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.



Fitch: Trump Tariffs to Have Limited Impact on Gulf Banks

A general view of Riyadh, Saudi Arabia. (Reuters file)
A general view of Riyadh, Saudi Arabia. (Reuters file)
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Fitch: Trump Tariffs to Have Limited Impact on Gulf Banks

A general view of Riyadh, Saudi Arabia. (Reuters file)
A general view of Riyadh, Saudi Arabia. (Reuters file)

Credit rating agency Fitch Ratings expected that the US tariffs introduced by President Donald Trump will have only a limited direct impact on banks in the Gulf Cooperation Council (GCC).

On April 2, Trump announced a 10 percent tariff on goods from all countries, along with steeper duties on countries his administration accused of imposing high tariffs on US imports. However, he later suspended most of these tariffs for 90 days.

Fitch pointed to indirect effects stemming from weaker global economic activity, which could push oil prices lower and reduce government spending in the GCC. This, in turn, would play a significant role in shaping the overall macroeconomic and banking outlook across the GCC.

The agency noted that hydrocarbon exports—mainly oil and gas—dominate the GCC’s trade with the US and are exempt from the tariffs, which benefits oil-exporting Gulf nations. By contrast, non-hydrocarbon exports such as aluminum and steel, which are subject to 10 or 25 percent duties, remain relatively small. As a result, the direct economic impact of the tariffs on GCC countries and their banking sectors is expected to be minimal.

Still, Fitch warned that a further drop in oil prices could weaken lending growth forecasts compared to its December 2024 Middle East Banks Outlook 2025, which had projected growth levels largely in line with 2024.

Brent crude is currently trading near $65 per barrel, down from $75, with the decline driven in part by market reactions to Trump’s tariff policy. According to Fitch, oil market balance and prices will be shaped primarily by global economic trends and OPEC+ supply management. The alliance began easing production cuts starting in April.

In March 2025, Fitch lowered its global GDP growth forecast to 2.3 percent for the current year and 2.2 percent for 2026, citing rising risks of a sharper slowdown. This could place downward pressure on global commodity prices, including oil.

Before the tariffs were announced, Fitch had projected that GCC non-oil GDP would grow by more than 3.5 percent in both 2025 and 2026. However, declining oil revenues could lead to slower non-oil economic activity and reduced government spending, putting pressure on loan growth in the region’s banking sector.

Fitch also warned that credit conditions could deteriorate for banks if companies in affected sectors experience declining profitability and weaker cash flows due to higher operating costs and inflation triggered by tariffs.

Despite these risks, GCC banks are generally in a strong position to weather a more challenging environment. Many banks have boosted their capital buffers in recent years, supported by high oil prices, strong earnings, favorable interest rates, abundant liquidity, and solid economic activity.

Saudi banks have the strongest credit ratings in the region, with Fitch assigning them an "A+" rating and a stable outlook—among the highest in the Gulf.

Banks in the UAE are rated "AA-" with a stable outlook, followed by Qatar at "AA", Kuwait at "AA-", and Oman at "BB+" with a positive outlook.