$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.



TotalEnergies Board Backs CEO Pouyanne's Mandate Renewal

Patrick Pouyanne, CEO of TotalEnergies, attends the ROG.e, Brazil's largest oil and gas event in Rio de Janeiro, Brazil, September 21, 2026. REUTERS/Ricardo Moraes
Patrick Pouyanne, CEO of TotalEnergies, attends the ROG.e, Brazil's largest oil and gas event in Rio de Janeiro, Brazil, September 21, 2026. REUTERS/Ricardo Moraes
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TotalEnergies Board Backs CEO Pouyanne's Mandate Renewal

Patrick Pouyanne, CEO of TotalEnergies, attends the ROG.e, Brazil's largest oil and gas event in Rio de Janeiro, Brazil, September 21, 2026. REUTERS/Ricardo Moraes
Patrick Pouyanne, CEO of TotalEnergies, attends the ROG.e, Brazil's largest oil and gas event in Rio de Janeiro, Brazil, September 21, 2026. REUTERS/Ricardo Moraes

TotalEnergies said on Friday its board unanimously backed the renewal of Chairman and CEO Patrick Pouyanne's mandate and reaffirmed the relevance of the ⁠energy major's strategy ⁠ahead of its investor update scheduled for Monday.

In May, investors had overwhelmingly approved lifting the age limits for ⁠its chair and CEO roles, paving the way for Pouyanne to remain at the helm through 2033.

The board says TotalEnergies' strategy remains built around Oil & Gas and Integrated Power businesses.


Asian Markets Mixed after Oil Gains

Japan's 10-year yield reached a fresh 30-year high in morning trade on Friday. Kazuhiro NOGI / AFP
Japan's 10-year yield reached a fresh 30-year high in morning trade on Friday. Kazuhiro NOGI / AFP
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Asian Markets Mixed after Oil Gains

Japan's 10-year yield reached a fresh 30-year high in morning trade on Friday. Kazuhiro NOGI / AFP
Japan's 10-year yield reached a fresh 30-year high in morning trade on Friday. Kazuhiro NOGI / AFP

Asian markets were mixed Friday after recent oil price surges and as US and Japanese bond yields hit multi-year highs with no end in sight for the Middle East war.

A two-month extension of a trade truce between the United States and China left several issues unresolved, analysts said, shifting lingering risks into the future.

Oil prices eased slightly on Friday, with Brent Crude shedding 0.7 percent after spiking more than three percent Thursday to extend previous gains, AFP said.

Global stocks had mostly fallen Thursday, as the benchmark US 10-year Treasury yield rose to its highest level since 2007, and the 30-year yield reached its highest since 2004.

Japan's 10-year yield reached a fresh 30-year high in morning trade on Friday.

"Bond yields are bouncing around like a see-saw," Kathleen Brooks, research director at XTB, wrote in a note.

"There is no clear direction for markets," she said, listing various unknown factors such as "are we in a bond crisis or not?" and "Is the Iran war getting worse or is the situation improving?"

"While these questions remain unanswered, volatility will continue to dominate, especially in the commodity and bond markets," Brooks said.

Tokyo rose 1.2 percent Friday, but Hong Kong fell nearly two percent, with Sydney and Jakarta also down. Shanghai, Taipei and Seoul were closed for holidays.

Stock falls this week have been mild, along with "fairly moderate" movements in foreign exchange markets despite nonetheless a "clear preference for the dollar", Brooks said.

Japanese Finance Minister Satsuki Katayama told reporters that US President Donald Trump had expressed concerns over the weak yen during a bilateral meeting in Washington this week.

Trump hosted Chinese leader Xi Jinping for a lavish state dinner at the White House on Thursday, after a day of pomp and ceremony that masked deep tensions between the rival superpowers.

While business was on the menu at the state dinner, expectations of any major breakthroughs from Xi's visit are low.

One minor success -- the extension of a trade truce by two months until January -- was less than the two years that the Chinese had been hoping for.

Lloyd Chan at MUFG said that "renewed geopolitical risks in the Middle East are occurring against an already tight oil-market backdrop, raising concerns over both supply and inflation".

"Meanwhile, US-China trade risks remain in the background," he added.

"The trade truce has been extended by just two months to 10 January, leaving issues over tariffs, agricultural purchases, rare earths, and technology restrictions unresolved."


US Business Lobbies Say Diesel Export Ban Would Backfire

US Energy Secretary Chris Wright holds a press conference on the sidelines of the International Atomic Energy Agency (IAEA) General Conference in Vienna, Austria, September 14, 2026. (Reuters)
US Energy Secretary Chris Wright holds a press conference on the sidelines of the International Atomic Energy Agency (IAEA) General Conference in Vienna, Austria, September 14, 2026. (Reuters)
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US Business Lobbies Say Diesel Export Ban Would Backfire

US Energy Secretary Chris Wright holds a press conference on the sidelines of the International Atomic Energy Agency (IAEA) General Conference in Vienna, Austria, September 14, 2026. (Reuters)
US Energy Secretary Chris Wright holds a press conference on the sidelines of the International Atomic Energy Agency (IAEA) General Conference in Vienna, Austria, September 14, 2026. (Reuters)

Trade associations representing large US companies and energy suppliers urged President Donald Trump to resist calls for a diesel fuel export ban, arguing the move would backfire.

"Export bans would lead to less fuel production, tighter supplies, and rising costs for American families, farmers, and truckers," said the September 23 letter, which was signed by the US Business Roundtable, the American Petroleum Institute and more than two dozen other trade groups.

"While we understand the urge for a silver bullet, there are no easy answers."

High fuel prices have emerged as a major drag in the upcoming midterm elections for Trump's Republican Party. Candidates from rural regions in Iowa and other states have urged an export ban on diesel, which is also used in trucks and other hauling vehicles.

While Trump administration officials such as Energy Secretary Chris Wright have rejected a ban, Trump himself on Tuesday signaled support for the move.

"I've called for that too. I've said let's not send out the diesel," Trump said on Tuesday.

Diesel prices in the United States have hit records due to the ongoing US-Iran war. Diesel prices currently average $6.51 per gallon, up 76 percent from the year-ago level.

The business groups argue exports allow "US refineries to balance their systems and maximize production," according to the letter. "An export ban would require refineries to throttle utilization to reduce diesel production to equal domestic demand. Falling utilization would result in less gasoline and jet fuel production and higher prices for those products as well."

Andy Lipow, of Lipow Oil Associates, a Houston consultancy, said there is limited storage capacity in the US Gulf Coast, home to much of the nation's refining capacity.

"If you were to ban diesel exports, the refiners have two choices. One is find a place to store it, or two is not to make it," said Lipow.