‘Riyadh Declaration’ Enriches Cooperation between China, Arab Countries

Significant participation at the recent Arab-Chinese Business Conference in Riyadh (Asharq Al-Awsat)
Significant participation at the recent Arab-Chinese Business Conference in Riyadh (Asharq Al-Awsat)
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‘Riyadh Declaration’ Enriches Cooperation between China, Arab Countries

Significant participation at the recent Arab-Chinese Business Conference in Riyadh (Asharq Al-Awsat)
Significant participation at the recent Arab-Chinese Business Conference in Riyadh (Asharq Al-Awsat)

At the end of the 10th edition of the Arab-Chinese Business Conference, which took place in Riyadh on June 11-12, Saudi Arabia was effectively able to shift the focus of participating nations from the political sphere to the economic domain.

The event was marked by the signing of a multitude of deals and agreements, surpassing a total value of $10 billion.

This comes in the wake of the successful inaugural Arab-Chinese Cooperation and Development Summit held in Riyadh at the end of 2022, where all parties reached positive outcomes and agreed upon 24 points of cooperation across various regional and international issues, further enhancing strategic partnerships.

Economic Diversification

During the conference, involved countries expressed their interest in increasing investments and promoting regular communication among companies, research institutions, and development organizations. This collaboration aims to contribute to economic transformation and diversification.

At the conclusion of the tenth session of the Arab-China Business Conference and the eighth session of the Investment Symposium, the Arab and Chinese sides reached nine agreements as part of the “Riyadh Declaration.”

These agreements primarily focus on enhancing economic, trade, investment, and financial partnerships to serve common interests and contribute to fulfilling the aspirations of both sides within the frameworks of Arab countries’ visions and strategies, as well as the Belt and Road Initiative.

Furthermore, the agreements address developmental challenges and call for the establishment of a new modern Silk Road.

Quality Projects

Participants agreed to explore further new opportunities to enhance cooperation and investment in all economic sectors, including priority quality projects.

They also decided to maintain effective participation in Arab-Chinese- cooperation in qualitative fields such as energy, renewable energy, digital economy, entrepreneurship, investment, and small and medium enterprises (SMEs), and encouraging operating companies and specialized institutions from both sides to enhance communication and cooperation in the fields of advanced and vital industries.

Information Exchange

The parties also agreed on encouraging companies and research and development institutions from both sides to communicate periodically, to contribute to economic transformation and diversification, enhance the exchange of information on investment projects, their legal frameworks, and investment policies related to those projects, work to promote them and provide the necessary support for them, and benefit from the leading Chinese experience in the field of scientific research and innovation.

They also emphasized the importance of human resources in the Arab world to launch cooperation potentials between the Arab countries and China, exchange experiences, and organize training courses for technical training and capacity building.

Supply Chains

Participants appreciated the response of Arab and Chinese industrial and commercial bodies to the calls of governments, and their role in deepening solidarity, cooperation, and political support, enhancing information exchange, resuming the movement of people exchange appropriately and regularly, accelerating the pace of resumption of work and production, and working to stabilize financial markets and supply chains.

They agreed to work to address the negative effects of the Corona pandemic, the global economic recession, and the repercussions of the Ukrainian crisis as a priority for the international community and economic recovery.

Carbon Emissions

The countries agreed to work towards enhancing the multilateral trading system in accordance with the rules and principles of the World Trade Organization.

They emphasized the importance of reducing carbon emissions as committed by both Arab countries and China until 2060, which is expected to lead to the addition of about (1000) gigawatts of renewable energy to be added to the Arab region and the African region, which gives the private sector in the Arab world and China opportunities to expand investments in the value chain in this field.

 



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.