$10 Bn Investment Deals Signed on Day 1 of Arab-China Business Conference

Workshops on the sidelines of the Arab-China Business Conference (Asharq Al-Awsat)
Workshops on the sidelines of the Arab-China Business Conference (Asharq Al-Awsat)
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$10 Bn Investment Deals Signed on Day 1 of Arab-China Business Conference

Workshops on the sidelines of the Arab-China Business Conference (Asharq Al-Awsat)
Workshops on the sidelines of the Arab-China Business Conference (Asharq Al-Awsat)

The 10th Arab-China Business Conference witnessed the signing of investment agreements worth more than $10 billion, including 30 deals in various sectors.

Held under the theme of "Collaborating for Prosperity," the conference will bring together more than 3,000 government officials and business leaders from China and several Arab nations to discuss mutually beneficial cooperation in economy, trade, and investment.

The conference is jointly organized with the Union of Arab Chambers, the League of Arab States, and the China Council for the Promotion of International Trade (CCPIT).

On the sidelines of the conference, several agreements were concluded between the private and public sectors, including government-to-business deals.

The Saudi Ministry of Investment signed a $5.6 billion agreement with the Chinese company Human Horizons, which specializes in developing

autonomous driving technologies and manufacturing of electric cars under the HiPhi brand to establish a joint venture for automotive research, development, manufacturing, and sales.

- Rail wagons

The Ministry of Investment also signed a $266 million agreement with Hepopi Technology Co., Ltd., an Android software developer in Hong Kong, to develop tourism applications.

With the facilitation of the Ministry of Investment, a $250 million deal was concluded between the

Saudi Railways Company (SAPTCO) and Chinese state-owned and publicly traded rolling stock manufacturer, CRRC, inked a $250 million deal to manufacture rail wagons and wheels in Saudi Arabia.

- Iron factory

Also among the agreements is a $150 million deal between the Ministries of Investment, the Ministry of Industry and Mineral Resources (MIM), and Chinese industrial manufacturer Sunda to manufacture caustic soda, chlorine, and its derivatives, chlorinated paraffin, calcium chloride, polyvinyl chloride (PVC), and conversion products in the Kingdom.

Also, on the sidelines of the event, a $533 million deal between the AMR al-Uwlaa Company and Hong Kong-based Zhonghuan International Group to establish a factory to reduce iron ore and manufacture iron pellets for smelting plants in Saudi Arabia.

- Copper mining

Saudi Arabia's ASK Group and the China National Geological & Mining Corporation signed a $500 million cooperation agreement for developing, financing, constructing, and operating an Arabian Shield copper mining project.

A $266 million framework agreement was signed between Mabani Al- Safwah Ltd, China Gezhouba Group International Engineering Co., Ltd., and Top International Engineering Corporation Arabia Ltd. for advanced building construction in the Kingdom.

- Thousands of participants

The conference's extensive agenda attracted thousands of participants, including panel discussions, workshops, special meetings, and side events that addressed selected vital topics, such as social and environmental responsibility, governance, and enhancing the supply chain's resilience.

Over 3,000 decision-makers, senior government officials, investors, business owners, and specialists joined the conference for the first-day number of participants on the first day.

- Oil and gas

Participants of the conference's sidelines reiterated the importance of cooperation between Saudi Arabia and China, benefiting from each other's strengths to achieve common goals and drive innovation.

The topics include supply chains for the oil and gas sectors, innovation and research partnerships, challenges and solutions for global commercial supply chains, mining, and food processing.

- Tourism sector

Saudi Minister of Tourism Ahmed al-Khateeb asserted the responsibility to expand the Kingdom's contribution to the global travel and tourism market, noting that Saudi Arabia is investing more than $800 billion in the sector over the next ten years.

At the conference, Khateeb encouraged Chinese tourists to visit Saudi Arabia and called on investors to seize unprecedented opportunities in the Kingdom.

He stated that since the launch of the government's initiatives, 49 countries had been allowed to obtain e-visa and that many Arab countries are working diligently to increase their contributions to the travel and tourism sector.

Egyptian businessman Samih Sawiris, founder of Orascom Development, stressed that cooperation between Saudi and Chinese entities is the first step that can combine the power of knowledge in the Saudi market with the centrality of Beijing.



US Job Growth Slowed Sharply in October amid Steady Unemployment Rate

A worker transports items during Cyber Monday at the Amazon fulfillment center in Robbinsville Township in New Jersey, US (Reuters/File)
A worker transports items during Cyber Monday at the Amazon fulfillment center in Robbinsville Township in New Jersey, US (Reuters/File)
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US Job Growth Slowed Sharply in October amid Steady Unemployment Rate

A worker transports items during Cyber Monday at the Amazon fulfillment center in Robbinsville Township in New Jersey, US (Reuters/File)
A worker transports items during Cyber Monday at the Amazon fulfillment center in Robbinsville Township in New Jersey, US (Reuters/File)

US job growth likely slowed sharply in October amid disruptions from hurricanes and strikes by aerospace factory workers, but a steady unemployment rate should offer assurance that the labor market remained on solid footing ahead of Tuesday's election.
The Bureau of Labor Statistics (BLS) showed that nonfarm payrolls increased by 12,000 in October from the previous month, after employment in September shot up by 223,000 jobs.
A Reuters survey of economists showed that nonfarm payrolls likely increased by 113,000 jobs last month after surging 254,000 in September. Estimates ranged from no jobs added to 200,000 positions created. October's anticipated payrolls count would be the smallest in six months.
Hurricane Helene devastated the Southeast in late September and Hurricane Milton lashed Florida a week later.
The Labor Department reported last week that there were 41,400 new workers on strike, including 33,000 machinists at Boeing and 5,000 at Textron, an aircraft company, when employers were surveyed for October's employment report. The remaining 3,400 were workers at three hotel chains in California and Hawaii.
Workers who do not receive a paycheck during the survey period, which includes the 12th day of the month, are counted as unemployed in the survey of establishments from which the payrolls number is calculated.
The Labor Department's closely watched employment report is the last major economic data before Americans head to the polls to choose Democratic Vice President Kamala Harris or Republican former President Donald Trump as the country's next president.
Polls show the race is a toss-up. Americans have not warmed up to the economy's strong performance, which has outshined its global peers, rankled by high prices for food and rents. Low layoffs have been the hallmark of the labor market's strength.
The unemployment rate was seen unaffected by the distortions as the striking workers would be counted as employed in the household survey from which the rate is derived. Workers unable to work because of bad weather would be reported as employed, “with a job, but not at work” as per the BLS' classification.
Economists said a marginal rise in the unemployment rate would not be alarming and expected the Federal Reserve to sort through the noise and cut interest rates by 25 basis points next Thursday.
A rise in the unemployment rate to 4.3% in July from 3.8% in March was one of the catalysts for the US central bank's unusually large half-percentage-point interest rate cut in September, the first reduction in borrowing costs since 2020.
The Fed's policy rate is now set in the 4.75%-5.00% range, having been hiked by 525 basis points in 2022 and 2023.
Though employers have pulled back on hiring, they are retaining their workers, underpinning wage gains and consumer spending.
Average hourly earnings rose 0.4% last month after gaining 0.3% in September. They were likely lifted by hourly paid workers dropping out of the payrolls calculation.
Wages increased 4.0% in the 12 months through October after advancing 3.9% in September.