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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

      Top 10 listed companies in the Middle East

      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          UAE sends medical aid to Iraq to fight COVID-19

          UAE launches phase III trial of inactivated Covid vaccine

          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Trending Tags

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            • Business
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            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
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              • Power & Electricity
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Iran-China H1 Trade Up 31% to $18 billion

              Financial Tribune

              July 31, 2017
              in Trade
              0
              China has traditionally been Iran's biggest trading partner. The Joint Comprehensive Plan of Action, the official name of the nuclear deal Iran signed with world powers, including China, in 2015, gave a further boost to bilateral economic relations.
               
              Bilateral trade grew 31% during the first half of 2017 compared with last year's corresponding period to reach $18 billion, Iran-China Chamber of Commerce cited data from Chinese customs department.
               
              According to the report, China's exports to Iran saw a 23% year-on-year increase during the period, rising from $7.2 billion to $8.8 billion.
               
              Iran's exports to China rose from $6.5 billion to $9.2 billion, registering a year-on-year increase of 40%. Oil was the main commodity exported by the Islamic Republic to the Republic of China.
               
              China is the top importer of Iranian oil and non-oil commodities.
               
              Iran exported 14.8 million tons of non-oil commodities worth $3.61 billion to China during the six-month period, up by 4.2 million tons in volume and $970 million in value YOY.
               
              Last fiscal year (March 2016-17), China imported 37.7 million tons of Iranian goods worth $8.17 billion, up 9.1% compared with the year before and exported $10.73 billion worth of commodities in return. Since Iran's overall non-oil foreign trade stood at $87 billion, trade with China accounted for more than one-fifth (21.72%) of Iran's total commercial exchanges with other countries last year.  
               
              Latest statistics on Iran's foreign trade provided by the Islamic Republic of Iran Customs Administration show Iran exported $2.84 billion worth of non-oil goods to China and its imports reached $3.49 billion during the four months of the current Iranian year (started March 21).
               
              Major Investor
               
              "Iran-China trade has been developing since JCPOA. China is not only Iran's biggest trade partner now but also one of the major investors in our country," Iran’s Ambassador to China Ali Asghar Khaji told IRNA, referring to China National Petroleum Corporation's 30% share in the $4.8b-contract involving Iran, France and China to develop Phase 11 of the giant South Pars Gas Field.
               
              Last week, China signed a contract with Iran to finance the electrification of a 926-km railroad from Tehran to the northeastern city of Mashhad in Khorasan Razavi Province with a $1.5 billion loan. This was the first foreign financing in an Iranian project post JCPOA.
               
              As per the agreement signed between the two sides in Tehran on Tuesday, the guarantee for the loan, which is to be granted by Exim Bank of China, will be provided by Iran’s Bank of Industry and Mine. The electrification project will be carried out by China National Machinery Import and Export Corporation, otherwise known as CMC. The project is expected to take four years to complete.
               
              "China Exim Bank has financed 26 projects in Iran to date," Sun Ping, vice president of Exim Bank of China, was quoted as saying by IRNA on the sidelines of the signing ceremony for the financing deal in Tehran, adding that $8.5 billion worth of loans have so far been granted by the bank to fund Iranian projects.
               
              Tehran-Mashhad railroad is a strand of the so-called New Silk Road–a 3,200-kilometer railroad project that ultimately sees Urumqi, the capital of China's western Xinjiang Province linked to the Iranian capital Tehran, connecting Kazakhstan, Kyrgyzstan, Uzbekistan and Turkmenistan along the way. The idea was first proposed by chief engineer of China Railway Corporation He Huawu in late 2015, just before international sanctions imposed on Iran over its nuclear program were lifted in January 2016.
               
              From Tehran, the grand project will join Iran’s east-west network leading to Turkey and eastern Europe. It could also open a way to Europe via a developing rail route from southern Iranian ports to Azerbaijan and Europe.
               
              The so-called Belt and Road initiative–a mega project that seeks to connect Asia, Europe, the Middle East and Africa–put forward in October 2013 by Chinese President Xi Jinping, includes several corridors through land and sea, including the New Silk Road rail route.
               
               Beyond Trade
               
              Khaji believes Iran-China ties are stronger than ever in all fields and the sides are in complete accord regarding bilateral, regional and international issues.
               
              A Chinese delegation is scheduled to visit Iran to attend the inaugural ceremony of the second presidential term of Hassan Rouhani on August 5.
               
              In May, IRNA reported that Iran’s trade with China registered a 70% growth under the government of President Hassan Rouhani, rising from $45 billion during the administration of former president, Mahmoud Ahmadinejad, to over $76 billion (from August 2013 when Rouhani took office to the time the report was published).
               
              Aside from economic and political relations, Iran and China continually look for developing bilateral cultural ties as well. China has invited Iran as the guest of honor to the 24th Beijing International Book Fair scheduled for 23rd to 27th August.
               
              According to Khaji, some 50 Iranian writers, publishers and artists are expected to attend the event.
               
              Iran's Film Week will be held in late August at the China National Film Museum with the screening of Iranian films.
               
              Financial Tribune
              July 31
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