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China - Middle East Business Update: May 2008
Dear Reader,
In this issue, please find news about the growing trade relationships between China and Dubai, Qatari Diar’s investment amounting to $3bn in China real state and China’s interest in an Iranian gas pipeline.
For any further inquiries regarding the China- Gulf News Update please contact the secretariat at info@meconsult.co.uk . Please let me know if you have any particular news items that you would like to have included in the next newsletter, I would be happy to do so. Also, if you know any individual or organization that would like to receive the newsletter in the future, please let me know.
Kind regards,
Luxi Wang Editor MEC International Ltd. Granville House, 132 Sloane Street London SW1X 9AX Fax: 020 7591 4801 Email: info@meconsult.co.uk
Dubai Chamber to host 100-member China delegation at HangZhou-Dubai Economic Cooperation Forum 3 May 2008 A 100-member delegation from the Chinese city of HangZhou will visit Dubai to meet with top tier government and business leaders of Dubai at the ‘HangZhou-Dubai Economic Cooperation Forum’. Including highly interactive industry specific seminars, the event will serve as an ideal platform for corporate decision-makers to explore investment opportunities and foster long-term trade between HangZhou and Dubai.
Al-Mady gives keynote speech at Financial Times China-Middle East Summit 6 May 2008 Saudi Basic Industries Corporation (SABIC) Vice Chairman and CEO, Mohamed Al-Mady, gave the keynote speech at the Financial Times China-Middle East Summit, held in Riyadh on May 5. Speaking on the subject of "Saudi Arabia and China: Natural Partners in the Global Economy," Al-Mady said that Saudi Arabia’s large hydrocarbon resources made the Kingdom a "natural strategic trading partner" for China’s dynamic industrial and economic growth.
China’s ICBC gets green light for Dubai subsidiary 6 May 2008 Industrial & Commercial bank of China Ltd, the world’s largest bank by market value, said on Tuesday it had won approval from the United Arab Emirates banking regulator to set up a subsidiary in Dubai.The subsidiary, which will have registered capital of $50 million, will mainly cover accepting deposits, providing credit, dealing in investments, managing assets and other businesses.
Kuwait plans $19billion refinery tender 7 May 2008 State refiner Kuwait National Petroleum Co (KNPC) plans to upgrade its Mina Abdullah and Mina Al Ahmadi refineries with up to five billion dinars ($18.73 billion). Meanwhile, Kuwait Petroleum Corp (KPC) said it will hand regulators in Beijing a feasibility study for a planned refinery joint venture in southern China within a month.
Dubai Customs welcome customs delegates from Japan, Belgium and China 7 May 2008 Dubai Customs have met with delegates from Japan, Belgium and China to search possibilities of securing support to the foresaid counties seeking their presidency seats in World Customs Organization. The visiting delegates have expressed their will of establishing a ground of co-operation and collaboration with Dubai Customs.
Kuwait’s KIA eyes more investments in China-paper 8 May 2008 Kuwait Investment Authority (KIA), which manages the Gulf Arab country’s oil-generated assets, is considering new investments in China. A delegation headed by KIA’s managing director, Bader al-Saad, will visit China next week to discuss with Chinese officials various investment opportunities in China especially in the banking, industrial and agricultural sectors, according to the report.
China showcases paradise city at ATM 8 May 2008 China’s Hangzhou Tourism Commission is the first Chinese government tourism office to attend Arabian Travel Market (ATM) and actively promote its attractions to the Middle East. Hangzhou, located in the Yangtze River Delta, is declared to be China’s most beautiful city.
Emirates gains goodwill in Guangzhou 9 May 2008 A delegation of senior executives from Emirates arrived in Guangzhou to showcase the airline and Dubai ahead of the launch of its services on 1st July. At a press briefing held earlier today, Emirates outlined its plans for Guangzhou and illustrated Emirates’ commitment and impressive plans for the city and Southern China.
Cubai World Chairman meets Qingdao Mayor 10 May 2008 Dubai World Chairman HE Sultan Ahmed bin Sulayem met Qingdao Mayor HE Xia Gang. The meeting is part of Mr. Bin Sulayem’s visit to China to review the holding company’s various projects in the region and to study the possibilities of new investments. During the meeting with Mr. Xia Gang, Mr. Bin Sulayem highlighted the strong economic ties between Dubai and Qingdao in particular and China in general.
Dubai, Hong Kong signed a deal to boost Islamic finance 12 May 2008 Dubai and Hong Kong have formed two working groups to help boost China’s special administrative region as a centre for Islamic finance in the Asia-Pacific region, UAE daily Khaleej Times reported on Monday.
China thanks Saudi Arabia for earthquake donation 16 May 2008 China expressed its thanks to Saudi Arabia for its donation of 50 million US dollars in cash and relief materials worth 10 million US dollars to the quake-hit areas. Chinese Assistant Foreign Minister Zhai Jun made the remarks at a meeting with Saudi Arabian ambassador to China Yahya bin Abdul-Kareem Al-Zaid here Friday afternoon.
DMCC signs MoU with Gems & Jewellery Trade Association of China (GAC) 18 May 2008 Dubai Multi Commodities Centre (DMCC), announced today the signing of a memorandum of understanding (MoU) with the Gems & Jewellery Trade Association of China (GAC), a national association of the gems and jewellery trade, approved by the Ministry of Civil Affairs of Peoples Republic of China (PRC), for increased cooperation towards the mutual growth and promotion of diamond and jewellery trade between both countries.
First Islamic Greater China fund to launch 19 May 2008 Mayfair Pacific Asset Management is to launch the first Shariah compliant investment product focused on Greater China. The open-ended mutual fund, denominated in US dollars, has a minimum subscription of US$100,000 and aims to raise $300m in its initial offering period.
Damas to expand in Arab countries 20 May 2008 UAE jewellery group Damas said it plans to set up manufacturing facilities in several Arab countries to support its regional expansion. The group has invested in a large jewellery factory in China. It began production in the beginning of this year and employs 600 people. China has become a major exporter of jewellery to Dubai, and some local gold companies have set up their own manufacturing units in China to benefit from lower costs of labour.
Qatari Diar to set up $3bn global fund 20 May 2008 Qatar’s $40 billion property investment arm said on Tuesday it had bought a French industrial firm for 1.5 billion euros planned to develop a $2 billion project in Hong Kong and had set up a $3 billion global fund. Qatari Diar is part of the country’s Qatar Global Fund - with other Qatari investors - of which 30% will be invested in real estate in China, Vietnam and Cambodia
GCC can benefit from China 22 May 2008 There will be a major shift in the world’s power structure as China moves up to take its place as one of the world’s two future superpowers over the next two to three decades. The tremendous business opportunities in investing in China’s march up the GDP per capita chart means that any large Gulf company with global businesses will not be able to avoid working in China over the next 20 years.
China shows interest in an Iranian gas pipeline 23 May 2008 China has said it will explore the possibility of joining the $7-billion Iran-Pakistan-India gas pipeline project. But Beijing is not yet ready to make a commitment on the issue despite invitations by both Pakistan and Iran to join the project. Pakistani President Pervez Musharraf said in Beijing last April that experts were looking at the feasibility of pumping gas to overcome the problem of land levels or raising the height of the pipeline at a point near the Khunjerab Pass.
Prince Alwaleed receives Ambassador Extraordinary & Plenipotentiary of People’s Republic of China to Saudi Arabia to discuss investment issues 23 May 2008 HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, chairman of Kingdom Holding Company (KHC), received at his office, Ambassador Extraordinary and Plenipotentiary of People’s Republic of China to Saudi Arabia, His Excellency Yang Hong Lein.During their meeting HRH Prince Alwaleed and Ambassador Lein discussed investment and economic issues, and the bi-lateral relation between their respective countries.
Dubai Aluminium aims to grow share of Asian market 25 May 2008 Aiming to consolidate and grow its presence in the Far East and ASEAN regions, Dubai Aluminium Company Limited (DUBAL) - the world’s seventh largest producer of premium quality aluminium - will participate in the Aluminium China 2008 exhibition, which takes place from 28 to 30 May 2008 at the China Import and Export Fair Pazhou Complex, Guangzhou in China’s Guangdong Province.
Near East increasingly meets the Far East 26 May 2008 Real estate, tourism and energy investments in Asia offer Gulf investors the chance to expand overseas in areas in which they already have significant experience at home, provided barriers are overcome. With the emergence of China and India and their rapidly progressing integration into the world economy, long-term investors are taking note and looking to diversify into these markets and the rest of Asia.
Non-oil foreign trade in Dubai up by 46 per cent 26 May 2008 Dubai’s non-oil foreign trade (including free zones and customs warehouses), jumped 46 per cent in the first quarter of 2008 to Dh214 billion (about $58.3 billion), against Dh146.5 billion ($39.9 billion) in the same period of 2007. India topped the list of Dubai’s direct import sources in the first quarter of 2008 with a share of 13.14 per cent worth Dh12.6 billion. China came second with Dh10.7 billion, followed by Switzerland with Dh7.2 billion.
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