NEOM Hosts Leading Industry Figures for its ‘Discover NEOM’ China Showcase

The tour began in Beijing on April 15, and continued in Shanghai on April 17. (SPA)
The tour began in Beijing on April 15, and continued in Shanghai on April 17. (SPA)
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NEOM Hosts Leading Industry Figures for its ‘Discover NEOM’ China Showcase

The tour began in Beijing on April 15, and continued in Shanghai on April 17. (SPA)
The tour began in Beijing on April 15, and continued in Shanghai on April 17. (SPA)

Saudi Arabia’s NEOM kicked off the China leg of its global “Discover NEOM” tour, in Beijing and Shanghai, with over 500 senior business and industry leaders in attendance.

The tour began in Beijing on April 15, and continued in Shanghai on April 17, said NEOM in a statement on Wednesday.

Organized in partnership with CCPIT Beijing and CCPIT Shanghai, the events included a series of presentations by NEOM’s leadership team showcasing on-the-ground progress and milestones to date, as well as details of NEOM’s various economic sectors.

The events highlighted opportunities for Chinese companies to engage and invest in NEOM. A number of companies expressing interest and discussing tangible next steps with NEOM leadership.

The agenda also included a forum that explored the vast number of opportunities available for Chinese construction companies. Over 100 companies participated in the forum and were briefed about the onsite construction progress across NEOM and its regions.

A private showcase, titled “Discover NEOM: A New Future by Design”, was the highlight of the events. It provided guests with an immersive experience that explored THE LINE, the 170-kilometer-long city that will be the future of urban living; Oxagon, which is redefining the traditional industrial model; Trojena, the mountain resort of NEOM, and finally, Sindalah, a luxury island destination in the Red Sea that will be open to the public later this year.

NEOM CEO Nadhmi Al-Nasr said: “We are grateful to CCPIT Beijing and CCPIT Shanghai for supporting our visit to China and for the opportunity to present NEOM’s vision.”

“To date, NEOM has already engaged with over 15 major Chinese businesses and invested in a number of Chinese startups to support the growth and diversification of NEOM. Collaboration with China will continue to play a vital role in the development of NEOM, and we look forward to strengthening our engagement with the country’s business community.”

CCPIT Beijing Chairman Guo Huaigang said that NEOM and Beijing have significant potential for economic cooperation, and that both are accelerating the development of new modes of productivity, deepening comprehensive reforms, promoting scientific and technological innovation, and working to ensure the protection of the environment. He added that CCPIT Beijing looks forward to the role the cooperation can have in Beijing’s future prosperity.

Deputy Secretary General of Shanghai Municipal Government Zhao Zhuping said: “Shanghai greatly values our relationship with Saudi Arabia. Over the years, we have engaged in extensive cooperation in trade, education, culture and more. We look forward to deepening mutually beneficial engagement with NEOM across infrastructure, renewable energy and technological innovation. The benefits and opportunities for this partnership will only continue to grow.”

“Discover NEOM” China is the latest edition of NEOM’s global roadshow; it follows engagements in key international markets, including Seoul, Tokyo, Singapore, New York City, Boston, Washington, D.C., Miami, Los Angeles, San Francisco, Paris, Berlin and London.



Oil Falls as Traders Weigh Potential US-China Trade Talks

Oil Falls as Traders Weigh Potential US-China Trade Talks
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Oil Falls as Traders Weigh Potential US-China Trade Talks

Oil Falls as Traders Weigh Potential US-China Trade Talks

Oil prices fell on Friday as traders squared positions ahead of an OPEC+ meeting and amid some scepticism about a potential de-escalation of the trade dispute between China and the United States.

Brent crude futures were down 23 cents, or 0.4%, to $61.90 a barrel at 1105 GMT, while US West Texas Intermediate crude futures fell 24 cents, or 0.4%, to $59 a barrel.

For the week, Brent was on track for a 7% drop and WTI was down 6.5% so far, the biggest weekly declines in a month, Reuters reported.

China's Commerce Ministry said on Friday that Beijing was "evaluating" a proposal from Washington to hold talks aimed at addressing US President Donald Trump's sweeping tariffs, signalling a possible easing of the trade tensions that have rattled global markets.

"There is some optimism when it comes to US-China relations but the signs are only very tentative," said Harry Tchilinguirian, group head of research at Onyx Capital Group. "It's still very fluid, a one step forward, two steps back situation when it comes to tariffs."

Concerns that the broader trade war could push the global economy into a recession and crimp oil demand, just as the OPEC+ group is preparing to raise output, have weighed heavily on oil prices in recent weeks.

Complicating any talks was a threat from Trump to impose secondary sanctions on buyers of Iranian oil. China is the world's largest importer of Iran's crude.

Trump's comments followed a postponement of US talks with Iran over its nuclear program. He had previously restored a "maximum pressure" campaign against Iran, which included efforts to drive the country's oil exports to zero to help prevent Tehran from developing a nuclear weapon.

Oil prices gained late in Thursday's session to settle nearly 2% higher on Trump's remarks, erasing some of the losses recorded earlier in the week on expectations of more OPEC+ supply coming to the market.

Several OPEC+ members are set to suggest the group accelerates output hikes in June for a second consecutive month, Reuters previously reported. Eight OPEC+ countries will meet on May 5 to decide a June output plan.