{"id":88303,"date":"2024-07-31T00:00:00","date_gmt":"2024-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/31\/taking-stock-of-the-fast-growing-saudi-china-relationship\/"},"modified":"2024-07-31T00:00:00","modified_gmt":"2024-07-31T00:00:00","slug":"taking-stock-of-the-fast-growing-saudi-china-relationship","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/31\/taking-stock-of-the-fast-growing-saudi-china-relationship\/","title":{"rendered":"Taking stock of the fast-growing Saudi-China relationship"},"content":{"rendered":"

Fast-warming ties between China and both Saudi and the UAE have been making global <\/strong>headlines <\/strong>as western leaders worry about rising Chinese influence around the globe. Chinese companies are taking pieces of big infrastructure and energy<\/a> projects in the Kingdom. Chinese investors are flocking to Tadawul ETFs<\/a>. Banks are mining the two-way trade corridor between China and the GCC, with a particular emphasis on Saudi and the UAE. And Chinese renewable energy players will set up component manufacturing operations<\/a> here. <\/p>\n

China remains our biggest trade partner \u2014 and it\u2019s increasingly a destination for Saudi <\/strong>investors. <\/strong>A unit of Aramco has just invested in a Chinese rival to OpenAI<\/a>. Aramco units are making petrochemical<\/a> and refining<\/a> investments there, and Sabic<\/a> is building a world-scale USD 6.4 bn petchem complex. PIF\u2019s advanced technology platform Alat has bought a USD 2 bn convertible note from PC-maker Lenovo. Investment in China by Mideast sovereign funds is soaring<\/a>, with PIF in the lead, and we\u2019re nibbling at the edges of more defense cooperation<\/a>, too. Meanwhile, it\u2019s never been easier to get a flight between Saudi and major Chinese cities. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The western press is catching on: <\/strong>\u201cThe Middle East is one region which is agnostic between the East and West,\u201d Bloomberg<\/a> quotes Saurabh Dinakar, Morgan Stanley\u2019s co-head of Asia Pacific global capital markets, as saying. <\/p>\n

How to make sense of it all as policymakers in the west raise their eyebrows? <\/strong>Our friend Mohamed Abu Basha, head of macroeconomic analysis at EFG Hermes Research (bio<\/a>), walked Bloomberg TV through it yesterday (watch, runtime: 5:57)<\/a>. <\/p>\n

Fundamentally, it\u2019s a win-win situation:<\/strong> Gulf countries are eager for access to advanced technology and \u201chungry for investment along the journey of their [economic] transformation plans. They need a lot of capital and technology to be attracted to help them with this transformation plan,\u201d Abu Basha said. China, on the other hand, is looking to find new markets for surplus capital and capacity \u2014 and to reduce its reliance on traditional markets like the United States and the European Union. <\/p>\n

The relationship with Beijing is among the keys to Saudi\u2019s Vision 2030 objectives.<\/strong> The country\u2019s ambitious transformation plan requires substantial investments in energy \u2014 both conventional and renewable \u2014 as well as advancements in manufacturing and infrastructure. \u201cThe biggest structural transformation in the Gulf is happening primarily in Saudi Arabia, due to the size of its economy, and its population. So it is the economy that needs the most investments, within the Gulf,\u201d he said. <\/p>\n

China plays a pivotal role, especially with its expertise in areas like EV battery production <\/strong>and large-scale infrastructure projects, he added.<\/strong> Abu Basha highlighted that while inward investment to the GCC from China is increasing, it still lags behind US foreign direct investment into the region, suggesting there\u2019s plenty of room for the partnership to keep growing. <\/p>\n

Oil prices buoyed by geopolitical tensions + production cuts: <\/strong>He addressed the possibility of the Kingdom pricing its oil in RMB, which he says is unlikely in the immediate future. <\/p>\n","protected":false},"excerpt":{"rendered":"

Two-way trade and investment between China and Saudi Arabia is booming \u2014 and raising eyebrows in the west<\/p>\n","protected":false},"author":1,"featured_media":88304,"comment_status":"","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":[2571],"tags":[27,547,10,110,31,569],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-efg-hermes","tag-enterpriseam-ksa","tag-foreign-direct-investment","tag-investment-watch","tag-saudi-china-relations","wpautop","entry"],"acf":{"mongo_id":"858a501e-a9dc-47f3-9a6e-e24de5a20f71","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1132.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Taking stock of the fast-growing Saudi-China relationship","related_issue":[88294],"teaser":"Two-way trade and investment between China and Saudi Arabia is booming \u2014 and raising eyebrows in the west","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.086cb0a9-734d-43a2-b86c-9ac3598e92f2.mp3"},"yoast_head":"\nTaking stock of the fast-growing Saudi-China relationship - 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