Contracts worth $2.93bn signed at Taif Investment Forum
Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been signed at Taif Investment Forum by Saudi companies and Chinese and Korean counterparts. The contracts stipulate, among others, the establishment of the first phase of the space science fiction city...
Global stock markets slip as European banks’ shares hit
The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese trade data. Analysts warned that while the US economy remained in rude health after more than a year of rate hikes, fears of recession remained.
Travel industry looks to Chinese tourists to cap post-Covid rebound
Jet makers, airline executives and hotel tycoons at this week's Qatar Economic Forum spoke of an apparently insatiable demand for travel. Chinese tourists, now unshackled from Covid-19 restrictions, will complete the boom, they said. The northern hemisphere summer travel season is expected to send airline traffic back to levels last...
Evergrande signs restructuring agreement with international creditors
Hong Kong, China--Chinese property developer Evergrande said it has entered into a restructuring agreement with a group of international creditors, in what could be a breakthrough deal toward easing the developer's massive debt. Once China's largest real estate company, Evergrande was found in 2021 to be drowning in more than $300...
Algerian, Chinese firms announce $7 billion phosphate mining deal
Four Algerian and Chinese firms announced a nearly $7 billion deal on Tuesday to relaunch a phosphate mining project set to produce millions of tons of fertilizer annually. Under the new deal, Algeria's Asmidal, a subsidiary of state oil firm Sonatrach, and mining firm Manal agreed with Chinese firms Wuhuan...
Ukraine invasion shows democracy is shaking: Artist
What Ai Weiwei calls the current "crisis of human rights and freedom of speech" is portrayed in a life-size replica of the cell where he was held after his 2011 arrest by the Chinese police.
Chinese companies threatened with delisting on Wall Street
Five Chinese companies have been ordered to comply with audit requirements by the US Securities and Exchange Commission (SEC) or face delisting from Wall Street. The initial group of companies named on a list published by the SEC on Thursday, could soon be followed by all Chinese companies listed in...
Pakistan’s Fatima Group inks $1billion deals at Expo with Chinese, Saudi firms
Fatima Group, a Pakistani industrial conglomerate, has signed two MoUs of over $1 billion with two key global agriculture stakeholders – China Machinery Engineering Company (CMEC) from China and Sarh Attaqnia Co. (SAC) from Saudi Arabia at Expo 2020. A formal signing of the business partnership was held at the...
US bans Xinjiang imports, forcing firms to navigate sticky diplomacy
The new law bans the import of all goods from the region unless companies offer verifiable proof that production did not involve forced labor.
Algeria begins Sinovac Covid-19 vaccine production
Prime Minister Aimene Benabderrahmane, who attended the launch of the production process at a factory in the eastern city of Constantine, called it a "big achievement". Production could be doubled in the North African nation if needed, officials said.
Huawei to invest $15m in Middle East to widen cloud services market
Huawei, the Chinese tech giant, will invest $15 million across the Middle East during the next three years in order to widen its cloud services market in the region.
Ajman Chamber, China’s Dahua explore tech investment opportunities
The two discussed opportunities for cooperation to support multinational companies in the Emirate of Ajman
UAE children aged 3-17 to receive Chinese Sinopharm vaccine
The UAE has decided to inoculate children between the ages of 3 and 17 with Chinese Covid-19 vaccine Sinopharm. Children between 12 and 15 are aleady being inoculated with the Pfizer vaccine.
Algeria to manufacture Chinese Sinovac vaccine
Even as Sinovac will become the second Covid-19 vaccine to be manufactured locally in the country, only 10 percent of the 44 million population has been inoculated in nearly six months of the vaccination drive.
Qatari investor in Deutsche Bank feels European banks should merge
*Sheikh Hamad feels it is the only way to take on US and Chinese globally *He is one of the German lender’s largest shareholders Qatari investor in Deutsche Bank AG, Sheikh Hamad bin Jassim bin Jabor Al Thani, has appealed to European financial services to merge in order to take...