SAUDI ARABIA
Saudi Vision 2030 provides mutual opportunity, says Chinese envoy
ARAB NEWS | Published — Friday 19 January 2018
Chinese ambassador to Saudi Arabia, Li Huaxin
RIYADH: The Chinese ambassador to Saudi Arabia, Li Huaxin, has said that his country considers Vision 2030 an opportunity for integration between the two countries, and that China’s Belt and Road Initiative (BRI) is compatible with it.
In a press statement, Li said that a visit to China by the Saudi justice minister and chairman of the Supreme Judicial Council, Walid Al-Samaani, represented a new round in consolidating bilateral relation.
“The two sides discussed a draft agreement for civil and commercial judicial cooperation between the two countries. This agreement is co-welcomed because the Kingdom’s Vision 2030 and its programs represent a great opportunity to deepen partnerships and commercial exchanges,” Li said.
The ambassador added that legal measures taken by the Saudi government against corruption were part of an ambitious initiative to clean up the investment environment for the benefit of all partners, including Chinese companies.
“The new steps taken by the Ministry of Justice in launching commercial courts in different regions reflect tangible evidence that the Kingdom is a state of law, and sends a message to the world that it is working to establish rights and justice in order to support the investment environment in the Kingdom,” he said.
In 2016, bilateral trade reached $43 billion.
In the cultural field, Li said that the two sides had agreed to translate 50 Saudi books into Chinese and 50 Chinese books into Arabic.
http://www.arabnews.com/node/1228841/saudi-arabia
Uranium mining in KSA (KSA is rumored to have one of the largest uranium reserves in the world) have begun in KSA with Chinese partners.
https://mobile.sabq.org/nYgFcv
Nuclear Power Saudi Arabia’ Uranium Mining began
Saudi Arabia and South Korea has agreement between them to develop the world's smallest nuclear power plant with output of 100mw.
By
admin
December 17, 2017
Saudi Arabia starts Uranium mining project
ONGOING NUCLEAR POWER TUSSLE BETWEEN COUNTRIES IN THE MIDDLE EAST IS EXPANDING WITH SAUDI ARABIA JOINING IN THE LIST.
Saudi Arabian Kingdom recently inaugurated Uranium excavation project with the help of China.
In January this year Saudi Arabia hinted at development of Uranium mining projects initiatives as part of National Transformation Project by 2030. The Arabian Kingdom already finalized Uranium mining projects in several locations.
Plan is to mine Uranium and make Saudi Arabia a self sufficient nuclear power. Saudi Arabia and South Korea has agreement between them to develop the world’s smallest nuclear power plant with output of 100mw. These one of a kind power plants can be installed in several parts of the Saudi Kingdom.
For Self reliance Saudi Arabia identified several locations in many regions of Saudi Arabia. Saudi Arabia also worked out a clear regulation systems that could control all the future nuclear power plants. As per some reports available with Defence Network team the initial goal is to achieve 80 GW of electricity generation per year as soon as possible. Later reach their ultimate goal of producing 100GW of electricity by 2030.
Saudi Electricity Company owns majority of power generation of the kingdom. Plan is in place to divide the SEC in to several companies.
KA Care – The King Abdullah Center for Atomic and Renewable Energy was intended to bring all renewable and nuclear power plant under single entity which will be responsible mega projects for the future power generations such as solar power plants and Nuclear reactors.
But it is still unclear which company will take over nuclear power generation.
Nuclear Atomic reactors requires enriched Uranium of around 5% purity. But with this same process by enriching heavy metals can produce enough material for weapons.
This is seen as a grave concern by western countries as religion enemies Iran and Saudi Arabia joining nuclear elite make matters even worse than it is today’s. But with signing of nuclear agreements with Iran and western countries, Iran agreed to put an hold on their work towards nuclear power for the next 15 years. As per the agreement Iran can enrich Uranium of below 4% purity which is enough for commercial power generation.
With this new thrust on mining Uranium Saudi Arabia will be the second country with nuclear power in the region UAE. But soon it is expected that many other countries will join the list starting from United Arab Emirates. UAE set to start its first nuclear reactors built by South Korean company. Reactor will start its operation in late 2018. UAE on its part committed itself not to enrich Uranium or reprocess the spent fuel to make them weapon grade.
Saudi Arabian Kingdom is planning to build 17 to 19 nuclear power plants by 2030. Opening up nuclear power plant manufacturing sectors to crowd king’s palaces for lucrative deals.
As per preliminary investigation reports states that Saudi Arabia has consists Uranium ore deposits of 60,000 Tones.
Why nuclear power plant?
Kingdom believes that nuclear power generations are cost effective, greener in futuristic point of view. Saudi Arabia is one of the world’s largest exporter of petroleum products. Tapping on nuclear energy or Atomic power generation is a move to diversifying its energy procurement. It is expected that Saudi Arabia will sign its first contract for two nuclear power plant by 2018. Mining of Uranium ore is seen as initiative to become self sufficient in nuclear fuel production to power their nuclear plants without any hindrance from western countries.
https://www.defencenet.in/nuclear-power-saudi-arabia-uranium-mining-began/
Old news from September 2017 but not covered in this thread;
China says its bilateral relations with Saudi Arabia have entered a new era.
Chinese Vice Premier Zhang Gaoli made a three-day visit to Saudi Arabia from August 23 to August 25. During his visit, China and Saudi signed a series of deals worth nearly $70 billion. Zhang
said that China-Saudi Arabia cooperation was going to enter a new, more robust, sustainable, and fruitful era.
China and Saudi Arabia’s relationship is getting significantly warmer recently. Days Before Zhang’ visit, Saudi Minister of Energy, Industry, and Mineral Resources Khalid Al-Faleh had just
visited Beijing and met with Zhang on August 18. In the meeting, both sides vowed to strengthen economic ties.
Soon, Zhang met Khalid Al-Faleh again in Jeddah on August 24. During the meeting, Al-Faleh revealed that China and the Kingdom had signed 60 various agreements and memoranda of understanding worth nearly $70 billion,
according to Saudi Arabian news agency SPA. China’s news agency Xinhua
said the agreements covered investment, trade, energy, postal service, communications, and media.
Enjoying this article? Click here to subscribe for full access. Just $5 a month.
Besides Al-Faleh, the two most important figures Zhang met were Saudi King Salman bin Abdulaziz Al Saud and Saudi Crown Prince Mohammed bin Salman.
The meeting with the crown prince is particularly noteworthy. As King Salman’s favorite son, Mohammed was just appointed crown prince in June 2017. As first deputy prime minister, minister of defense, and president of the Council for Economic and Development Affairs, the crown prince, 31, is the de facto person in charge of Saudi foreign policy, security and the oil industry—the country’s main source of wealth. He is also known for his ambition, or—from perspective of his critics—aggression.
Showing his ambition for the country, the crown prince in 2016 initiated a national strategy called “
Vision for 2030,” aiming to make the Kingdom a global investment powerhouse and the heart of the Arab and Islamic world while also diversifying the country’s economy, which is heavily dependent on oil.
His vision seems to match well with China’s Belt and Road Initiative, which was put forward by Chinese President Xi Jinping in 2013.
Since 2016, the crown prince has
started to pave the road to cooperating with China. In August 2016, he led a committee to Beijing, met President Xi Jinping and signed 15 agreements with his Chinese counterpart. The trip was seen as the start of a closer relationship between China and Saudi Arabia.
Thediplomat
Related thread;
https://defence.pk/pdf/threads/chin...ys-its-bilateral-relations-with-ksa-h.516410/
President praises 'friends' at Arab expo
By Wu Yunhe and Guo Shaoyu in Yinchuan | China Daily | Updated: 2017-09-07 09:00
President Xi Jinping called the Arab states "good friends" and important partners in constructing the Belt and Road in his letter of congratulations to the 2017 China-Arab States Expo.
The expo, which brings together Chinese and Arab business leaders to cooperate on science, finance, energy, agriculture, healthcare, tourism and culture, opened on Wednesday in Yinchuan, capital of the Ningxia Hui autonomous region.
The president also hailed the cooperation and achievements between the two sides.
http://www.chinadaily.com.cn/cndy/2017-09/07/content_31669637.htm
Interview: China-Saudi Arabia ties rapidly developing: Chinese Ambassador
Source: Xinhua| 2017-08-23 09:50:29|Editor: Yang Yi
by Xinhua writers Xia Yuanyi, Wang Bo
RIYADH, Aug. 23 (Xinhua) -- The Chinese Embassy in Saudi Arabia is often a hub of activity with diplomatic missions and events, evidence of ties warming up between the two countries, said Li Huaxin, Chinese Ambassador to Saudi Arabia.
"In January, 2016, President Xi (Jinping) visited Saudi Arabia and announced the lifting of bilateral ties to a comprehensive strategic partnership in a joint communique with Saudi King Salman bin Abdulaziz Al Saud. From then on, our relations have quickly developed," the ambassador said in a recent interview with Xinhua.
The West Asian country has been China's top crude oil supplier for many years straight.
Meanwhile, the latter is the former's biggest business partner, with bilateral trade reaching 42.36 billion U.S. dollars in 2016, according to Chinese official figures.
After more than 140 Chinese enterprises began tapping Saudi Arabia's markets, including in the energy, housing, construction and telecommunication industries, the "1+2+3" model has taken shape, said Li.
Specifically, the model refers to the energy industry as the core of business ties, with two supporting industries, namely infrastructure, and trade and investment, and three emerging, cutting-edge trade areas, mainly nuclear power, aerospace and renewable energy rounding out the center.
The ambassador also said that in the four years since the Belt and Road Initiative was put forward by China in 2013, Saudi Arabia has emerged as an important player along its route.
"The two partners bilaterally cooperate not only on economic and trade, but also on culture and education," Li said.
In 2013, Saudi Arabia hosted the Janadriyah Heritage Festival at the Janadriyah town, 45 miles (72.4 km) away from the capital Riyadh, in which China, as that year's "guest of honor," exhibited more than 30 traditional arts and 600-plus exquisite articles, attracting a sea of local residents.
Three years later, an exhibition titled "The Arab Road" displaying Saudi Arab's cultural relics was held at the National Museum of China, with 466 pieces of treasures on show, among which were several "Made-in-China" ceramics, tokens of the once bustling ancient Silk Road.
In March, King Salman attended the opening ceremony of the Peking University Branch of the King Abdul-Aziz Public Library during his state visit to China. The following month, China displayed some of its intangible cultural heritage in Saudi Arabia.
"The next step for the two great civilizations is to organize a Chinese Cultural Week together in Riyadh and Jeddah to promote mutual understanding through more performances and exchange visits," the ambassador said.
He added that in a bid to facilitate some young people in Saudi Arabia to learn the Chinese language and culture, the China National Office for Teaching Chinese as a Foreign Language is in talks with King Saud University about offering Chinese language classes. The university is the largest in the country.
Li says the first team of Chinese teachers will soon come to Saudi Arabia as cultural go-betweens.
"Because top leaders from both sides value bilateral ties and we are facing significant historical opportunities for development, bilateral cooperation will only go further," Li said, adding "both peoples will benefit from this progress."
http://news.xinhuanet.com/english/2017-08/23/c_136548057.htm
China, Saudi Arabia agree to build energy cooperation mechanisms
Xinhua | Updated: 2017-08-25 14:20
JEDDAH - China and Saudi Arabia agreed on Thursday to set up a package of bilateral energy cooperation mechanisms.
The agreement was reached when Chinese Vice-Premier Zhang Gaoli met with Saudi Crown Prince Mohammed bin Salman in the Saudi Red Sea resort of Jeddah during Zhang's visit to the Gulf Arab country.
Also during the talks, the two compared notes and reached broad consensus on bilateral cooperation in the fields of energy, finance and industrial capacity, among others.
They vowed to push forward a sea water desalination project using high temperature gas-cooled reactors, as well as a Chinese industry park in Saudi Arabia's southern border region of Jizan, and support the construction of a power plant in the western Saudi coastal town of Rabigh.
The two sides also agreed to promote cooperation over petrochemical projects and security matters, and enhance international coordination so as to further boost their bilateral comprehensive strategic partnership.
Also on Thursday, Zhang and Mohammed co-chaired the second meeting of a high-level steering committee, a regular meeting mechanism set up during Chinese President Xi Jinping's state visit to the Gulf Arab country last year.
The two co-hosted the first meeting of the committee in Beijing last August.
At the second meeting, the two sides agreed that the two countries have maintained close high-level exchanges, noting that Saudi King Salman bin Abdulaziz Al Saud visited China while a number of Chinese leaders have visited Saudi Arabia.
They also agreed that the two countries have made smooth progress in key projects, and signed 30 major projects over industrial capacity and investment cooperation.
Two-way trade has developed soundly with Saudi Arabia being China's largest trading partner in the region of West Asia and North Africa over the past 15 years.
Both sides pledged to strengthen coordination and communication on such multilateral platforms as the UN and the Group of 20 gatherings on major issues that concern the world system and order as well as the rights and interests of developing countries in a bid to cement strategic trust.
Beijing and Riyadh also vowed to further synergize their development strategies, and promote practical cooperation and cultural and people-to-people exchanges for shared benefits and win-win results.
They were also committed to stronger cooperation and exchanges in the fields of culture, education, health, technology, tourism and journalism.
After the meeting, the two sides signed the minutes of the meeting, and the two leaders witnessed the signing of a host of cooperation agreements involving investment, trade, energy, postal service, communications and media.
Earlier in the day, the Chinese vice-premier met with King Salman.
Saudi Arabia is the second leg of Zhang's four-nation tour which has already taken him to Kuwait. He will also travel to Sudan and Namibia.
http://www.chinadaily.com.cn/business/2017-08/25/content_31099957.htm
Wonderful news.
Over 250 deals signed at China-Arab States Expo
Source: Xinhua| 2017-09-08 14:28:25|Editor: Yang Yi
YINCHUAN, Sept. 8 (Xinhua) -- A total of 253 deals worth about 186.05 billion yuan (around 28 billion U.S. dollars) had been signed so far at the third China-Arab States Expo in northwest China's Ningxia Hui Autonomous Region.
The agreements involve agriculture and food processing, new materials, equipment manufacturing, bio-pharmaceuticals, chemical industry, textiles, industrial park construction and modern services.
The new cooperation is expected to forge closer ties between China and Arab states, and add momentum to the Belt and Road Initiative.
The expo, which kicked off Wednesday in Ningxia's capital Yinchuan and will run until Saturday, is sponsored by the Ministry of Commerce, the China Council for the Promotion of International Trade and the regional government of Ningxia.
http://news.xinhuanet.com/english/2017-09/08/c_136594315.htm
Economic Watch: China-Arab industrial cooperation gathers steam
Source: Xinhua| 2017-09-08 13:38:03|Editor: Yang Yi
YINCHUAN, Sept. 8 (Xinhua) -- Yahya Jabri, chairman of a China-Oman industrial park, is briefing investors on Oman's sound business environment at a trade and investment expo in northwest China.
"As a WTO member, we have rolled out a string of favorable policies for investment. Besides oil, we enjoy an advantageous location, a good deepwater port, and complete ship-repairing facility," Jabri says. "Goods transported via Duqm will reach 22 million tonnes in the next decade ... The country will be the gate of North Africa." Oman welcomes more Chinese entrepreneurs to set up joint ventures or solely foreign-owned businesses, he says.
Although still under construction, Jabri's industrial zone is expected to be an exemplary project in China-Arab industrial cooperation. With the foundation stone laid in April, it is designed to develop into a logistics center, commercial harbor and tourist site for the Arabian Sea, covering an area of nearly 1,200 hectares in coastal Duqm.
Investment agreements worth 3.8 billion U.S. dollars were signed between companies of the two sides.
"Total capital poured in will amount to 11 billion dollars in 10 years, and 12,000 jobs will be created for local people," Jabri says.
From the Gulf of Suez in Egypt to Jazan of Saudi Arabia, similar projects were sprouting in Arab countries. After years of stable trade in crude and other goods, the two sides have moved to channel more energy into capacity and technology transfers to forge closer economic ties and reap bigger mutual benefits.
"With huge market potential and unique natural resources, Arab economies are complementary to China," says Chen Zhou, vice president of the China Council for the Promotion of International Trade. "The new cooperation not only allows China to give full play to its competitive industries but helps Arab countries improve infrastructure and build a more sophisticated economic structure."
Abdulrahman al-Saleh, adviser to the Minister of Housing of Saudi Arabia, said he backed such cooperation as it met the needs of the country to transform the economy. Saudi Arabia released an ambitious plan last year to wean off reliance on oil, and to develop education, the arms industry, real estate and tourism.
At the ongoing China-Arab States Expo held in Yinchuan, capital of Ningxia Hui Autonomous Region, 22 contracts on industrial capacity cooperation were signed to pour 17.1 billion yuan (more than 2.5 billion U.S. dollars) into projects ranging from infrastructure to textile and food processing in countries including Oman, United Arab Emirates and Iraq.
Besides traditional projects on energy and resources, Chinese and Arab businesses have started to explore more sectors, such as chemical industry, telecommunication and manufacturing, says Li Shaotong, an official of the Ministry of Commerce.
The global drive of China's high tech sectors, including equipment manufacturing and clean energy, is promising, Chen says.
Driven by robust industrial cooperation, China-Arab investment is surging. A total of 1.1 billion U.S. dollars of non-financial direct investment was made by Chinese companies in Arab states in 2016, up 74.9 percent year on year.
China has signed agreements on industrial capacity cooperation with 37 countries around the world, including Arab countries, says Liu Xia, an official of the National Development and Reform Commission.
By the end of 2016, two Chinese policy banks had issued loans worth 110 billion U.S. dollars for overseas corporate investment along the Belt and Road, and Chinese banks had set up 62 branches in 26 countries.
Running until Saturday, the four-day biennial expo is a significant platform for China and Arab countries to bolster ties.
http://news.xinhuanet.com/english/2017-09/08/c_136594176.htm
Economic Watch: China-Arab economic ties get B&R boost
Source: Xinhua| 2017-09-07 01:18:37|Editor: Liu
YINCHUAN, Sept. 6 (Xinhua) -- According to Abdulrahman Al-Basri, very few Chinese companies worked on contract in Saudi Arabia 10 years ago. Today, Chinese workers are everywhere.
From skyscrapers to oil rigs, Chinese companies in Saudi Arabia work swiftly and cost-effectively.
"We would welcome more engineering companies from China, as well as IT and others," Al-Basri, vice president of SABIC, a Riyadh-based chemical company, said Wednesday at the business session of the ongoing China-Arab States Expo in northwest China.
The corporate executive is far from the only one encouraged by closer China-Arab ties at the gathering in Yinchuan, capital of Ningxia Hui Autonomous Region.
Running till Saturday, the four-day expo has assembled executives from over 1,000 companies and nearly 5,000 exhibitors from 31 industries ranging from transportation to big data, along with government representatives and academics. The event has been held three times since 2013, the year the Belt and Road Initiative was proposed.
Economic ties between the two sides were steady, but the Belt and Road Initiative shifted cooperation into another gear.
The expo is important to expanding cooperation, Kamal Hassan Ali, assistant secretary general for economic affairs of the
Arab League, told the opening gathering.
A total of 321 deals in science and technology, finance, energy, agriculture, health, tourism, culture and education were made during previous events, with total contract worth tens of billions of U.S. dollars.
China-Arab trade reached 171 billion U.S. dollars in 2016, and agreements on projects worth 40 billion dollars were signed between the two sides, up 40.8 percent from 2015. China's non-financial direct investment in Arab countries surged 74.9 percent.
At the junction of the Belt and Road that spans across Eurasia, Arab countries are eager to revitalize ancient trade routes,
Egyptian Trade and Industry Minister Tarek Kabil said.
Six Arab states signed agreements with China on the Belt and Road and seven are founding members of the Asian Infrastructure Investment Bank. Joint infrastructure projects were worth 46 billion U.S. dollars last year.
"The Belt and Road has created new opportunities and offers a better business environment for both Chinese and Arab companies," said Ding Hongxiang, vice president of China National Machinery Industry Corporation (Sinomach), a Fortune 500 company.
Entering Arab markets more than 30 years ago, Sinomach has a solid presence there, with infrastructure projects ranging from power plants to schools and hospitals. Projects valued at 3.8 billion U.S. dollars are still in progress.
Chinese firms have channeled investment and production capacity that is badly needed for the industrialization of Middle East, Kabil said.
"We hope to attract Chinese businesses to build industrial parks... to help the development of textile, furniture, electronics and chemical industries," Kabil said, promising favorable measures including tax breaks and shortened approval procedures.
http://news.xinhuanet.com/english/2017-09/07/c_136589764.htm
Xi sends letter of congratulations to China-Arab States Expo
Source: Xinhua| 2017-09-06 14:27:15|Editor: Yang Yi
YINCHUAN, Sept. 6 (Xinhua) -- Chinese President Xi Jinping has sent a letter of congratulations to the China-Arab States Expo, which opened Wednesday in Yinchuan, capital of northwest China's Ningxia Hui Autonomous Region.
Noting that China and the Arab states are "good friends," Xi said the two sides had become important partners in the construction of the Belt and Road.
He also hailed the ever broader cooperation and achievements between the two sides.
Xi said the Arab world actively responded to and widely supported his proposal that the Belt and Road should be built as a road of peace, prosperity, opening up as well as innovation, and one that connects different civilizations, during the Belt and Road Forum for International Cooperation, which was held in Beijing this May.
The expo is an important platform for China and Arab countries to expand cooperation, he said.
During the construction of the Belt and Road, China is willing to promote shared opportunities with other countries, including the Arab states, and jointly promote peace with them, Xi added.
http://news.xinhuanet.com/english/2017-09/06/c_136588545.htm
Why China sets an example for Saudi’s MSCI inclusion
China’s inclusion in MSCI’s main indices can provide lessons for Saudi Arabia
Finance
Investors across the Middle East are trying to figure out how many billions of dollars will flow to Saudi Arabia’s traded companies if it is eventually included in the MSCI Emerging Markets index, following MSCI’s recent move to add the kingdom to its watch list for a potential upgrade in 2018.
Earlier this year, Arqaam Capital estimated inflows of approximately $10.6bn into the Saudi market as a result of MSCI inclusion. Globally, more than $1.5 trillion in assets are benchmarked by money managers to the MSCI Emerging Markets Index family.
A good direction to look for indicative results is further east. MSCI’s decision to include mainland China shares in its main indices in the same review earlier this year is a minor tremor in the global investment landscape, but bigger seismic activity could come later.
Chinese domestic equities – A shares – will account for just over 0.7 per cent of the MSCI Emerging Market stock index when they enter the benchmark in the middle of next year.
In the near term, that doesn’t add up to a dramatic shift in global equity portfolios. But over the long run, it could be that the decision proves as transformative for the international capital markets as China’s 2011 inclusion in the World Trade Organisation (WTO).
In endorsing Beijing’s efforts to open up China’s securities to foreign investors, the MSCI could facilitate the country’s climb to the top tier of global financial markets in a number of ways.
For one thing, market reforms in the world’s second largest economy can now be expected to gather pace. The recent launch of a direct trading link between Shenzhen and Hong Kong exchanges and a reduction in trading suspensions are the beginning of what we believe will be a much deeper financial and regulatory overhaul.
What’s more, the emergence of an open and efficient stock market could help put the Chinese economy on a more sustainable footing by encouraging domestic firms to use equity as a source of finance rather than debt. As things stand, corporate borrowing amounts to an eye-watering 156 per cent of GDP in China. This ought to give international investors even greater confidence in Chinese securities.
In Saudi Arabia, a similar story is unfolding. The government is already undertaking dramatic privatisation efforts to wean the Kingdom off oil, spearheaded by the Saudi Vision 2030 economic plan, and characterised by the upcoming listing of Saudi Aramco – expected to be the world’s largest IPO.
Inclusion of the kingdom’s stock exchange – the Tadawal – to the MSCI would further improve financial regulatory standards and give international investors greater confidence in Saudi securities.
Saudi Arabia is already making quick progress. In September 2016, a new version of rules supporting an increase in Qualified Foreign investors was implemented. This was followed by a series of progressive new legislation in 2017 including spinning off the central securities depositary to a new independent wholly owned subsidiary, and launching a public consultation on the proposed new market operating model.
There are, of course, no guarantees when it comes to reform.
China’s change programme is ambitious yet complex and unlikely to progress smoothly. Currently, around two thirds of Chinese listed companies are part owned by the state in some shape or form, while governance standards do not compare favourably with those of developed economies.
Similarly in Saudi Arabia, such a ‘promotion’ would require the government to further relax its control on the market and significantly improve governance levels. This move may be tricky since many of the country’s largest companies, and particularly Saudi Aramco, are closely integrated with the state.
It would, however, boost Saudi Arabia’s global economic stature, placing it in good stead to achieve its Vision 2030. It may even attract investor interest to markets across the Middle East and North Africa ahead of the planned share sale of Saudi Aramco.
James Kenney is senior investment manager at Pictet Asset Management
http://gulfbusiness.com/china-sets-example-saudis-msci-inclusion/
Saudi, Chinese firms bag contract for final phase of Dubai solar park
Visitors look at screens displaying images of the Mohammed bin Rashid Al-Maktoum Solar Park on March 20, 2017, at the solar plant in Dubai. (AFP)
AFP, Dubai Saturday, 16 September 2017
Dubai on Saturday announced the award of a $3.8-billion contract for the final phase of a solar park aimed at generating 5,000 megawatts of electricity by 2030.
The local government said the contract for the fourth and final phase went to Chinese conglomerate Shanghai Electric and
ACWA Powerof Saudi Arabia.
The solar park named after Dubai’s ruler, Sheikh Mohammed bin Rashed Al-Maktoum, went online in 2013 and the final phase is to be launched in stages from 2020, bringing the overall cost to $13.6 billion.
Dubai, which has dwindling oil reserves unlike Abu Dhabi, a fellow member of the United Arab Emirates, has set a target of 2050 to produce 75 percent of its electricity needs from renewable energy sources.
Abu Dhabi, the UAE capital, is building four nuclear power plants, each with a 1,400-megawatt capacity, the first of which is scheduled to launch operations in 2018. The overall costs are put at more than $25 billion.
The UAE has announced it plans to invest a total of $163 billion in projects aimed at supplying the country with almost half of its energy needs from renewable sources.
Last Update: Saturday, 16 September 2017 KSA 17:45 - GMT 14:45
https://english.alarabiya.net/en/bu...-contract-for-final-phase-of-solar-park-.html
Saudi and Chinese businesses join forces on Egyptian solar projects
Anmar Frangoul
Published 7:07 AM ET Wed, 17 Jan 2018 CNBC.com
Kazzaz Photography | Moment | Getty Images
Saudi Arabia's ACWA Power has awarded an engineering, procurement and construction contract to China's Chint Group for three solar photovoltaic power plants in southern Egypt.
ACWA Power, which develops both power and water desalination projects, said that the total investment value of the projects was $190 million, and that they would have a total capacity of 165.5 megawatts. The contract for the deal was signed Tuesday at the World Future Energy Summit in Abu Dhabi.
ACWA Power President and CEO Paddy Padmanathan said the deal represented the company's first investment in Egypt.
The projects' construction will begin in the first quarter of 2018, with operations slated to commence in the fourth quarter. ACWA Power said that the facilities would power 80,000 homes and save 156,000 tons of carbon dioxide annually.
Chint Solar CEO Chuan Lu described Egypt as a "growing market where significant change is happening in the renewables industry."
China seems to be forging an ever-closer relationship with renewable energy in Egypt. Last September, for example, the Beijing-headquartered Asian Infrastructure Investment Bank announced as much as $210 million in debt financing in order to "tap" the renewable energy potential of the country.
https://www.cnbc.com/2018/01/17/sau...s-join-forces-on-egyptian-solar-projects.html