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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

EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
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EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo

The European Union's executive arm requested “full clarity” from the United States and asked its trade partner to fulfill its commitments after the US Supreme Court struck down some of President Donald Trump’s most sweeping tariffs.

Trump has lashed out at the court decision and said Saturday that he wants a global tariff of 15%, up from the 10% he announced a day earlier.

The European Commission said the current situation is not conducive to delivering "fair, balanced, and mutually beneficial” trans-Atlantic trade and investment, as agreed to by both sides and spelled out in the EU-US Joint Statement of August 2025.

American and EU officials sealed a trade deal last year that imposes a 15% import tax on 70% of European goods exported to the United States. The European Commission handles trade for the 27 EU member countries.

A top EU lawmaker said on Sunday he will propose to the European Parliament negotiating team to put the ratifying process of the deal on pause.

“Pure tariff chaos on the part of the US administration,” Bernd Lange, the chair of Parliament’s international trade committee, wrote on social media. “No one can make sense of it anymore — only open questions and growing uncertainty for the EU and other US trading partners.”

The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

“A deal is a deal,” the European Commission said. “As the United States’ largest trading partner, the EU expects the US to honor its commitments set out in the Joint Statement — just as the EU stands by its commitments. EU products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed."

Jamieson Greer, Trump’s top trade negotiator, said in a CBS News interview Sunday morning that the US plans to stand by its trade deals and expects its partners to do the same.

He said he talked to his European counterpart this weekend and hasn’t heard anyone tell him the deal is off.

“The deals were not premised on whether or not the emergency tariff litigation would rise or fall,” Greer said. “I haven’t heard anyone yet come to me and say the deal’s off. They want to see how this plays out.”

Europe’s biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Among the biggest US exports to the bloc are professional and scientific services like payment systems and cloud infrastructure, oil and gas, pharmaceuticals, medical equipment, aerospace products and cars.

“When applied unpredictably, tariffs are inherently disruptive, undermining confidence and stability across global markets and creating further uncertainty across international supply chains,” The Associated Press quoted the commission as saying.

As primarily a trading bloc, the EU has a powerful tool at its disposal to retaliate — the bloc’s Anti-Coercion Instrument. It includes a raft of measures for blocking or restricting trade and investment from countries found to be putting undue pressure on EU member nations or corporations.

The measures could include curtailing the export and import of goods and services, barring countries or companies from EU public tenders, or limiting foreign direct investment. In its most severe form, it would essentially close off access to the EU’s 450-million customer market and inflict billions of dollars of losses on US companies and the American economy.

Business

GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
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GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).

A statistical report published on Sunday showed that the economies of the Gulf Cooperation Council countries recorded growth in gross domestic product, supported by economic diversification programs and fiscal reforms. Combined GDP reached $2.3 trillion, ranking ninth globally, with a growth rate of 2.2 percent.

The report revealed that GCC countries achieved qualitative advances in 2024 across competitiveness, energy, trade, and digitization, driven by growth in non-oil sectors, improved quality of life, the development of digital infrastructure, and a stronger regional and international presence.

In the “GCC in Numbers” report issued by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf, it was emphasized that GCC states continue to record real GDP growth “thanks to economic diversification programs and fiscal reforms, with GDP reaching $2.3 trillion, ranking ninth globally, and posting growth of 2.2 percent.”

The report also showed improvement in global economic indicators, including competitiveness, resilience, and economic dynamism.

GCC countries ranked first globally in oil reserves at 511.9 billion barrels, third worldwide in natural gas production at 442 billion cubic metres, and second globally in natural gas reserves at 44.3 billion cubic metres.

GCC countries ranked 10th globally in total exports valued at $849.6 billion, 11th in imports at $739.0 billion, 10th in total trade at $1.5895 trillion, and sixth worldwide in trade balance surplus at $109.7 billion.

Business

Algeria Tenders to Buy Nominal 50,000 Metric Tons Soft Milling Wheat

Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
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Algeria Tenders to Buy Nominal 50,000 Metric Tons Soft Milling Wheat

Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo

Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Sunday.

The tender sought a nominal 50,000 metric tons but Algeria often buys considerably more in its tenders than the nominal volume sought, Reuters reported.

The deadline for submission of price offers in the tender is Tuesday, February 24, with offers having to remain valid until Wednesday, February 25. The wheat is sought for shipment in three periods from the main supply regions including Europe: April 16-30, May 1-15 and May 16-31. If sourced from South America or Australia, shipment is one month earlier.

Algeria is a vital customer for wheat from the European Union, especially France, but Russian and other Black Sea region exporters have been expanding strongly in the Algerian market.