MUST-READS

• Diriyah Company awards $202M excavation contract to China

  Diriyah Company, the visionary Saudi mixed-use developer transforming “The City of Earth,” has awarded a $202.2 million contract to China Harbour Engineering Company (CHEC) for bulk excavation works within the second phase of the ambitious Diriyah project. Spanning approximately 6.3 square kilometres of the 14 square kilometre development, this phase is a cornerstone in bringing Diriyah’s integrated urban master plan to life. The project features more than 40 hotels, arts districts, museums, and world-class sporting venues, including the Royal Diriyah Opera House and the 20,000-seat Diriyah Arena. This groundwork will enable the seamless construction of the planned cultural and entertainment landmarks, paving the way for Diriyah to become a premier live-work-play destination on the outskirts of Riyadh.

• Saudi Oil Supply to China Set for Three-Month High in January

  Saudi Arabia is expected to ship in January the highest crude oil volumes to China in three months, after the world’s top crude exporter cut its prices for Asia for next month, trade sources told Reuters on Thursday. Saudi Arabia plans to ship a total of 46 million barrels of crude oil to the world’s largest crude importer in January, the highest volume since October. January deliveries will be significantly higher than the 36.5 million barrels expected to be shipped from Saudi Arabia to China in December. This month will see a second consecutive month of lower Saudi deliveries to China.

• Saudi Arabia and China sign 24 agreements to enhance economic cooperation

  Saudi Arabia and China have signed 24 agreements aimed to further enhance economic cooperation between the two countries. The agreements were signed on the sidelines of the Saudi-Chinese Business Council Forum, which was held in the presence of the visiting Minister of Health Fahd Al-Jalajel in Beijing. The forum emphasized the importance of strengthening economic partnerships and expanding cooperation horizons to achieve common interests and the future vision that brings the two countries together. Addressing the forum, Al-Jalajel said that the partnership between the Kingdom and China is deep and is embodied in the shared commitment to advancing global health and addressing global health challenges. "Our discussions today highlight our cooperation, especially in the field of encouraging innovation and creativity in the field of biotechnology and robotic technologies, and localizing the healthcare industry to ensure flexibility and sustainability," he said.

• China’s ties with Saudi Arabia buoyed by green tech

  Bilateral trade has for many years been almost totally dominated by Chinese purchases of Saudi oil. But now, Chinese exports to Saudi Arabia are tracking towards a record high, at $40.2bn in the first 10 months of the year, up from $34.9bn for the same period last year, according to Chinese government data. China has also become the kingdom’s largest source of greenfield foreign direct investment, with investments from 2021 to October this year totalling $21.6bn, about a third of which were in clean technologies such as batteries, solar and wind, according to investments tracked by fDi Markets. This compares with $12.5bn from the US, the next highest.

• After decades, China sputters as engine of global oil demand growth
  China's crude oil imports are on track to peak as soon as next year as transport fuel demand begins to decline for the world's top crude buyer, ending the country's decades-long run as the dominant driver of expanding oil consumption. The speed of its transition to electric mobility has stunned oil producers and investors. No single market is positioned to replace Chinese demand, which has made up 41% of annual global oil consumption growth averaging 1.1 million barrels per day (bpd) over the past three decades, according to the Statistical Review of World Energy. EV and hybrid sales in China topped combustion engine vehicle sales for the first time in July, eating into China's need to import crude for refiners to make gasoline, with prolonged economic weakness also slowing overall oil consumption.

• The Role of the Middle East in the US-China Race to AI Supremacy

  Artificial intelligence (AI) is a pivotal catalyst for global innovation, with the United States at the forefront of the development of this transformative technology amid its ongoing great power rivalry with China. However, a notable concern has emerged: the absence of an explicit conception of AI supremacy that threatens to undermine the US' long-term AI strategy. The notion of AI supremacy traditionally has been difficult to define, paralleling disputes about whether competition over AI is a “race.” This report thus aims to accomplish two objectives: first, to define AI supremacy and anchor this concept in the realities of the AI competition thus far; and second, to revise the US' AI strategy in accordance with a more comprehensive understanding of AI supremacy.

• Opinion: Better offer needed if the US wants to pull Saudi Arabia away from China

  Even outside of the oil and gas sector, Sino-Saudi trade is booming. Recognizing that China is a leading player in renewable energy—of utmost importance if Riyadh is to realize its economic diversification agenda—the Kingdom has been trying to align Vision 2030 with the Belt and Road Initiative by attracting Chinese investors and investing in China. In 2016, China became the largest foreign direct investor in the region, and China last year emerged as Saudi Arabia’s largest greenfield foreign direct investor. Meanwhile, the Kingdom’s sovereign wealth fund—the Public Investment Fund (PIF)—which previously had never invested in China, has signed agreements with six Chinese banks worth 50B USD this year. PIF is now also poised to set up offices all across China. In light of this new reality, the incoming Trump administration would be hard pressed to make a better counteroffer. This is particularly given that the US has gone from being a customer of Saudi Arabia to a competitor on global oil markets. The ‘Shale Revolution’ has turned America into the world’s largest producer and third largest exporter of crude.

• Perspective: Is Saudi Arabia’s Opening Like China’s? Yes and No

  Foreign fund managers have likened Saudi Arabia’s 2016 opening to China’s. I don’t think that’s quite fair, because Saudi is already a developed country in terms of infrastructure. Its roads are well-built and its malls are full of American chain stores – nothing like the 1980s China I knew. What we saw was an open, friendly nation that welcomed visitors. We blended in as well as any foreigners would in Abu Dhabi or Dubai, and we didn’t spot the much-feared religious police. In Medina, we accidentally roamed into the courtyard of the Prophet’s Mosque, not knowing that it was for Muslims only. When a policeman asked us to leave, his tone was apologetic.

• China Telecom Global launches operations in Saudi Arabia

  China Telecom Global has officially kicked off operations in Saudi Arabia with the launch of new subsidiary China Telecom Gulf, which has already secured its first cooperation agreements with local telcos STC and state-owned BTC Networks. China Telecom Gulf said it will leverage its experience with 5G, cloud computing, AI, and other fields to provide digital products and services to Saudi enterprises, institutions, and consumers. The telco also said it will work closely with Saudi government departments, enterprises, and partners to develop local digital infrastructure.

• Saudi Arabia, China, Iran meet to advance Beijing Agreement

  The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement was held in Riyadh on Tuesday, the Saudi Press Agency reported. Saudi Deputy Foreign Minister Waleed bin Abdulkarim Elkhereiji chaired the meeting, with Vice Foreign Minister of China Deng Li and Iran’s Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi present. The Saudi and Iranian representatives reaffirmed their commitment to fully implementing the Beijing Agreement and strengthening neighborly relations through adherence to the UN Charter, the Charter of the Organization of Islamic Cooperation, and international law, emphasizing respect for sovereignty, independence, and security.

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