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Saudi Dussur Signs 4 Joint Ventures, Global Acquisition Deal

The signing ceremony of the JV of Saudi Arabian Industrial Investments in Riyadh (Asharq Al-Awsat)
The signing ceremony of the JV of Saudi Arabian Industrial Investments in Riyadh (Asharq Al-Awsat)
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Saudi Dussur Signs 4 Joint Ventures, Global Acquisition Deal

The signing ceremony of the JV of Saudi Arabian Industrial Investments in Riyadh (Asharq Al-Awsat)
The signing ceremony of the JV of Saudi Arabian Industrial Investments in Riyadh (Asharq Al-Awsat)

The Saudi Arabian Industrial Investments (Dussur) announced the signing of five new shareholders' agreements, including four joint ventures and one global acquisition deal.

Dussur, owned by PIF, Aramco, and SABIC, signed the agreement at a special event attended by Minister of Energy and Investment Prince Abdulaziz bin Salman, Minister of Industry and Mineral Resources, Bandar al-Khorayef, Minister of Education Hamad al-Sheikh.

The event was held at King Abdullah Petroleum Studies and Research Center (KAPSARC).

The first JV agreement was signed with Korea's SeAH Changwon Integrated Specialty Steel Co. Ltd (SeAH) to establish the first local seamless stainless-steel pipe production plant in Saudi Arabia.

The total investment for establishing the joint venture is estimated at $270 million. SeAH and Dussur will invest up to $140 million with a percentage share of 51 percent and 49 percent, respectively.

The Saudi Industrial Development Fund will provide the remaining financing for the joint venture.

The second joint venture agreement was signed between Dussur, Tatweer Educational Transportation Services Company, and CHTC KINWIN Automobile to establish the first state-of-the-art bus manufacturing facility in Saudi Arabia with an annual production capacity of 3000 buses.

The project is in line with Vision 2030 and is significant as it is the first of its kind in Saudi Arabia and will support the localization of the automotive industry and the development of the automotive ecosystem.

The Jeddah-based joint venture company will manufacture and assemble several bus models in the first phase, using three engine technologies: Internal combustion engine, pure electrical, and hydrogen fuel cell.

The company will primarily serve the growing local demand, which is currently met by imports, and the growing demand for buses for Hajj and Umrah, schools, tourism, and public transportation.

The third JV agreement announced at the event was between Dussur and 3D Systems to establish the Center for Innovation and Additive Manufacturing in the Kingdom.

It will provide on-demand printing and application engineering solutions for critical industries such as energy, aerospace, defense, and healthcare.

The initiative will support the Kingdom's path to industrialization by localizing disruptive technologies, contributing to supply security, and building unique capabilities for future jobs.

Dussur and Baker Hughes signed the fourth joint venture agreement to build a blending and chemical reaction facility with a production capacity of 30,000 tons to produce demulsifiers, scale inhibitors, corrosion inhibitors, and biocides.

The facility will be located in Jubail City, Saudi Arabia.

Dussur also announced the successful completion of an acquisition agreement with the international private equity consortium Broad Peak Global (BPG) and Asia Green Fund (AGF) to acquire the Clean Technologies business of DuPont de Nemours.

The new, independent company will be named Elessent Clean Technologies. It is worth noting that the new company is a global leader in chemical catalysts and advanced equipment, specializing in environmental sustainability technologies in the metals, fertilizer, chemicals, and oil refining sectors.

CEO of Dussur Raed al-Rayes stated that the company measures the development impact of projects before investing.

Rayes explained that Dussur portfolio has managed to attract more than SR1 billion worth of foreign investment and create more than 2,600 direct jobs by 2030, with an employment nationalization of no less than 65 percent, reaching as high as 90 percent in some projects.

The Saudi Arabian Industrial Investments Company is a strategic industrial investment firm that partners with world-class experts to form state-of-the-art joint ventures, including M&A in the industrial sectors.

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Business

Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
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Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo

Hong Kong Financial Secretary Paul Chan raised his 2025 economic growth forecast to 3.2% on Sunday, saying the city would bolster its role as a financial center, innovation hub and trade center to maintain the momentum.

In February, Chan had forecast growth of between 2% and 3%.

Hong Kong, the world's biggest venue for initial public offerings this year, will lure more listings from companies in areas such as Southeast Asia and the Middle East and will actively promote internationalization ⁠of China's yuan currency, Chan said in a blog post.

The city will also focus on developing artificial intelligence and biotech to lead the global race in technology and will strengthen its role as a trade hub by helping more Chinese companies expand overseas, Reuters quoted him as saying.

"Looking into ⁠next year, Hong Kong's economy is expected to keep the good trend of growth," Chan said. "Finance, tech innovation and trade will be Hong Kong's key engines of growth as the city actively embraces China's development strategy."

Hong Kong has one of the world's best-performing stock markets this year, with the Hang Seng Index up 30%.

Resilient exports, brisk fixed-asset investment and recovering consumption have helped Hong Kong's growth beat forecast, Chan said.

To ⁠bolster its status as a financial center, Hong Kong will strengthen the competitiveness of its stock market and develop areas including bonds, money market, fintech, commodities and gold trading, he said.

In terms of innovation, Hong Kong will develop AI into a "core industry,” as the technology will define economies' competitiveness and reshape the global economic landscape, he said.

The city is also establishing a center for cross-border supply chain management and trade finance, to better help Chinese companies expand offshore, Chan said.

Business

China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
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China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)

China on Saturday passed revisions to a key piece of legislation aimed at strengthening Beijing's ability to wage trade war, curb outbound shipments from strategic minerals, and further open its $19 trillion economy.

The latest revision to the Foreign Trade Law, approved by China's top legislative body, will take effect on March 1, 2026, state news agency Xinhua reported on Saturday.

The world's second-largest economy is overhauling its trade-related legal frameworks partly to convince members of a major trans-Pacific trade bloc created to counter China's growing influence that the manufacturing powerhouse ‌deserves a seat at ‌the table, as Beijing seeks to reduce ‌its ⁠reliance on the US.

Adopted ‌in 1994 and revised three times since China joined the World Trade Organization in 2001, most recently in 2022, the Foreign Trade Law empowers policymakers to hit back against trading partners that seek to curb its exports and to adopt mechanisms such as "negative lists" to open restricted sectors to foreign firms.

The revision also adds a provision that foreign trade should "serve national economic and social development" and help build China ⁠into a "strong trading nation", Xinhua said.

It further "expands and improves" the legal toolkit for countering external challenges, according ‌to the report.

The revision focuses on areas such ‍as digital and green trade, along ‍with intellectual property provisions, key improvements China needs to make to meet the ‍standards of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, rather than the trade defense tools the 2020 revamp honed in on following four years of tariff war with the first Trump administration.

Beijing is also sharpening the wording of its powers in anticipation of potential lawsuits from private firms, which are becoming increasingly prominent in China, according to trade diplomats.

"Ministries have become more concerned about private sector criticism," ⁠said one Western trade diplomat with decades' of experience working with China. "China is a rule-of-law country, so the government can stop a company's shipment, but it needs a reason."

"It's not totally lawless here. Better to have everything written out in black and white," they added, requesting anonymity, as they were not authorized to speak with media.

China's private exporting firms attracted global attention in November after the French government moved to suspend the Chinese e-commerce platform Shein.

The Chinese government increasingly could also find itself at odds with private enterprise when seeking to carry out sweeping bans, ‌such as Beijing's prohibition of all Japanese seafood imports, as Asia's top two economies continue to feud over Taiwan, trade diplomats say.

Business

Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
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Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)

Lebanon's government on Friday approved a draft law to distribute financial losses from the 2019 economic crisis that deprived many Lebanese of their deposits despite strong opposition to the legislation from political parties, depositors and banking officials.

The draft law will be submitted to the country's divided parliament for approval before it can become effective.

The legislation, known as the "financial gap" law, is part of a series of reform measures required by the International Monetary Fund (IMF) in order to access funding from the lender.

The cabinet passed the draft bill with 13 ministers in favor and nine against. It stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.

Prime Minister Nawaf Salam defended the bill, saying it "is not ideal... and may not meet everyone's aspirations" but is "a realistic and fair step on the path to restoring rights, stopping the collapse... and healing the banking sector.”

According to government estimates, the losses resulting from the financial crisis amounted to about $70 billion, a figure that is expected to have increased over the six years that the crisis was left unaddressed.

Depositors who have less than $100,000 in the banks, and who constitute 85 percent of total accounts, will be able to recover them in full over a period of four years, Salam said.

Larger depositors will be able to obtain $100,000 while the remaining part of their funds will be compensated through tradable bonds, which will be backed by the assets of the central bank.

The central bank's portfolio includes approximately $50 billion, according to Salam.

The premier told journalists that the bill includes "accountability and oversight for the first time.”

"Everyone who transferred their money before the financial collapse in 2019 by exploiting their position or influence... and everyone who benefited from excessive profits or bonuses will be held accountable and required to pay compensation of up to 30 percent of these amounts," he said.

Responding to objections from banking officials, who claim components of the bill place a major burden on the banks, Salam said the law "also aims to revive the banking sector by assessing bank assets and recapitalizing them.”

The IMF, which closely monitored the drafting of the bill, previously insisted on the need to "restore the viability of the banking sector consistent with international standards" and protect small depositors.

Parliament passed a banking secrecy reform law in April, followed by a banking sector restructuring law in June, one of several key pieces of legislation aimed at reforming the financial system.

However, observers believe it is unlikely that parliament will pass the current bill before the next legislative elections in May.

Financial reforms in Lebanon have been repeatedly derailed by political and private interests over the last six years, but Salam and Lebanese President Joseph Aoun have pledged to prioritize them.