China Presents Comprehensive Vision And Signs Deal To Strengthen Cooperation With Arab Countries

  • 3 minute read
President Xi Jinping: Beijing’s ties with the Arab world can be a model for strengthening global governance. In a speech on Thursday during the China-Arab Cooperation Forum in Beijing, Xi said that “China will take Arab countries as good partners to make our relations a model for maintaining global peace and stability.” And included artificial intelligenceGreen technology and finance as open sectors for greater collaboration.
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Identify the Chinese leader Xi Jinping a range of areas, such as finance and technology, that his country can use to enhance cooperation with Arab countries, which confirms Beijing’s quest to gain greater influence in the Middle East.

Xi also touched on the Gaza war, saying: “War should not continue indefinitely, nor should justice be absent forever.” He reiterated China’s support for Palestine’s membership in the United Nations and holding a peace conference to help end the war with Israel.

Chinese investments in the region are accelerating

China has intensified its diplomatic efforts in the Middle East in recent years. In 2023, Beijing brokered a surprising agreement between Kingdom of Saudi ArabiaAnd Iran, the two largest competing countries in the Islamic world. This detente has endured even amid tensions resulting from the Gaza war, and there are signs that it has been followed by an acceleration in investment between China and the Middle East.

announced a group Lenovo (Lenovo Group), based in Beijing, on WednesdayTransaction to sell convertible bondsWith a value of two billion dollars for the Saudi sovereign wealth fund, and building research and production facilities in the Kingdom. The state oil company is conducting Aramco Saudi ArabiaTalks to buy shares worth $1.5 billion in a Chinese petrochemical company, while Chinese automaker FAW Group is involved in efforts to manufacture electric cars in Egypt.

UBS analysts estimate that China’s growing relations with the Middle East could add more than $400 billion to global energy-related trade by 2030.

The heads of state of Egypt and the United Arab EmiratesBahrain and Tunisia. The talks may focus on fast-growing trade and investment, and regional security concerns amid the simmering war between Israel and Hamas.

Beijing is strengthening its political influence

While the Biden administration supports Israel in this conflict, China supports an immediate ceasefire and recognition of the State of Palestine. This alliance with Arab countries helps Beijing strengthen its political influence in countries that until recently viewed China primarily as an economic partner, and gain new allies in its global competition for influence with the United States.

Xi alluded to that broader campaign in his speech on Thursday, saying his country’s relations with Arab countries could be “a model for promoting good global governance.” He also believes that China and the Arab countries are working together “to accomplish their historic tasks of renewing national renaissance and national development more quickly.”

In confirmation of China’s pursuit of closer relations with Middle Eastern countries, Xi informed his Egyptian counterpart Abdel Fattah El-Sisi during his visit to Beijing that his country is ready to deepen economic and commercial investment in Egypt, according to the China News Agency (Xinhua). China also intends to boost industrial investments in Egypt in areas including the manufacture of electric cars and solar panels.

The Palestinian envoy to China, Fariz Mahdawi, spoke on the sidelines of the forum, and described Beijing as a friend of almost all countries in the region. He added: “It has no problem with anyone, unlike our American friends, unfortunately. I’m sorry to say that, but this is what makes China more qualified to play a constructive, positive, non-controversial role.”

China’s relations with the Gulf countries

China gets more than a third of its crude oil needs from the six members of the Gulf Cooperation Council, with the largest share coming from Saudi Arabia.

In terms of total trade, the UAE has become a larger trading partner of China, even if its economy is only half the size of Saudi Arabia.

The UAE plays a “key role in the Belt and Road Initiative” – ​​Beijing’s global infrastructure project – and has more than 6,600 Chinese trademarks registered in the country, Bloomberg Intelligence reported last week.

The UAE also received about $12 billion in direct Chinese investments, four times what Saudi Arabia received, according to official Chinese data available until the end of 2022.

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Deputy editor for markets and financial services, EMEA for Bloomberg.

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Africa’s Dangote To Invest $16 Billion To Create 180,000 Jobs In Four Years

  • August 11, 2024
The President of Dangote Group, Alhaji Aliko Dangote, said the group would invest 16 billion dollars to create various businesses in Nigeria and other African countries in the next four years. Dangote made this known on Thursday in Abuja at the plenary of the ongoing World Economic Forum (WEF) on Africa. Dangote said that the investment programme would translate into creation of no fewer than 180,000 jobs in Nigeria and the continent.
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