-rovuma-lng-project-2024-03-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This really stands out: <\/strong>Credit Agricole was the original financial advisor to both projects, which are being led by bid names including ExxonMobil, Eni, and TotalEnergies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context:<\/strong> The move comes as some big global banks step away from new hydrocarbon projects. Barclays <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/uk\/barclays-adopt-fresh-curbs-oil-gas-financing-2024-02-09\/\" style=\"\" rel=\"noopener\">said last month<\/a> that it would stop \u201cdirect financing of new oil and gas fields and restrict lending more broadly to energy companies expanding fossil fuel production.\u201d<\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The four-day Townhall Expo is slated for Thursday, 2 May<\/strong>, at Holiday Inn Hotel in Riyadh.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The three-day Smart Future Expo will open its doors on Monday, 13 May<\/strong>, at the Riyadh Front Exhibition and Convention Center.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Projects tracking and analysis platform Meed is hosting the Saudi Giga Projects 2024 <\/strong><strong>forum on Monday, 13 May<\/strong>, at Crowne Plaza Riyadh. Meed will also be hosting its annual <strong>MENA Construction Summit 2024<\/strong> on Tuesday, 14 May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two-day Future Projects Forum kick starts on Monday, 20 May<\/strong>,<strong> <\/strong>at the Four Seasons Hotel in Riyadh.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cityscape Global is slated for 11-14 November 2024 in Riyadh.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ Check out our full Calendar on the web for links to all of these conferences.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Three must-reads on artificial intelligence<\/p>\n","protected":false},"author":1,"featured_media":84727,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2540],"tags":[139,158,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aramco","tag-opec","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"63200ca0-8687-4aaa-a93e-7fbb76261cf3","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/3\/1464.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco wants to become China\u2019s partner of choice on more than just oil","related_issue":[84724],"teaser":"Plus: Three must-reads on artificial intelligence","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.640f4717-933e-4db5-b660-097591627566.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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