$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.



IEA Is Ready to Further Tap Global Oil Reserves if Needed, Chief Says

25 January 2019, Switzerland, Davos: Executive Director of the International Energy Agency Fatih Birol speaks during the Annual Meeting 2019 of the World Economic Forum. (Valeriano Di Domenico/World Economic Forum/dpa)
25 January 2019, Switzerland, Davos: Executive Director of the International Energy Agency Fatih Birol speaks during the Annual Meeting 2019 of the World Economic Forum. (Valeriano Di Domenico/World Economic Forum/dpa)
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IEA Is Ready to Further Tap Global Oil Reserves if Needed, Chief Says

25 January 2019, Switzerland, Davos: Executive Director of the International Energy Agency Fatih Birol speaks during the Annual Meeting 2019 of the World Economic Forum. (Valeriano Di Domenico/World Economic Forum/dpa)
25 January 2019, Switzerland, Davos: Executive Director of the International Energy Agency Fatih Birol speaks during the Annual Meeting 2019 of the World Economic Forum. (Valeriano Di Domenico/World Economic Forum/dpa)

The head of the International Energy Agency, Fatih Birol, said on Monday he hopes another oil stockpile release is not needed but "we stand ready to act" if the energy shock resulting from the war with Iran requires ‌it.

The 32-member ‌IEA agreed last month ‌to ⁠release 400 million barrels of ⁠oil from reserves, the largest coordinated release ever, in a bid to calm oil markets.

The US, the world's largest oil and gas producer, agreed to release 172 million barrels ⁠from its Strategic Petroleum Reserve.

"I ‌hope, very much ‌hope, we don't need to do ‌it but if it is needed we ‌are ready to act," Birol said.

Birol reiterated at an Atlantic Council event that the war has resulted in the worst ‌global energy disruption ever and said that more than 80 oil ⁠and ⁠gas facilities including production, terminals and refineries across the Middle East have been damaged by war with Iran.

Benchmark oil prices are trading near $100 a barrel.

Due to the vast extent of the production shut-ins and closure of the Strait of Hormuz, the oil releases are "not a solution," Birol said, "it's just reducing the pain."


Hapag-Lloyd Says US Plans to Block Hormuz Difficult to Assess

(FILES) A Hapag Lloyd container ship is seen in Rotterdam's harbour on August 1, 2022. (Photo by JOHN THYS / AFP)
(FILES) A Hapag Lloyd container ship is seen in Rotterdam's harbour on August 1, 2022. (Photo by JOHN THYS / AFP)
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Hapag-Lloyd Says US Plans to Block Hormuz Difficult to Assess

(FILES) A Hapag Lloyd container ship is seen in Rotterdam's harbour on August 1, 2022. (Photo by JOHN THYS / AFP)
(FILES) A Hapag Lloyd container ship is seen in Rotterdam's harbour on August 1, 2022. (Photo by JOHN THYS / AFP)

Germany's Hapag-Lloyd said on Monday that it is difficult to assess what effect US President Donald Trump's plans to block the Strait of Hormuz would have on shipping.

"What's important is that passage through the Strait of Hormuz be restored as soon as possible," said a company spokesperson in an emailed statement.

From Hapag-Lloyd's view, as long as there are mines, passage is not possible, and in addition, insurance for passage is also difficult to obtain at this time, added the spokesperson.


UN: Iran War Could Plunge 32 million into Poverty

People shop at the fruit and vegetable market the day after negotiations between Iran and the US in Pakistan failed to produce a deal, in the capital Tehran on April 13, 2026. (Photo by ATTA KENARE / AFP)
People shop at the fruit and vegetable market the day after negotiations between Iran and the US in Pakistan failed to produce a deal, in the capital Tehran on April 13, 2026. (Photo by ATTA KENARE / AFP)
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UN: Iran War Could Plunge 32 million into Poverty

People shop at the fruit and vegetable market the day after negotiations between Iran and the US in Pakistan failed to produce a deal, in the capital Tehran on April 13, 2026. (Photo by ATTA KENARE / AFP)
People shop at the fruit and vegetable market the day after negotiations between Iran and the US in Pakistan failed to produce a deal, in the capital Tehran on April 13, 2026. (Photo by ATTA KENARE / AFP)

More than 32 million people worldwide could be plunged into poverty by the economic fallout from the Iran war, with developing countries expected to be hit hardest, the United Nations Development Program (UNDP) warned.

In a report issued amid doubts over a fragile ceasefire, the UNDP said the world is facing a “triple shock” involving energy, food and weaker economic growth.

The agency said the conflict is reversing gains in international development, with the impact expected to be felt unevenly across regions.

Alexander De Croo, UNDP administrator and former prime minister of Belgium, said: “A conflict like this is development in reverse. Even if the war stops, and a ceasefire is very welcome, the impact is already there.”

“You will see an enduring impact, especially in poorer countries, where people are being pushed back into poverty. This is the most painful aspect. The people being pushed into poverty are very often the same people who were in poverty, escaped it, and are now being pushed back.”

Energy prices surged sharply during the six weeks of the Iran war after Iran’s closure of the Strait of Hormuz choked global oil and gas supplies. With knock-on effects on fertilizer supplies and global shipping, experts warn of a “time bomb” threatening food security in the developing world.

The head of the International Monetary Fund said the war’s “devastating effects” have caused lasting damage to the global economy, even if the conflict ends.

Publishing its report alongside meetings of world leaders in Washington for the IMF Spring Meetings, the UNDP said a global response is required to support countries hardest hit by the economic fallout.

It said targeted and temporary cash transfers are needed to protect the most vulnerable households in developing countries, at a cost of about $6 billion to mitigate the shocks for those living below the poverty line.

De Croo said international agencies and development banks could provide financial support. “There is a positive economic return from short-term cash transfers to avoid people being pushed back into poverty,” he said. Alternative measures could include temporary subsidies or vouchers for electricity or cooking gas.

Setting out three scenarios for the war, the UNDP found that in the worst case – involving six weeks of major disruption to oil and gas production and eight months of sustained higher costs – up to 32.5 million people globally would fall into poverty.

The report used the upper-middle-income poverty line defined by the World Bank, set at less than $8.30 per person per day.

The UNDP said that while richer countries are in a stronger position to cushion the economic fallout, countries in the global south face weaker conditions and already severe financial constraints.

This comes as western governments, including the US, Germany, France and the UK, cut aid spending amid rising borrowing and debt levels in advanced economies and calls to increase defense spending.

Data from the Organization for Economic Co-operation and Development published last week showed that countries in its Development Assistance Committee cut aid spending to $174.3 billion in 2025, nearly a quarter lower than in 2024.