MUST-READS

• Saudi Aramco sees ‘sound’ oil outlook for H2 on China, India demand

  Saudi Aramco (2222.SE) believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday. But other executives at the Energy Asia conference in Kuala Lumpur were divided, with Malaysia state oil firm Petronas reporting a slowdown in demand for petroleum and petrochemicals in the second quarter and growing refinery capacity putting pressure on the market.

• Saudi-Iran Deal: A Test Case of China’s Role as an International Mediator

  The United States has long maintained its political power and influence in the Middle East; however, the increasing Chinese foothold in the region is changing this matrix. The clash of their interests, influence, and—more certainly—quests to play a more influential role in the region in terms of diplomacy and economic security is changing the geopolitics of the Middle East. In this regard, the Saudi-Iran deal brokered by China—an equivalent to the US-led Abraham Accords to strengthen peace in the Middle East—is yet another manifestation of the great power rivalry between Beijing and Washington. Interestingly, the global rift between Washington and Beijing is widening, but the tensions between the ‘rivals’ in the region are de-escalating. From Israel and the Arab States under the Abraham Accords, to now, with the peace agreement between Saudi Arabia and Iran, it is increasingly imperative to assess China’s growing influence in the Middle East in contrast to US’s long-held dominance in the region.

• Saudi’s US$700 billion wealth fund is a fan of Alibaba, Pinduoduo, Flat Glass stocks as Middle East-China ties spur new deals

  The sovereign wealth fund has amassed more than US$1 billion worth of stakes in at least five companies including Alibaba Group Holding, the owner of this newspaper, rival e-commerce operator PDD Holdings, and biotech firm BeiGene, according to US and Hong Kong exchange filings.

• US can’t yet compete with China on EVs, Ford chairman tells CNN

  "They developed very quickly, and they developed them in large scale. And now they're exporting them," Ford told CNN's 'Fareed Zakaria GPS' Sunday program. "They're not here but they'll come here we think, at some point, we need to be ready, and we're getting ready," Ford said. In February, the automaker announced plans to invest $3.5 billion to build an electric vehicle battery plant in Michigan in a deal which involved using technology from Chinese battery company CATL (300750.SZ), attracting attention from U.S. Senator Marco Rubio who asked the Biden administration to review the deal.

• Saudi Arabia Deepens Energy Ties With China

  Saudi Arabia has long had deep ties with the East and the West thanks to its strong position in the international energy arena. The Kingdom has been an oil and gas superpower for decades and is now focusing its attention on the development of its green energy capacity, to lead in the world of renewables. But as it goes forward, it will have to decide on which international energy partners its wants to maintain and who it wants to compete with. China, a superpower in pretty much every energy source, is one such power. Over the last year, Saudi Arabia has been deepening its ties with the Asian giant, with greater collaboration suggesting a long-term energy partnership.

• China’s economy slows in May, more stimulus expected

  China's economy stumbled in May with industrial output and retail sales growth missing forecasts, adding to expectations that Beijing will need to do more to shore up a shaky post-pandemic recovery. The economic rebound seen earlier this year has lost momentum in the second quarter, prompting China's central bank to cut some key interest rates this week for the first time in nearly a year, with expectations of more to come.

• China and Saudi Arabia are part of a multipolar world order: Minister

  Saudi Arabia sees China as a key partner in a multipolar world — with the two countries expected to only come closer as their common interests grow, Saudi Minister of Investment Khalid Al-Falih told CNBC. “This is, in a way, a multipolar global order that has emerged — it’s not emerging. China is a significant player in it,” Al-Falih told CNBC’s Dan Murphy during the Arab-China Business Conference in Riyadh Tuesday, now in its 10th year. A multipolar world in this context signifies a global system that isn’t dominated by the West or defined as a struggle between two major powers, as it was during the Cold War.

• Opinion: China’s Saudi-Iran Deal Hasn’t Produced Regional De-escalation

  In the span of just a week in late April and early May, Iranian forces seized two oil tankers; according to U.S. officials, Iran has harassed, attacked, or interfered with 15 internationally flagged commercial ships over the past two years. Tehran seems to be responding to U.S. sanctions enforcement, calculating that shipping—any shipping—in the Gulf is fair game. One of the tankers it took was steaming between Emirati ports in Dubai and Fujairah, even as the United Arab Emirates has normalized ties with Iran. That does not seem like de-escalation, does it?

• Saudi Arabia pays no heed to criticism over growing ties with China

  “Saudi Arabia’s global approach is we don’t have to be engaged in a “zero sum” game. We believe that there are many global opportunities.” He added: “Our geographical position enables us to reach out to many parties and being engaged and involved with everybody.” “We don’t have to be facing any choice which has to be “either with us or with the others,” the Saudi minister said.

• Saudi Arabia makes final preparations for 10th Arab-China Business Conference

  Saudi Foreign Affairs Minister Prince Faisal bin Farhan will open the 10th Arab-China Business Conference in Riyadh on Sunday, June 11. The theme for the two -day event, held under the patronage of Crown Prince Mohammed bin Salman, is “Collaborating For Prosperity,” and its aim is to support and promote strategic collaboration in the fields of economics, commerce and investment that benefits Arab nations and China.

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