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Saudi Arabia, China Discuss Investment Opportunities in Lithium, Copper Production

Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. (SPA)
Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. (SPA)
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Saudi Arabia, China Discuss Investment Opportunities in Lithium, Copper Production

Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. (SPA)
Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef discussed with Chinese mining companies on Friday boosting cooperation in the mining sector and joint investment opportunities in processing and producing lithium used in electric car batteries and processing and refining copper.

Assistant Minister of Industry and Mineral Resources for Planning and development Abdullah Ali Alahmari, CEO of the National Industrial Development Center, Saleh Al-Solami and CEO of the Saudi Authority for Industrial Cities and Technology Zones (MODON) Majed Al-Argoubi attended the meeting in China.

Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. The minister is heading a delegation of officials from the mineral wealth industry with a plan to strengthen bilateral ties, attract investments to the Kingdom, and discover investment opportunities in the industrial sector.

Alkhorayef reviewed with the Chairman of the Board of Directors of General Lithium Corporation the Kingdom's objectives in the electric car manufacturing sector, the available investment opportunities in the sector, and the importance of developing cooperation and exchanging knowledge and innovation in the sector, especially in the field of lithium production and processing.

The minister highlighted the Kingdom's plans to become a global hub for producing and exporting electric vehicles and develop its industry to produce 500,000 electric vehicles annually by 2030 as part of developing the infrastructure for the electric car industry in Saudi Arabia.

The automotive industry is one of the top promising sectors that the National Industrial Strategy has focused on developing, including the focus on manufacturing environmentally friendly vehicles, including electric cars.

Last year, the Kingdom issued a license for the first Saudi brand for manufacturing electric cars, "Ceer", and the first factory in the Kingdom for manufacturing electric vehicles, "Lucid", was inaugurated. Ceer, a joint venture between Taiwanese technology group Foxconn and the Saudi Public Investment Fund, signed a USD1.3 billion contract to establish an electric car complex in King Abdullah Economic City, scheduled to start production by 2025.

Alkhorayef’s visit to China follows a visit last month to Chile, the second largest producer of lithium in the world.

On investment in copper processing and refining, Alkhorayef met with the Chairman of the Board of Directors of Jiangxi Copper Company, which operates in the field of copper extraction, smelting and refining and plays a pivotal role in the global copper industry, and leads innovations and sustainability initiatives to meet the growing demand for copper globally.

Additionally, the minister held a series of meetings with leaders of major companies in the fields of smart manufacturing solutions, infrastructure development, and packaging. They discussed mutual investment opportunities in these sectors and the capabilities and incentives provided by the Kingdom to industrial investors.

Alkhorayef met with the Chief Strategy Officer at Biwin Storage Technology Company and reviewed opportunities for cooperation in the packaging sector.

He met with the Co-founder and CEO of HeyGears in Guangzhou, which specializes in applying 3D printing technology, ad creating comprehensive smart manufacturing solutions in multiple sectors, including consumer electronics, dentistry, healthcare, industrial, artistic and creative products. HeyGears provides technical support services in more than 30 countries.

Alkhorayef discussed with the CEO of Huawei Enterprise for Oil and Gas and Chairman of Huawei KSA initiatives to bolster digital skills and the potential to implement advanced technologies, such as the Internet of Things, AI, and robotics, to improve manufacturing efficiency and productivity.

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Business

China Says Solar Power Capacity Surpasses Coal for First Time

An aerial view of solar panels at the Yinchuan Fourth Photovoltaic Power Station in Yinchuan, in northwestern China's Ningxia Hui Autonomous Region, on August 25, 2026. (CN-STR / AFP)
An aerial view of solar panels at the Yinchuan Fourth Photovoltaic Power Station in Yinchuan, in northwestern China's Ningxia Hui Autonomous Region, on August 25, 2026. (CN-STR / AFP)
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China Says Solar Power Capacity Surpasses Coal for First Time

An aerial view of solar panels at the Yinchuan Fourth Photovoltaic Power Station in Yinchuan, in northwestern China's Ningxia Hui Autonomous Region, on August 25, 2026. (CN-STR / AFP)
An aerial view of solar panels at the Yinchuan Fourth Photovoltaic Power Station in Yinchuan, in northwestern China's Ningxia Hui Autonomous Region, on August 25, 2026. (CN-STR / AFP)

China's installed solar energy capacity has surpassed that of coal-fired power for the first time, the national energy body said Tuesday, hailing the milestone.

China, the world's largest emitter of greenhouse gases that drive climate change, has pledged to peak carbon emissions by 2030 and achieve carbon neutrality by 2060.

"As of the end of July this year, China's installed solar power capacity reached 1.286 billion kilowatts," the National Energy Administration (NEA) said.

"For the first time, photovoltaic installed capacity surpassed coal-fired power, becoming the largest power source category in China," it added.

The country's coal-fired power installed capacity, the energy body said, stood at 1.285 billion kilowatts.

Solar generation rose 15.5 percent on-year in the first seven months of 2026 to 802.4 billion kilowatt-hours, about one-eighth of the country's total, the NEA said in another statement.

It did not detail in these statements what the total generation of coal-powered energy was for the first seven months of this year.

The NEA said China's installed solar power capacity and power generation "have maintained a steady trend of rapid growth", with it playing an "increasingly prominent role" in guaranteeing electricity supply and driving the energy transition.

Coal has been China's key power generation source for decades and a key driver of its planet-warming emissions.

But the country's coal-fired power generation fell by nearly two percent in 2025, despite rising energy demand in the world's largest emitter, data reviewed by AFP showed in February.

It marked the first decline in six years, with some analysts saying it was the first time on record that coal generation dropped at the same time as power demand rose.

China has seen an explosive growth in its renewable installation, with coal's share in its energy mix edging down in recent years.

The country installed a record 315 gigawatts of solar power and 119 gigawatts of wind power capacity last year -- over 80 percent of total newly installed power generation capacity, according to the China Electricity Council.

Business

Oil Extends Gains, Stocks Drop as Trump Issues Fresh Iran Warning

An oil pumpjack at Lake Maracaibo in Cabimas, Venezuela, January 27, 2026. (Reuters)
An oil pumpjack at Lake Maracaibo in Cabimas, Venezuela, January 27, 2026. (Reuters)
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Oil Extends Gains, Stocks Drop as Trump Issues Fresh Iran Warning

An oil pumpjack at Lake Maracaibo in Cabimas, Venezuela, January 27, 2026. (Reuters)
An oil pumpjack at Lake Maracaibo in Cabimas, Venezuela, January 27, 2026. (Reuters)

Oil prices extended gains Tuesday amid fears of a fresh bout of military exchanges between the United States and Iran following a flare-up at the weekend and Donald Trump's warning that he will hit the country "hard".

The latest bout of strikes between the foes has further stoked worries about inflation that has put pressure on central banks to hike interest rates, which has in turn jolted equity markets.

After six months of war, the conflict remains at an impasse, with Tehran keeping the strategic Strait of Hormuz closed and Washington continuing a counter-blockade of Iranian ports.

The United States carried out strikes on an Iranian island in the waterway on Sunday, with Tehran quickly retaliating by attacking US military targets in the Middle East.

The exchange raised fears of a return to major hostilities, with the US president vowing to respond.

"We're going to hit them hard," Trump said, according to a Fox News reporter who spoke to him briefly. "There will be a response."

US officials said it hit rocket launchers on the island of Larak to prevent Tehran planting mines in the strait, while Iran targeted US forces in Jordan and the United Arab Emirates. The UAE denied reports of the attack.

The exchange of fire came after weeks of relative calm, with the Trump administration recently pivoting to "economic warfare".

US Treasury Secretary Scott Bessent said: "We are going to continue exerting pressure, and we've had very good discussions here already."

He told reporters at a G20 meeting in North Carolina that a turning point in the pressure campaign could come "within weeks or months".

Both main crude contracts rose Tuesday, extending the previous day's jump of more than two percent.

"The calibrated nature of the initial actions suggests neither side is actively seeking a return to sustained conflict, but stalled talks and the strategic importance of keeping the Strait open leave the situation vulnerable to further escalation," said National Australia Bank's Rodrigo Catril.

Trump will be meeting oil refining executives on Tuesday in a bid to tame soaring US domestic gas prices that have been a political headache for his Republican Party heading into November's midterm elections.

Stocks mostly fell, with traders now awaiting the release of key data this month ahead of the Federal Reserve's policy meeting on September 16.

Tokyo, Hong Kong, Seoul, Shanghai, Sydney, Singapore and Wellington were all down, though Taipei, Manila and Jakarta rose.

The jobs and consumer price index reports could play a major role in whether the bank hikes rates, with bets on an increase surging after boss Kevin Warsh's hawkish speech on Friday.

Expectations for elevated inflation and rising borrowing costs pushed the yield on 10-year US Treasuries to their highest level since January 2025.

That has bled into Asia, with 10-year Japanese government bond yields touching a 30-year high on Monday.

In company news, fast-fashion giant Shein fell more than nine percent on its long-awaited Hong Kong trading debut, having raised US$1.7 billion in a high-profile initial public offering.

And shares in MediaTek soared nearly 10 percent after US tech giant Nvidia announced it has injected US$3.5 billion into the Taiwanese chipmaker.

Business

LEAP 2026: Saudi Arabia Leads AI Era with Over $15 Bn in Technology Launches, Investments

LEAP 2026 kicks off in Riyadh on Monday under the theme "Into New Worlds." (SPA)
LEAP 2026 kicks off in Riyadh on Monday under the theme "Into New Worlds." (SPA)
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LEAP 2026: Saudi Arabia Leads AI Era with Over $15 Bn in Technology Launches, Investments

LEAP 2026 kicks off in Riyadh on Monday under the theme "Into New Worlds." (SPA)
LEAP 2026 kicks off in Riyadh on Monday under the theme "Into New Worlds." (SPA)

LEAP 2026, the fifth edition of the world's largest tech event, kicked off in Riyadh on Monday under the theme "Into New Worlds," bringing together leading technology and artificial intelligence (AI) figures, investors, and innovators from around the world.

The conference saw the announcement of major launches, investments, and partnerships worth more than $15 billion in AI and advanced technologies, strengthening Saudi Arabia's leadership in digital infrastructure and advanced computing and reinforcing its position as a global destination for technology investment in the intelligent era.

Saudi Minister of Communications and Information Technology Abdullah Alswaha said in his opening speech that the launches and investments were made possible through the support and empowerment of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

Saudi Arabia is steadily advancing toward leading the AI era in partnership with major companies, innovators, and investors from around the world, he added.

Alswaha stressed that Saudi Arabia has established a global model for turning technological ambitions and commitments into tangible achievements, underpinned by agility, reliability, and speed of execution.

Technology and national talent, particularly young people, are driving the Kingdom's progress, he went on to say.

The launches and investments are contributing to the development of an integrated AI ecosystem spanning energy, connectivity, semiconductors, data centers, accelerated computing, AI models, cloud services, and sector-specific applications, supporting the growth of the digital economy and enhancing its global competitiveness.

The conference is organized by the Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and Tahaluf, a joint venture between SAFCSP, global events company Informa, and the Events Investment Fund.

LEAP 2026 will run until September 3 at the Riyadh Exhibition and Convention Center in Malham, featuring more than 1,000 speakers, 1,900 investors, 1,800 global technology brands, and 600 startups across 16 stages and more than 20 tracks exploring the future of AI, cloud computing, cybersecurity, smart cities, fintech, healthcare, space, gaming, and mobility.