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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

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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

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    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

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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

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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            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

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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

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

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                UAE launches phase III trial of inactivated Covid vaccine

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                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

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                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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              China’s ‘Belt and Road’ offers Middle East opportunities galore

              Ameinfo

              June 19, 2017
              in Economy
              0
              With an eye on expanding its economic prowess, which could in turn fuel its global agenda, China has been investing billions of dollars on infrastructure development around the world.
               
              The latest pledge of $124 billion was announced at the ‘Belt and Road’ Summit in Beijing in May. Focusing on trade, telecommunication and infrastructure connectivity and cooperation, the plan is oriented to reviving the ancient Silk Road project linking China to Persia and the Arab world.
               
              The 2013 initiative (also known as One Belt One Road or OBOR) involves the land-based ‘Silk Road Economic Belt’ and the sea-based ‘21st Century Maritime Silk Road’. Together, the routes cover more than 60 countries across Asia and Europe via Southeast Asia, South Asia, Central Asia, West Asia and the Middle East.
               
              Given the scale of the plan (at least $2 trillion) and its expansive reach, the plan offers interesting opportunities for the countries in the Middle East.
               
              To fund this ambitious project, China instituted the New Silk Road Fund with $40 billion and the Asian Infrastructure Investment Bank (AIIB) contributing $100 billion.
               
              The AIIB board includes representatives from Saudi Arabia and Iran. Further, the AIIB provided $300 million finance in 2016 to expand Oman’s Duqm Port and to kick-start the Sultanate’s first railway system.
               
              These developments must be seen in the context of Beijing unveiling its first ‘Arab Policy Paper’ in 2016, which set out the country’s development strategies with Arab countries to ensure a win-win situation.
               
              Soon after, President Xi Jinping toured the Middle East. By visiting Saudi Arabia, Iran and Egypt, especially during the height of the Riyadh–Tehran feud, Beijing demonstrated that the region is part its strategic focus.
               
              This led many to wonder if these moves indicated a ‘Chinese pivot’ to the region.
               
              Motivating the newfound interest in the region is the fact that China’s trade with the Middle East surged by a whopping 600 per cent during the 2004-2014 period.
               
              In 2015, China surpassed the United States as the world’s top importer of crude oil. More than half the 6.2 million barrels per day of crude that China imports is extracted in the Middle East.
               
              As a way of enhancing this synergy, the Arab Policy Paper stated that China and Arab countries will adopt a three-pronged strategy – one, energy cooperation as the core infrastructure; two, construction and trade and investment facilitation; and three, innovative technologies in nuclear energy, space satellite and renewable energy.
               
              As a result, although not directly along the Belt and Road routes, the Gulf Cooperation Council (GCC) countries could harvest high stakes in the project.
               
              The GCC countries possess high quality infrastructure, especially seaports and airports, which could serve as facilitators for the initiative. The GCC countries could also benefit from joint investment in infrastructure projects in some of the countries that are part of the initiative.
               
              Saudi Arabia has welcomed China’s attempt to revive the ambitious ancient trade routes since it complements the Kingdom’s equally ambitious Vision 2030.
               
              Given that a substantial part of China-UAE trade is re-exported to Africa and Europe, which are the core destinations of the initiative, the UAE could serve as a hub for Chinese companies.
               
              For a start, DP World facilitated the first direct freight train from Britain to China in April. The journey that revives the Silk Road is reportedly cheaper than air cargo and faster than sea cargo, which increases its potential.
               
              DP World reportedly operates 20 terminals across China, Southeast Asia and South Asia, which makes it an important player in the Belt and Road initiative.
               
              According to the chief of the Dubai-headquartered ports company, Sultan Ahmed bin Sulayem: “We will work with the Chinese to prepare our ports.”
               
              Since there are a number of hotspots along the Belt and Road routes in the Middle East, Chinese-GCC cooperation in the counterterrorism and security arenas acquires prominence.
               
              The key, however, is how the GCC countries come to terms with the Chinese-Iranian partnership.
               
              By virtue of its geographical location, Iran is a key player in China’s effort to connect Central Asia, the Middle East and Europe. In February 2016, the first direct Chinese cargo train arrived in Tehran through Kazakhstan and Turkmenistan in about two weeks, compared to 45 days by sea.
               
              Likewise, Beijing is equally enthusiastic about the “Red-Med” railway proposal that it is keen to construct across Israel, which could complement the busy Suez Canal.
               
              Globally, the Belt and Road initiative has received mixed reviews.
               
              On a positive note, some view it as a genuine tool to promote trade. There is also a view that “the Silk Road is not only for trade of goods…Roads transfer culture, religions and technology as well,” hence promoting peace.
               
              On the other side, the United States, Japan, and India, among others, are worried that the Chinese project is loaded with ‘expansionist’ designs.
               
              Countering its critics, however, Beijing clarified its stand at the recent summit of world leaders: “In advancing the Belt and Road, we will not retread the old path of games between foes. Instead we will create a new model of cooperation and mutual benefit.”
               
              Thus, despite the challenges, the GCC and other Middle East counties could devise strategies to make China’s Belt and Road an economic, political, diplomatic and security win-win initiative.
               
              Ameinfo
              19 June
               

               

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