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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 Imposes New Export Controls, Deepening Japan Row

FILE PHOTO: A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture taken November 1, 2019. REUTERS/Florence Lo/Illustration/File Photo
FILE PHOTO: A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture taken November 1, 2019. REUTERS/Florence Lo/Illustration/File Photo
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China Imposes New Export Controls, Deepening Japan Row

FILE PHOTO: A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture taken November 1, 2019. REUTERS/Florence Lo/Illustration/File Photo
FILE PHOTO: A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture taken November 1, 2019. REUTERS/Florence Lo/Illustration/File Photo

China put 20 more Japanese organizations on a blacklist Monday over the export of items with both military and civilian possible uses, adding fuel to a months-long row with Tokyo.

The new additions, including major companies, "have participated in enhancing Japan's military capabilities", the Chinese commerce ministry said in a statement.

Japan's government spokesman Minoru Kihara called the measures "unacceptable and deeply regrettable" and said Tokyo had "lodged a strong protest and demanded that the measures be withdrawn."

The countries' have been at row since Japanese Prime Minister Sanae Takaichi suggested in November that Tokyo may react militarily to an attack on Taiwan, the self-ruled island Beijing has vowed to seize control by force if necessary.

China responded furiously, including by advising its citizens -- previously the biggest cohort of foreign tourists -- to avoid Japan.

Chinese authorities ramped up pressure in February by imposing export restrictions on dozens of Japanese firms it said were involved in building up Tokyo's military.

The 20 additions to the export blacklist named Monday include specialized subsidiaries and technology firms involved in supplying components and engineering support for Japan's defense sector.

Among them are the National Institute for Defense Studies and Mitsubishi Electric Defense and Space Technologies Corporation, the statement said.

China's commerce ministry said the controls require exporters to submit risk assessments and guarantees that dual-use items will not enhance Japanese military strength prior to making shipments.

Those named on the watchlist can apply to be removed by cooperating with "verification" procedures according to Chinese law, the ministry said.

China is the world's largest producer and refiner of rare earths, which are crucial for various high-tech products including electric vehicles, smartphones, missile guidance systems and lasers.

Japan has "strayed further down the wrong path, intensifying its push for a 'new form of militarism'", an unnamed commerce ministry spokesperson said in a statement on the latest measures.

- China-Russia patrols -

Since Takaichi took office in October, Japan has quickened its pivot towards a more proactive defense policy, further shaking off -- with US encouragement -- a pacifist outlook, which has been in place since the end of World War II.

Tokyo has loosened rules on exports of lethal weaponry and deepened military cooperation with other countries in the region at odds with China including the Philippines.

Japan and the United States, as well as many other countries, are seeking to curb dependence on China in rare earths, as Beijing increasingly uses its dominance for geopolitical leverage.

Japan on Monday also joined South Korea in criticizing joint flights by Chinese and Russian bombers and fighters over the weekend in the region.

Fellow US allies South Korea and Japan both scrambled fighter jets in response to the patrols by the convoy of around 15 aircraft on Saturday.

"This marks the 10th instance of such long-range activities by Chinese and Russian bombers in the vicinity of Japan since December last year," Japanese government spokesman Kihara said Monday.

Beijing's defense ministry said that the Chinese and Russian air forces conducted a "strategic air patrol" over the Sea of Japan, the East China Sea and the western Pacific Ocean, "demonstrating their determination and capability to jointly uphold regional peace and stability".

Tokyo last week also rejected Beijing's accusations that the Japanese military "harassed" a Chinese aircraft carrier strike group during 40 days of exercises in the Pacific.

 

Business

EU, China Trade Tensions Loom over Minister Visit

Chinese Commerce Minister Wang Wentao will meet his EU counterpart Maros Sefcovic in Brussels. Pedro PARDO, Annabelle GORDON / AFP/File
Chinese Commerce Minister Wang Wentao will meet his EU counterpart Maros Sefcovic in Brussels. Pedro PARDO, Annabelle GORDON / AFP/File
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EU, China Trade Tensions Loom over Minister Visit

Chinese Commerce Minister Wang Wentao will meet his EU counterpart Maros Sefcovic in Brussels. Pedro PARDO, Annabelle GORDON / AFP/File
Chinese Commerce Minister Wang Wentao will meet his EU counterpart Maros Sefcovic in Brussels. Pedro PARDO, Annabelle GORDON / AFP/File

Europe and China will gauge whether trade frictions can be resolved through talks Monday when top EU trade official Maros Sefcovic hosts his Chinese counterpart Wang Wentao in Brussels for day-long discussions.

The European Union has turned its attention to China as Brussels frets over increasing trade imbalances between the 27-nation bloc and the Asian powerhouse.

The issue is existential for the EU, AFP reported.

Brussels fears it will lose certain industries entirely if it does not act against a glut of cheap goods made in China threatening manufacturers in Europe.

Wang's visit comes less than two weeks after EU leaders tasked the European Commission with tackling the issue through talks with Beijing -- while simultaneously preparing beefed-up defense measures to protect key sectors.

Sefcovic will tell Wang the current imbalances are unsustainable for the EU before hosting the Chinese minister for a special dinner on Monday evening.

The EU's trade deficit in goods hit around 360 billion euros ($410 billion) in 2025, meaning the bloc imported way more from China than it exported there.

In turn, Wang will likely seek to understand how serious the EU is in threatening to deploy its trade defense armory against Beijing.

But the EU still hopes to avoid a trade war with its second-largest trading partner for goods alone, according to the European Commission -- with China making clear it will retaliate against actions it views as unfair.

Following Trump's playbook?

Europe insists on the need for a level-playing field, pointing out that Chinese firms have an unfair advantage because of massive state subsidies.

The numbers support Brussels' argument. Between 2005 and 2024, Chinese companies received around three to eight times more government support than businesses in the Organization for Economic Co-operation and Development, according to the OECD, which called it "a conservative estimate".

The EU has an arsenal of trade defense tools it can use to address the issue.

These include imposing higher tariffs if investigations prove companies are selling goods at unfairly low prices or if there is state support that gives an unjust advantage to the manufacturers.

Brussels could also slap restrictions known as safeguard measures -- including quotas -- if there is a sudden surge in imports.

New measures are likely also on the way.

The European Commission, which leads EU trade policy, is working on an instrument that would force businesses to diversify their suppliers in critical sectors like chips and rare earths.

And French President Emmanuel Macron in May proposed a European "Section 301" -- the trade tool US President Donald Trump has employed to set higher tariffs for certain sectors after investigations.

'Not enemies'

The EU has taken several measures to confront soaring imports from China including doubling its duties on foreign steel, slapping higher levies on small parcels from abroad and hefty tariffs on Chinese-made electric vehicles.

Despite growing acceptance of the need to get tougher however, Brussels has shown zero appetite for a painful trade war with Beijing.

Beijing warns it is ready to respond to any measures it believes target China.

They are not empty threats for the EU since China previously slapped duties on European cognac and conducted anti-dumping probes into pork and dairy products.

The warning weighs on EU capitals.

Germany has until recently been more cautious since it is more exposed to China's economy but the biggest supporter of a more pragmatic approach has been Spain as it seeks Beijing's investment.

Although he echoed China's retaliation warning last week, Beijing's envoy to the EU Cai Run also urged dialogue as he told a Brussels audience that the bloc and Beijing were "partners, not rivals, and certainly not enemies".

The relationship is significant for China too: the EU is its second-largest trading partner.

After dinner with Sefcovic, Wang will head to London.

Business

Oil Climbs Following Renewed US, Iran Strikes

The 'Al-Yarmouk' oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026. (Photo by YASSER AL-ZAYYAT / AFP)
The 'Al-Yarmouk' oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026. (Photo by YASSER AL-ZAYYAT / AFP)
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Oil Climbs Following Renewed US, Iran Strikes

The 'Al-Yarmouk' oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026. (Photo by YASSER AL-ZAYYAT / AFP)
The 'Al-Yarmouk' oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026. (Photo by YASSER AL-ZAYYAT / AFP)

Oil prices rose on Monday following days of tit-for-tat strikes by the U.S. and Iran that underscored the fragility of their interim peace deal and again slowed energy shipping through the Strait of Hormuz.

Brent crude futures climbed 45 cents, or 0.6%, to $72.44 a barrel at 0627 GMT while US West Texas Intermediate crude was at $70.05 a barrel, up 82 cents, or 1.2%, Reuters reported.

"There's still plenty of risk facing the oil market. Even so, participants appear to be ... focusing on what a continued recovery in oil ⁠flows would mean ⁠for the global balance," ING analysts said in a note on Monday.

"This complacency is odd and clearly leaves significant upside risk if the supply recovery proves slow."

Brent crude fell 10.6% last week, its third weekly decline, after crude shipments through the strait rose last week to their highest level since the US-Israeli war on Iran ⁠began in late February.

However, traffic has since slowed following renewed attacks on ships in the strait from Thursday that triggered strikes from the US and Iran in the worst escalation since they signed an interim peace deal.

Capping oil price gains, Iran and the US agreed to halt recent hostilities in the Gulf and renew talks regarding their dispute over the Strait of Hormuz, a US official said on Sunday.