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Saudi-US-Chinese Alliance Launches Green Energy Investment Company

A field of solar panels at Saudi Arabia’s King Abdulaziz City of Sciences and Technology. (Reuters)
A field of solar panels at Saudi Arabia’s King Abdulaziz City of Sciences and Technology. (Reuters)
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Saudi-US-Chinese Alliance Launches Green Energy Investment Company

A field of solar panels at Saudi Arabia’s King Abdulaziz City of Sciences and Technology. (Reuters)
A field of solar panels at Saudi Arabia’s King Abdulaziz City of Sciences and Technology. (Reuters)

A Saudi-American-Chinese alliance announced the launch of a green energy investment company under the name, Skytower, which will be specialized in transferring the latest short and long energy storage solutions to enable the energy mix in Saudi Arabia.

This alliance came following a visit by a US-Chinese trade delegation to Saudi Arabia on May 29, as part of efforts to launch an international green energy consortium based in Riyadh, consisting of multinational companies, to invest in advanced technologies for sustainable green economy, with the aim to reach zero carbon emissions.

The agreement aims to facilitate the access of the alliance members to the Saudi market, support green energy projects, and reinforce the Kingdom’s plan to reach carbon neutrality.

The coalition includes US and Chinese non-governmental organizations that share economic and environmental goals, and seek to build a new model for a sustainable, low-carbon future.

The delegation stated that its objectives are based on the Saudi Vision 2030 and the Net Zero 2060 programs.

 

Green energy technology

Dr. Eric Fang, CEO of Skytower Zero Carbon industry Park, told Asharq Al-Awsat about green energy opportunities in the Kingdom and their importance to the global economy.

He emphasized that Saudi Arabia enjoyed vast wind and solar resources, with new energy storage technology that is driving the use of renewable energy.

He also pointed to the establishment of a complete supply chain in energy storage, at a time when Saudi Arabia is preparing to lead the world in the use of green energy.

He said he saw Saudi Arabia as a major force in driving the adoption of renewable energy transition towards a greener society, adding that the current ambitious plan to fuel the economy with 50 percent of green energy was evidence of the Kingdom’s commitment to establishing a net-zero society in the future.

Moreover, the addition of hydrogen and ammonia technology to the energy mix would drive energy transmission to a high speed, he remarked.

On the future of investment in zero carbon in Saudi Arabia, the CEO of Skytower said that future, or as Saudi Arabia calls it the zero-carbon society, is worth trillions. The Kingdom will lead the world in industrial transformation, digital transformation, research and development innovation, materials development, all of which are foundations for a zero carbon investment.

 

The future of Chinese companies in Saudi Arabia

On the opportunities available to Chinese companies in the Kingdom, Fang stressed that China’s investments in carbon removal, green manufacturing, green infrastructure development, and integrated renewable energy production that combines solar and wind energy, hydrogen, and ammonia, in addition to green biotechnology... were all excellent opportunities in the Kingdom.

According to Fang, all products that are manufactured in Saudi Arabia can be exported to the Middle East, North Africa, Africa, the United States, China, Asia and the European Union. This promotes the strategy of green industry development, which attracts Chinese enterprises, he underlined.

 

Opportunities for American companies in the Kingdom

The CEO of Skytower enumerated the opportunities available to American companies in Saudi Arabia, in the “technology applications market that covers not only the Kingdom, but also the countries of the Gulf Cooperation Council, Africa and the European Union.”

He explained that the great American engineering and innovation skills were today at the heart of economic development around the world.

He added that Saudi Arabia represents a unique new market for American companies, with the capacity for manufacturing, research and development to help create a regional center for innovation to fuel Vision 2030 and the Net Zero 2060 Goal 2060.

 

Comprehensive global experiences

Fang shed light on the opportunities for Saudi-American-Chinese investment cooperation and the benefits that such alliance would bring to the world in the field of green energy and zero carbon.

He noted that the new consortium would benefit from the strength of innovation in the United States, the Chinese industry and the manufacturing strength of the Saudi market to build a unique comprehensive solution development and planning company, with a holistic approach for the supply chain and the sustainability of renewable energy sources, which in turn will drive an unprecedented healthy green industry development.

In short, Skytower will bring 40 years of Chinese industry growth management and policy experiences, 40 years of technological innovation in the United States that support China’s development experiences, and 40 years of China industrial park policy, government incentives, and management expertise. The alliance will also provide a systematic and integrated approach to the needs of the Saudi industry development, while understanding the requirements for the company to enter the market, the CEO concluded.

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Business

Dollar Set for Weekly Gain on Stalled US-Iran Talks and Middle East Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)
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Dollar Set for Weekly Gain on Stalled US-Iran Talks and Middle East Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)

The dollar was on track for its first weekly gain in three weeks on Friday in broadly muted trading, as stalled peace negotiations between the US and Iran dampened hopes for an immediate easing of Middle East tensions.

While Lebanon and Israel extended their ceasefire for three weeks ahead of its expiration on Sunday, Iran showed off its control over the Strait of Hormuz by releasing footage of its commandos storming a huge cargo ship, leaving the timing of the reopening of the world's most important shipping corridor uncertain and keeping oil prices elevated.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, slipped 0.1% to 98.75 but remained on track for a weekly gain of 0.5%. The euro was 0.1% higher at $1.169, Reuters reported.

Sterling edged 0.1% higher, with stronger-than-expected UK retail sales for March barely moving the needle.

"If you look at the last week the major theme is just that there's no real progression with peace talks. For markets, it's difficult when there's no deadline," said Tommy Von Brömsen, FX strategist at Handelsbanken in Stockholm.

Brent crude futures rose 1.5% to $106.60 a barrel.

The dollar has drawn safe-haven demand amid the uncertainty. It gained ground in March as concerns over the conflict deepened, but gave back some of those gains this month as optimism over a potential resolution grew.

"Oil and the dollar are still moving pretty closely together, and with crude creeping back up ... I'd say the dollar is still staying fairly firm," said Sho Suzuki, a market analyst at Matsui Securities.

Meanwhile, the yen was steady after four days of losses, rising 0.1% to 159.7 per dollar.

CENBANK BONANZA LOOMS

Traders are looking ahead to a central-bank-heavy week next week, with the Bank of Japan, European Central Bank, Bank of England and Federal Reserve among those due to deliver policy decisions.

"The main message from the central banks is that they are - so far at least - in a kind of 'wait-and-see' approach," said Handelsbanken's Von Bromsen.

He said the focus will be on communication and guidance, as market watchers assess how policymakers are digesting not just higher energy prices but the second-round effects of potentially higher inflation.

The European Central Bank will hold its deposit rate on April 30 but hike it in June, according to just over half of economists polled by Reuters, in a bid to protect a war-induced energy shock from knocking the euro zone economy off balance.

Meanwhile in Japan core consumer inflation slowed below the central bank's 2% target for a second straight month in March. Analysts, though, expect inflation to accelerate back above the Bank of Japan's target in coming months, as companies begin to pass on higher fuel costs from the Middle East conflict.

The BOJ is set to hold its two-day policy meeting ending on Tuesday. Reuters reported the bank is likely to hold off raising interest rates next week as fading prospects of a near-term end to the Middle East war keep the country's economic and price outlook highly uncertain. The BOJ is still expected to signal its readiness to hike to counter mounting price pressures.

Japanese Finance Minister Satsuki Katayama reiterated her verbal warning on intervention on Friday that authorities can take "decisive" action against speculative moves in the foreign exchange market, a day after saying Japan has a "free hand" to intervene and that past interventions had been effective.

The Australian dollar rose 0.1% versus the greenback to $0.7135. New Zealand's kiwi rose 0.1% to $0.5859.

In cryptocurrencies, bitcoin was little changed at $77,895.85.

Business

Gold on Track for First Weekly Decline in Five as Iran War Drags On

One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
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Gold on Track for First Weekly Decline in Five as Iran War Drags On

One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT

Gold prices fell on Friday and were on course for their first weekly decline after a four-week winning streak, as a US-Iran deadlock kept oil prices elevated and inflation concerns in focus.

Spot gold was down 0.2% at $4,683.23 per ounce at 0938 GMT, having hit its lowest point since April 13. It is down almost 3% so far this week. US gold futures for June delivery fell 0.5% to $4,699.

"Oil is going to be a pinch point in the Strait of Hormuz. It's going to remain elevated. And for sure, the decline in gold has mirrored the rally in oil," said independent analyst Ross Norman.

"The reality is gold is struggling to get upside momentum. When you can't breach the upside, you tend to attack the downside, and I think that's probably where we're at right now," Norman added.

Brent crude prices have risen about 18% so far this week and held above $105 a barrel, on concerns of a renewed military escalation in the Middle East and a lack of progress in re-opening the key waterway.

Higher crude oil prices can stoke inflation, increasing the likelihood that interest rates stay higher for longer.

While gold is often seen as an inflation hedge, elevated rates make yield-bearing assets more attractive, weighing on demand for non-yielding bullion, according to Reuters.

US President Donald Trump said he was in no rush to reach a peace agreement with Iran and wanted it to be "everlasting," while continuing to assert that the US had a clear upper hand in the naval stand-off in the strait.

Meanwhile, the dollar was on track for its first weekly gain in three weeks, while the benchmark 10-year US Treasury yields gained 2% this week.

On the physical demand side, gold premiums in India climbed to their highest in over two-and-a-half months this week, as supplies tightened, while buying interest picked up in China.

Spot silver fell 0.7% to $74.88 per ounce, platinum lost 1.4% to $1,978.84 and palladium gained 0.4% at $1,475.35.

Business

Hapag-Lloyd Says One Ship Has Crossed Strait of Hormuz

Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
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Hapag-Lloyd Says One Ship Has Crossed Strait of Hormuz

Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)

Container shipping group Hapag-Lloyd said on Friday that one of its ships has crossed the Strait of Hormuz but did not have any information on the circumstances or timing.

Four out of initially six ships remain in the Gulf, after one ship's charter agreement expired, meaning it no longer belongs to the Hapag-Lloyd fleet, a spokesperson added.

The four ⁠Hapag ships remaining ⁠in the Gulf are staffed with 100 crew, who are well-supplied with food and water, Reuters quoted him as saying.

Scores of tankers and other vessels remain stuck in the Gulf as the United States is ⁠struggling to keep control of the Strait of Hormuz, one of the world's busiest shipping corridors.

The Iran war, launched by the US and Israel on February 28, has been paused since a ceasefire on April 8.

The US and Iran met in Pakistan in an attempt to end hostilities, but talks ended without agreement and ⁠a ⁠second round has yet to take place.

Tehran says it will not consider opening the strait until the US lifts its blockade of Iran's shipping, which Washington imposed during the ceasefire and Tehran calls a violation of that truce.

This week, Iran flaunted its grip over the strait with a video of commandos in a speedboat storming a huge cargo ship.