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Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs

Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs
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Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs

Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs

A senior delegation from Bahrain led by the Capital Governor Sheikh Hisham bin Abdulrahman Al Khalifa and organized by the Bahrain Economic Development Board (EDB) concluded its visit to Shenzhen, China, by signing eight Memorandums of Understanding (MoU) to strengthen cooperation between the two countries.

The Bahraini delegation met with Vice Mayor of Shenzhen, Ai Xuefeng, and a number of local government officials and business leaders at the Bahrain – Shenzhen Business Forum and the China High-Tech Fair.

An MOU between EDB and the artificial intelligence (AI) firm, Intellifusion Technologies was signed to advance AI dynamic portrait recognition that can benefit China, Bahrain, and the Middle East.

EDB partnered with Shenzhen FinTech company to establish a full mobile payment gateway in Bahrain and explore opportunities in crypto-currency, in addition to the possibility of initiating FinTech Funds.

An MOU between EDB and Shenzhen Outbound Alliance aimed at strengthening economic cooperation, information exchange, and establishing a regular communication channel for business information, and investment opportunities.

In addition, the delegation signed a memorandum with Softbank China Capital – Wonder News aiming to encourage Softbank China Capital and their investment portfolio companies to establish a presence in Bahrain and use it as a regional hub to cover the Middle East.

EDB and 4PX signed an MOU exploring the possibility of 4PX initiating and establishing funds together with Bahraini companies in order to invest in entrepreneurship in both countries.

EDB and Shenzhen Cool-hi Network Culture Technology partnered to promote the development of E-sports between the Middle East and China including hosting E-sports events.

Bahrain Chamber of Commerce and Industry (BCCI) signed an MOU with the China Council for the Promotion of International Trade Shenzhen Branch (CCPITSZ) to harness and enhance collaborative initiatives to promote trade and investments between the two countries.

After that, EDB also established an MOU with CCPITSZ to enhance collaborative initiatives between Bahrain and Shenzhen, strengthening information exchange and cooperation in economic and business activities.

Al Khalifa explained that the partnership with Shenzhen was built on common heritage as open and innovative business hubs with shared economic interests.

“We are very pleased to see our ties with this vibrant city continue to strengthen and believe these agreements will help us move towards a new era of collaboration,” he asserted.

Chief Executive of EDB Khalid al-Rumaihi also commented on the matter saying that Shenzhen is the first city with which Bahrain established a friendship city agreement in China.

He indicated that there are numerous opportunities for Chinese companies in the region, especially as the GCC markets continue to transform their economies.

“Bahrain’s location as the Gateway to the Gulf, and given the fact that it is one of the key countries along the new Belt and Road route, along with our open and liberal lifestyle, competitive business landscape, and world-class regulation makes the Kingdom the ideal location from which Chinese companies can access this $1.5 trillion GCC market,” concluded Rumaihi.

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Business

SABIC, Rongsheng Petrochemical Sign PDA for Potential Strategic Investment in Advanced Materials Project in China

The SABIC headquarters in Al-Jubail (SABIC website)
The SABIC headquarters in Al-Jubail (SABIC website)
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SABIC, Rongsheng Petrochemical Sign PDA for Potential Strategic Investment in Advanced Materials Project in China

The SABIC headquarters in Al-Jubail (SABIC website)
The SABIC headquarters in Al-Jubail (SABIC website)

The Saudi Basic Industries Corporation (SABIC) signed on Thursday a Project Development Agreement (PDA) with Rongsheng Petrochemical Co. Ltd. and its wholly owned subsidiary Rongsheng New Materials (Zhoushan) Co. Ltd. to jointly advance the development of the Jintang New Materials Project in Zhoushan, China.

“Under the PDA, SABIC and Rongsheng Petrochemical are evaluating a potential equity investment by SABIC up to 50% of Rongsheng New Materials, positioning the project as a strategic collaboration between two leading global petrochemical companies,” the Saudi company said in a statement said.

The agreement also establishes a framework for project development activities towards a potential final investment decision (FID), the statement added.

SABIC CEO and Executive Board Member Dr. Faisal M. Alfaqeer said that the partnership with Rongsheng Petrochemical reflects SABIC’s vision for global footprint expansion.

“SABIC continues to prioritize innovation, portfolio advancement and sustainable value creation, strengthening its ability to serve customers worldwide,” he added.

CEO of Rongsheng Petrochemical and Executive Director of the Board Mr. Xiang Jiongjiong said: “The collaboration represents a landmark partnership and a model of win-win cooperation between Rongsheng Petrochemical and SABIC.”

He described the partnership as “a flagship outcome of two industry leaders complementing their strengths and robust capabilities to jointly research, develop and operate in advanced chemical materials.”

He said the alliance “also serves as a critical stabilizing anchor for the chemical sector, enabling us to deliver more valuable and comprehensive product solutions to our customers.”

The Jintang New Materials Project is designed to enhance production capabilities for advanced chemical materials and support growing demand from key downstream industries in China and Asia.

The project is expected to leverage world-class technologies, integrated manufacturing capabilities and operational excellence to strengthen competitiveness, foster innovation and create long-term value for all stakeholders.

Business

Saudi Ports Authority Signs Seven Agreements Worth Over $266 Million to Develop Logistics Centers

A container terminal at one of Saudi Arabia's ports. (SPA)
A container terminal at one of Saudi Arabia's ports. (SPA)
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Saudi Ports Authority Signs Seven Agreements Worth Over $266 Million to Develop Logistics Centers

A container terminal at one of Saudi Arabia's ports. (SPA)
A container terminal at one of Saudi Arabia's ports. (SPA)

The Saudi Ports Authority (Mawani) has signed seven agreements to establish logistics centers in Jeddah, western Saudi Arabia, with a total value exceeding SAR 1 billion ($266 million).

The signing ceremony was attended by Minister of Transport and Logistic Services Saleh Al-Jasser and Mawani President Suliman Al-Mazroua.

Al-Mazroua said the new agreements provide for the development of logistics centers under concession terms of up to 25 years, supporting efforts to position Jeddah as a global logistics hub. He noted that two agreements were signed with international companies, while five were awarded to Saudi firms with global ambitions. Valued at more than SAR 1 billion, the projects are also expected to create additional jobs.

He said that in February, at the onset of the Strait of Hormuz crisis, the Minister issued urgent directives to prepare the Kingdom's western coast to receive supply chains serving Saudi Arabia and the Gulf region. As a result, all entities involved in the logistics ecosystem worked toward that objective.

Al-Mazroua said Mawani focused on several key areas. The first was strengthening maritime connectivity by increasing shipping services to compensate for the shortfall affecting the Kingdom's eastern region.

During the crisis, more than 27 additional shipping services were introduced on the western coast, increasing capacity by more than 200,000 TEUs (twenty-foot equivalent units) per month to offset the shortfall.

He added that the second area focused on preparing ports to handle higher volumes by streamlining procedures with the Saudi Customs Authority and terminal operators, while expanding equipment capacity. Investments in these measures exceeded SAR 640 million over a three-month period.

Business

Oil Eases as Traders Weigh US-Iran Conflict Risks

A horse grazes near an oil drilling rig in Kazakhstan (Reuters)
A horse grazes near an oil drilling rig in Kazakhstan (Reuters)
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Oil Eases as Traders Weigh US-Iran Conflict Risks

A horse grazes near an oil drilling rig in Kazakhstan (Reuters)
A horse grazes near an oil drilling rig in Kazakhstan (Reuters)

Oil prices eased on Thursday as traders weighed escalating tensions between the United States and Iran and the risks to oil supplies moving through the Strait of Hormuz.

Brent crude futures were down 27 cents, or 0.32%, to $84.68 a barrel at 1011 GMT, while US West Texas Intermediate futures were down 11 cents, or 0.14%, to $79.49 a barrel. Both contracts remain close to one-month highs.

"The market is still reacting with a surprising degree of calmness," said Ole Hvalbye, market analyst at SEB Research, Reuters reported.

"It seems reasonable that prices could continue to climb towards $90-$95 and maybe even touch the $100 mark again and that is because the Strait of Hormuz is repeatedly being disrupted, creating uncertainty over oil flows from the Gulf."

The US struck Iran's coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, while Tehran threatened to shut off more regional energy exports, saying it was engaged in an "existential war" with America.

The escalation comes after a fragile truce reached in June collapsed, reviving fears of a return to full-scale conflict and disrupting energy flows through the Strait of Hormuz, which handled about a fifth of daily global oil and LNG trade before the war began.

Fewer vessels passed through the strait on Wednesday, the first day after the US reimposed its naval blockade on Iran. Seven crossed on Wednesday, down from 13 the previous day.

"Markets could remain cautious as they assess immediate supply risks. So far, despite heightened military tensions, oil tankers continue to sail through the Strait of Hormuz, although in more limited numbers," said Wael Makarem, financial markets strategist lead at Exness.

Iran said on Thursday the strait was an inviolable "red line", warning that if US President Donald Trump carried out his threat to attack Iran's infrastructure, it would strike all infrastructure across the Gulf region.

Analysts say Iran has signalled it may use its Houthi allies in Yemen to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting a second of the world's most vital energy arteries at risk.

Oxford Economics said the likeliest scenario was that low, fluctuating levels of traffic through the strait spark intermittent oil price rallies that keep average prices above $80 per barrel for several quarters.

Elsewhere, Ukraine's Security Service said on Thursday that together with Ukraine's navy it has struck two Russian "shadow fleet" tankers with naval drones in the Black Sea.