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 Market Eyes US-China Trade Talks, Storage Report Mixed

The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
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Oil Falls as Market Eyes US-China Trade Talks, Storage Report Mixed

The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)

Oil prices edged lower on Wednesday, after bouncing back from a sharp sell-off earlier in the week, as investors turned their focus to US-China trade talks this weekend.

Brent crude futures were down 71 cents a barrel, or around 1.14%, at $61.44 a barrel by 12:00 p.m. ET (1600 GMT), while US West Texas Intermediate crude was down 66 cents, or 1.12%, lower at $58.43 a barrel.

The US and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy.

The US-China trade talks come after weeks of escalating tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100%.

"While the meeting may signal a thaw, expectations for a breakthrough remain low," said Thiago Duarte, market analyst at Axi. "Unless the US receives major trade concessions, further de-escalation seems unlikely," he said.

Investors also awaited the upcoming Fed update on Wednesday. They expect the policy rate to remain in the 4.25%-4.50% range until the Fed's July 29-30 meeting.

Meanwhile, US crude inventories fell by 2 million barrels to 438.4 million barrels last week, the Energy Information Administration (EIA) said on Wednesday, compared with analysts' expectations in a Reuters poll for a 833,000-barrel draw.

However, gasoline inventories rose, raising concerns among analysts of weak demand ahead of a major driving holiday in the US later this month.

"This is the first bad report for gasoline in a couple of weeks. The refiner had been cranking up the utilization rate. But today in this report it went backwards," said Bob Yawger, director of energy futures at Mizuho.

Limiting the losses, some US producers have signaled that they would cut spending, cautioning that the country's oil output may have peaked.

Additionally, conflict in the Middle East between Israel and the Houthis increases the geopolitical risk premium, said Tamas Varga, an analyst at PVM.