‘Riyadh Declaration’ Enriches Cooperation between China, Arab Countries

Significant participation at the recent Arab-Chinese Business Conference in Riyadh (Asharq Al-Awsat)
Significant participation at the recent Arab-Chinese Business Conference in Riyadh (Asharq Al-Awsat)
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‘Riyadh Declaration’ Enriches Cooperation between China, Arab Countries

Significant participation at the recent Arab-Chinese Business Conference in Riyadh (Asharq Al-Awsat)
Significant participation at the recent Arab-Chinese Business Conference in Riyadh (Asharq Al-Awsat)

At the end of the 10th edition of the Arab-Chinese Business Conference, which took place in Riyadh on June 11-12, Saudi Arabia was effectively able to shift the focus of participating nations from the political sphere to the economic domain.

The event was marked by the signing of a multitude of deals and agreements, surpassing a total value of $10 billion.

This comes in the wake of the successful inaugural Arab-Chinese Cooperation and Development Summit held in Riyadh at the end of 2022, where all parties reached positive outcomes and agreed upon 24 points of cooperation across various regional and international issues, further enhancing strategic partnerships.

Economic Diversification

During the conference, involved countries expressed their interest in increasing investments and promoting regular communication among companies, research institutions, and development organizations. This collaboration aims to contribute to economic transformation and diversification.

At the conclusion of the tenth session of the Arab-China Business Conference and the eighth session of the Investment Symposium, the Arab and Chinese sides reached nine agreements as part of the “Riyadh Declaration.”

These agreements primarily focus on enhancing economic, trade, investment, and financial partnerships to serve common interests and contribute to fulfilling the aspirations of both sides within the frameworks of Arab countries’ visions and strategies, as well as the Belt and Road Initiative.

Furthermore, the agreements address developmental challenges and call for the establishment of a new modern Silk Road.

Quality Projects

Participants agreed to explore further new opportunities to enhance cooperation and investment in all economic sectors, including priority quality projects.

They also decided to maintain effective participation in Arab-Chinese- cooperation in qualitative fields such as energy, renewable energy, digital economy, entrepreneurship, investment, and small and medium enterprises (SMEs), and encouraging operating companies and specialized institutions from both sides to enhance communication and cooperation in the fields of advanced and vital industries.

Information Exchange

The parties also agreed on encouraging companies and research and development institutions from both sides to communicate periodically, to contribute to economic transformation and diversification, enhance the exchange of information on investment projects, their legal frameworks, and investment policies related to those projects, work to promote them and provide the necessary support for them, and benefit from the leading Chinese experience in the field of scientific research and innovation.

They also emphasized the importance of human resources in the Arab world to launch cooperation potentials between the Arab countries and China, exchange experiences, and organize training courses for technical training and capacity building.

Supply Chains

Participants appreciated the response of Arab and Chinese industrial and commercial bodies to the calls of governments, and their role in deepening solidarity, cooperation, and political support, enhancing information exchange, resuming the movement of people exchange appropriately and regularly, accelerating the pace of resumption of work and production, and working to stabilize financial markets and supply chains.

They agreed to work to address the negative effects of the Corona pandemic, the global economic recession, and the repercussions of the Ukrainian crisis as a priority for the international community and economic recovery.

Carbon Emissions

The countries agreed to work towards enhancing the multilateral trading system in accordance with the rules and principles of the World Trade Organization.

They emphasized the importance of reducing carbon emissions as committed by both Arab countries and China until 2060, which is expected to lead to the addition of about (1000) gigawatts of renewable energy to be added to the Arab region and the African region, which gives the private sector in the Arab world and China opportunities to expand investments in the value chain in this field.

 



Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
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Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.


Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
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Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over the next five years, driven by the current energy crisis, the International Energy Agency said on Friday.

Gas and oil prices have soared this year as the US-Iran war disrupts traffic through the Strait of Hormuz, a key route for global oil and gas trade.

Global renewable energy ‌capacity is forecast ‌to increase by almost 4,800 gigawatts ‌between ⁠2026 and 2031, ⁠the IEA said in its annual outlook.

Emerging and developing economies are expected to add about 1,100 GW, roughly the same as advanced economies, with China adding around 2,550 GW, the agency said.

Capacity growth in Southeast Asia, Africa and the Middle East is ⁠expected to triple over the period, ‌led mainly by solar installations, ‌the IEA said.

China will remain the biggest contributor to ‌global renewable energy growth, although its share is ‌forecast to fall to 53% by 2031 from 60% in 2025.

India is emerging as the world's second-fastest deployer of renewables and is expected to more than double its contribution ‌to global growth by 2031 to nearly 8.5%.

Grid connection delays remain ⁠a major ⁠challenge, with projects awaiting connections worldwide rising 60% over the past year, equivalent to four times the wind and solar capacity connected to grids during the same period.

Grid constraints are expected to slow growth in advanced economies, with annual additions in Europe through 2031 forecast to remain broadly in line with 2025 levels.

Renewable energy is expected to meet 6% of global transport energy demand by 2031, while higher fuel-blending mandates prompted the IEA to raise its biofuels forecast by 40% from last year's report.


Gold Drops Over 1% on Higher Oil Prices; US Payrolls Data in Focus

Gold bracelets displayed in a shop window on Green Street, east London, UK, April 30, 2024. (AFP)
Gold bracelets displayed in a shop window on Green Street, east London, UK, April 30, 2024. (AFP)
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Gold Drops Over 1% on Higher Oil Prices; US Payrolls Data in Focus

Gold bracelets displayed in a shop window on Green Street, east London, UK, April 30, 2024. (AFP)
Gold bracelets displayed in a shop window on Green Street, east London, UK, April 30, 2024. (AFP)

Gold prices slipped on Friday as oil prices rebounded, fanning inflation worries and higher-for-longer interest rate expectations, while investors awaited key US payrolls data later in the day.

Spot gold fell 1.1% to $4,044.09 per ounce by 0501 GMT, but was on track for its best week since late August.

US gold futures for ‌December delivery ‌dropped 1.5% to $4,053.30.

"Crude oil has rebounded mostly over ‌the ⁠past day, which remains ⁠one of the inflationary knockbacks pressuring gold," said Ilya Spivak, head of global macro at Tastylive.

Oil rose more than 1% even as it was on track for a sharp weekly drop on expectations of a de-escalation in the Iran conflict after the US election results, while persistent Middle East supply concerns continued to support prices.

Higher ⁠energy costs can reinforce expectations that the Federal ‌Reserve will keep interest rates ‌elevated for longer, pressuring the non-yielding bullion.

Asia's tech-heavy markets crumbled as fear of ‌increased regulatory scrutiny and a slowdown in AI build-out unleashed ‌the steepest fall in US stocks since the tariff-triggered "Liberation Day" rout in April 2025.

"In risk-off conditions like this, we’re seeing gold positions get liquidated to free up cash and cover margin calls elsewhere. It’s not the ‌first time we’ve watched this dynamic temporarily override gold’s usual safe-haven appeal," said Tim Waterer, chief market ⁠analyst at ⁠KCM Trade.

The US non-farm payrolls report is due at 1330 GMT.

Traders currently see a 68% chance that the Fed will raise rates in December, down from the near certainty expected last month, according to CME's FedWatch tool.

On Thursday, two Fed officials made a case for modest and steady rate increases to tackle above-target inflation.

Elsewhere, Goldman Sachs on Thursday lowered its end-2026 gold price forecast to $4,150 per ounce from $4,650, citing the Fed's more hawkish stance.

Among other metals, spot silver fell 0.5% to $51.51 per ounce; platinum dipped 0.3% to $1,512.83 and palladium dropped 1.1% to $1,020.10.

However, all three metals were headed for weekly gains.