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US-Chinese Business Delegation Seeks Launching Int’l Alliance for Green Energy in Riyadh

Neil Bush (Asharq Al-Awsat)
Neil Bush (Asharq Al-Awsat)
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US-Chinese Business Delegation Seeks Launching Int’l Alliance for Green Energy in Riyadh

Neil Bush (Asharq Al-Awsat)
Neil Bush (Asharq Al-Awsat)

A delegation of US and Chinese businesses is scheduled to visit Saudi Arabia on Monday, in an effort to establish a multinational alliance or league headquartered in Riyadh.

The primary objective of this alliance is to channel investments into cutting-edge technologies that promote a sustainable green economy and facilitate the achievement of carbon neutrality.

Neil Bush, who is leading the delegation, has expressed dedication to establishing a worldwide alliance in Riyadh that will play a pivotal role in shaping the bright prospects of green energy.

The primary objective of this alliance is to emerge as a prominent driving force behind investments in advanced technologies, specifically aimed at fostering a sustainable green economy.

Bush added that the delegation’s visit to Saudi Arabia is exploratory in nature, and they have a proposal aimed at developing the “Skytower Zero Carbon Industrial Park.”

Moreover, the delegation is prepared to respond to specific projects related to renewable energy, hydrogen, and ammonia in Saudi Arabia.

Continuing his remarks, Bush said that the delegation’s strategy is fundamentally global, merging top-notch technologies and services from both the US and China. Additionally, it aims to draw capital investments of a magnitude like those made by Saudi funds to execute the proposed projects.

According to Bush, the delegation comprises organizations within the Zero Carbon alliance, whose objectives align with Saudi Vision 2030 and the 2060 Net Zero initiative.

He highlighted that the focus is currently directed towards investing in renewable energy sector infrastructure and manufacturing.

The alliance the delegation is seeking to form includes Atlas Renewable, a company led by Bush.

It also includes Energy Vault, a US-based renewable energy company specializing in the design, installation, and management of storage solutions.

Additionally, CNTY, a Chinese company active in renewable energy storage, and EIPC, a Chinese quasi-governmental organization, are set to be part of the alliance.

Bush stated that the Zero Carbon industrial park will rely on green energy sources, combining renewable energy generation with effective short- and long-term storage.

He elaborated that the consortium, known as the alliance, will attract renewable companies specializing in wind energy, solar energy, and storage technologies.

These companies will be encouraged to establish manufacturing facilities within the industrial park, thereby creating a substantial number of job openings in the region.

Bush added that global cooperation is essential in combating climate change, and it is exemplified by the approach of the alliance, which has been successfully implemented in China and Mongolia.

This approach involves bringing together the best expertise to design integrated systems that enhance the effectiveness of renewable solutions, with storage playing a crucial role in the mix.

Bush affirmed that the alliance holds the knowledge and expertise required to attain optimal operational efficiency for renewable systems

Bush also praised the current transformation taking place in Saudi Arabia, considering it a true and sustainable renaissance.

He explained that the significant changes occurring in the Kingdom, along with the growing number of diverse global corporate relationships being established, will undoubtedly operate according to global strategies, and connect nations worldwide, as Saudi Arabia emerges as a global hub.

Bush elaborated on the alliance’s perspective, emphasizing Saudi Arabia as the central hub for the entire Middle East.

He noted that a key objective of the alliance is to attract substantial investments and leverage cutting-edge technologies from the US and China to carry out crucial projects in Saudi Arabia, in line with its ambitious carbon-neutral objectives.

Furthermore, he highlighted that manufacturing companies will be attracted to establishing operations in the Kingdom to manufacture equipment that caters to domestic demands and could be exported to the broader region.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.