A Chinese ship-building giant will construct 18 huge gas carriers for QatarEnergy under a $6 billion deal the Gulf firm announced on Monday, hailing it as the largest ever such contract.

The China State Shipbuilding Corporation (CSSC) is set to deliver eight Liquified Natural Gas (LNG) vessels in 2028 and 2029, and the others in 2030 and 2031, the energy company said, AFP reported.

The LNG carriers will be built at China's Hudong-Zhonghua shipyard and measure 271,000 cubic metres each, the emirate's state-owned company said in a statement following a signing ceremony in Beijing.

"With a total value of almost $6 billion for these ultra-modern, largest ever LNG vessels by size, the agreement we signed today is the industry's largest single shipbuilding contract ever," said Energy Minister Saad al-Kaabi, who is also QatarEnergy's CEO.

Asian economies led by China, Japan and South Korea have been the main market for Qatari gas, but demand has also grown from European countries since Russia's war on Ukraine threw supplies into doubt.

The United Arab Emirates and Ukraine have completed negotiations for a bilateral trade deal, according to a joint statement released on Monday, ahead of its formal signing.

The conclusion of negotiations was confirmed with the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade, Yulia Svyrydenko.

The Comprehensive Economic Partnership Agreement (CEPA) will remove or reduce tariffs on a range of good and products, remove trade barriers and ease market access to exporters from both sides, the statement said.

In addition, the CEPA will also "support Ukraine's recovery and the rebuilding of key industries and infrastructure, while also helping to strengthen supply chains to the (Middle East and North Africa) region for major exports such as grains, machinery and metals."

“Ukraine is a bridge to Europe for our exporters and an important ally in our food security imports. Once implemented, the CEPA will offer Ukraine’s industrialists and entrepreneurs a new platform from which they can expand into the growth markets of Asia and Africa through the UAE, while unlocking new investment pathways that can reconstitute sectors such as logistics, manufacturing and IT and rebuild essential infrastructure,” said Al Zeyoudi.

He added: “The agreement will play an active role in the revitalization of the Ukrainian economy, and we look forward toward the ratification of the deal and the new opportunities it will create for the business communities on both sides.”

Svyrydenko said that the conclusion of the CEPA negotiations marks a historic milestone in the bilateral relations of the two countries.

“I am confident that the Ukrainian and Emirati business communities will fully capitalize on the opportunities presented by the Ukraine-UAE CEPA, thereby unlocking the immense potential in our trade and economic cooperation,” she added.

The International Islamic Trade Finance Corporation (ITFC) signed on Sunday agreements worth $440 million to finance African countries.

The World Bank had expected growth in Africa to recover, rising from a low of 2.6 percent in 2023 to 3.4 percent in 2024.

The Chairman of the IsDB, Dr. Mohammad Al-Jasser, said on Sunday that the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provides insurance solutions to its clients, with the aim of mitigating commercial and political risks related to trade and investment in member countries.

Speaking during the second day of the Private Sector Forum, which was held on the sidelines of the IsDB annual meetings in Riyadh, Al-Jasser said the corporation, since its establishment 30 years ago, has secured more than $108 billion in project funding, in addition $51 billion in trade and investment among the Organization of Islamic Cooperation countries.

He added that the Islamic Corporation for the Development of the Private Sector, since its establishment in 1999, has provided financing for a total of 451 projects, with a total value of $6.9 billion, in various sectors, including finance, infrastructure, agriculture, manufacturing, and energy.

The CEO of the Saudi Fund for Development, Sultan Al-Murshed, told Asharq Al-Awsat that a memorandum of understanding was signed with the Islamic Development Bank Group, with the aim of coordinating efforts and participating in financing development projects around the world.

In addition, the International Islamic Trade Finance Corporation - a member of the Islamic Development Bank Group - concluded an agreement worth $40 million with the Bank of Commerce and Development, to contribute to enhancing economic growth and trade financing capabilities in East and South Africa.

The corporation also signed a framework agreement with the government of Uganda, worth $150 million, extending over three years, to support key sectors such as energy, agriculture, and health, in addition to promoting private sector development, trade cooperation, and coordination to advance sustainable development across these vital sectors.

Moreover, the corporation signed a financing agreement worth $250 million with the African Export-Import Bank, as part of the trade financing program for Africa’s adaptation to the crisis in Ukraine.

It also announced the signing of a support package with the government of Cameroun, to enhance the country’s infrastructure and agricultural productivity.

The World Economic Forum has signed an agreement with the Saudi Space Agency to establish the Center for Space Futures, set to open this autumn.

The center, to be hosted by the Saudi Space Agency, aims to facilitate public-private discussions on space collaboration, incorporating best practices from the forum and its communities into the global space sector, and generating forward-looking contributions to accelerate space technologies.

“The center is committed to fostering a vibrant, prosperous, and sustainable space economy globally. By developing principles, expanding knowledge, refining models and cultivating partnerships, we aim to responsibly harness the vast opportunities of space,” said Saudi Space Agency CEO Dr. Mohammed Altamimi.

“From monitoring the effects of climate change to increasing human connectivity via satellites, the impact of the global space sector on Earth cannot be overstated,” World Economic Forum Managing Director Jeremy Jurgens said.

He added that the Center for Space Futures is integrated into the C4IR Network due to the importance of addressing various topics such as space technological innovation, policies and regulatory, as well as sustainability.

The Center for Space Futures is the first in the network of the Fourth Industrial Revolution Centers to focus exclusively on space. It will work alongside the existing center in the Kingdom (C4IR Saudi Arabia) to advance Saudi Vision 2030, the country’s roadmap for economic diversification, global engagement, and improved quality of life.

Gulf Cooperation Council Secretary-General Jassim Al Budaiwi confirmed that GCC nations are working towards introducing a unified Gulf visa for global travelers.

Al Budaiwi mentioned that during their recent summit in Doha, Gulf leaders greenlit a single tourist visa for the region.

They urged the General Secretariat, along with member states, especially the Ministry of Interior representatives, to fast-track its implementation.

This move aims to allow any international visitor to explore the Gulf countries with just one visa.

Speaking to Asharq Al-Awsat on the sidelines of the World Economic Forum’s special meeting in Riyadh, Al Budaiwi expressed hope that this step would boost regional tourism and save travelers time and money.

Recent data shows that the travel and tourism sector contributed 7.8% to the GDP of GCC countries in 2022. They aim to raise this to 10% in the future.

Al Budaiwi confirmed progress on the unified visa, with discussions in their final stages among Gulf countries. He stressed the need for careful consideration due to security and technical concerns.

Regarding trade agreements, Al Budaiwi mentioned completed deals with Pakistan and South Korea last year and a recent one with Türkiye.

Talks are ongoing for a trade agreement with the UK, with discussions planned in the next two weeks.

Talks with the EU have been on hold for over a decade, but both sides are interested in resuming discussions.

“A delegation from the GCC General Secretariat will visit to initiate preliminary discussions, not negotiations, with EU representatives,” said Al Budaiwi.

The bustling scene in Saudi Arabia is echoing the triumph of its economic overhaul under the national transformation plan, “Vision 2030.”

As the world converges for the World Economic Forum’s special gathering on global collaboration, growth, and energy for development in Riyadh on April 28 and 29, all eyes are on the Kingdom’s strides towards prosperity and sustainability.

Bringing together more than 700 participants, including stakeholders from governments and international organizations, politicians and corporate leaders, the gathering is expected to address global challenges as geopolitical tensions increase.

Vision 2030 has turned the Kingdom into a global hub for discussions, according to Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning.

Energy was a major focus at the forum’s start, with Saudi Energy Minister Prince Abdulaziz bin Salman highlighting the challenges of transitioning to green energy. Saudi Arabia aims to provide all types of energy to the world, he stressed.

Saudi Finance Minister Mohammed Al-Jadaan discussed how regional conflicts, like those in Gaza, affect economies by putting pressure on emotions. Stability is crucial for the region’s welfare and growth, he emphasized.

The success of Vision 2030 in Saudi Arabia is proof that nations can transform, said Kristalina Georgieva, the managing director of the International Monetary Fund (IMF). She stressed the need to share economic growth benefits among all countries.

Georgieva said that changes in interest rates can harm overall growth. She called for more cooperation, stabilizing finances, and lowering inflation.

Georgieva pointed out that the coronavirus pandemic cost the world about $3.3 trillion and stressed the immediate need to control inflation and rebuild financial safety nets. She warned against relying too much on one source for essential supplies, as it could hurt economic growth.

Al-Jadaan talked about how conflicts in the region put pressure on economies and people’s feelings, affecting economic stability. He urged a focus on people and economic growth over political issues.

Al-Jadaan highlighted Saudi Arabia’s goal of reducing tensions in the region in recent years and emphasized the need for economic plans to adapt to changing circumstances. He praised Vision 2030 for boosting investor confidence and driving positive economic progress in the country.

Moreover, the Minister mentioned the increased role of the private sector under Vision 2030, which focuses on quality rather than quantity of growth. He explained the importance of non-oil economic growth and strengthening the private sector for economic development.

Al-Jadaan also pointed out the global shocks of the past four years and the need for countries, including Saudi Arabia, to ensure their plans can withstand such challenges.

On his part, Alibrahim stressed using new technology for human welfare.

He highlighted how artificial intelligence will bring in billions economically over the next decade. Alibrahim noted Saudi Arabia’s role in creating opportunities under King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman’s guidance.

The Minister emphasized the importance of international cooperation, growth, and energy discussions during the forum in Riyadh, focusing on investing in people’s skills and well-being.

Alibrahim also mentioned Vision 2030’s aim to tackle various challenges, including social, economic, and humanitarian ones.

He stressed responsible energy production and consumption, advocating for new clean solutions for sustainability, and underlined energy’s crucial role in the economy.

Saudi Minister of Energy Prince Abdulaziz bin Salman Al-Saud and European Commissioner for Energy Kadri Simson have met on the sidelines of the World Economic Forum’s special meeting in Riyadh.

They discussed energy and clean tech cooperation to strengthen bilateral ties and advance the goals of the Paris Agreement and the outcomes of the UAE Consensus reached at COP28 in Dubai last year.

The Minister and the Commissioner said Saudi Arabia and the EU share a strong determination to accelerate private investment into renewable energy and to cooperate on electricity interconnection and the integration of renewables into the electricity grid, through the further strengthening of the electricity infrastructure e.g. via demand side management (DSM) smart grid and grid resilience and security measures, hydrogen and clean tech sectors, including carbon capture, utilization and storage, underpin opportunities for industrial partnerships in those sectors, and ensure affordable, secure and future-proof energy markets.

Building on the UNFCCC, the Paris Agreement, and the outcome of recent COPs, Saudi Arabia and the European Commission concluded talks in view of a Saudi-EU Memorandum of Understanding (MoU) on energy cooperation, cementing their shared ambition to accelerate actions to reap the economic opportunities offered by their respective energy transitions.

Such an MoU, covering many energy sectors and with energy transition at its core, should provide a solid and mutually beneficial basis for orienting and anchoring investment decisions in the energy and clean tech sectors, involve and mobilize stakeholders from the public, private and financial sectors, and lay the foundation for a more sustainable and secure energy future, underpinned by predictable and stable energy markets ensuring access to secure, affordable, reliable and sustainable energy for all.

Saudi Arabia and the European Commission aim to conclude the MoU in the next few months.

Türkiye is in talks with US energy giant ExxonMobil over a multibillion-dollar deal to buy liquefied natural gas, in an effort to curb its dependence on Russian energy, the Financial Times reported on Sunday.

The country is seeking to build a “new supply portfolio” that will make it less reliant on any single partner, Turkish Energy Minister Alparslan Bayraktar told the FT in an interview.

The talks come amid improving relations between Türkiye and the US after Ankara dropped its veto on Sweden joining the NATO military alliance and Washington agreed to sell Türkiye billions of dollars worth of F-16 fighter jets. They also come as Türkiye is seeking to reposition itself as a regional energy hub.

Ankara would secure up to 2.5mn tons of LNG a year through the long-term deal under discussion with Exxon, Bayraktar said, adding that the pact could last for a decade.

The Minister said the commercial terms of the Exxon deal were still under discussion, but 2.5mn tons of LNG shipped to Türkiye would currently cost about $1.1 billion, according to pricing assessments by data agency Argus.

The 2.5mn tons of LNG under discussion would be enough to cover roughly 7 percent of the country’s natural gas consumption last year, according to FT calculations based on data from the Energy Market Regulatory Authority.

Last year, Türkiye imported 5mn tons of LNG from the US on the “spot” market where energy is bought and sold for imminent delivery, Bayraktar said.

Exxon has ambitious plans to expand its LNG portfolio to 40mn tons a year by 2030, about double what it was in 2020.
The company owns a 30 percent stake in Golden Pass LNG, a new export terminal on the US Gulf coast that it is building with partner QatarEnergy.

It has a capacity exceeding 18mn tons a year and is due to begin producing LNG in the first half of 2025.

Exxon is also pursuing LNG projects in Papua New Guinea and Mozambique.

Exxon said it had initial discussions with the Turkish government regarding potential LNG opportunities but would not comment on the details of its commercial strategy.

Ankara, which had also enquired with other US natural gas producers about LNG deals, is seeking to “diversify” its natural gas supplies before some of its long-term contracts with Russia expire in 2025 and those with Iran expire the following year, Bayraktar said.

Türkiye relies heavily on natural gas for power generation and industry. Households also benefit from large and costly gas subsidies through state gas company Botas.

Russia is by far Türkiye’s biggest natural gas supplier, accounting for more than 40 percent of its consumption last year, which mostly arrived by pipelines.

Ankara currently has long-term LNG supply deals with Algeria and Oman.

Türkiye has retained strong trade, economic and tourist ties with Russia even after Ankara’s NATO allies shunned Moscow after it launched a full-scale invasion of Ukraine in 2022.

Moscow is also Türkiye’s top oil supplier and will own and operate the country’s first nuclear power plant, currently under construction, on the Mediterranean coast.

Russia, along with South Korea, both have “serious interest” in a similar nuclear project on the Black Sea, Bayraktar said.

The Turkish Minister defended his country’s relations with Russia, saying that “competitive” energy deals with Russia have helped Ankara to avoid the energy crisis that gripped major European countries after the war began.

“For security of supply, we need to get gas from somewhere. It could be from Russia, it could be from Azerbaijan, it could be Iran, or LNG options,” Bayraktar said, adding that “we need to look at the competitiveness edge; which gas is cheaper?”

Saudi Arabia’s NEOM announced on Sunday that it has secured a new revolving credit facility (RCF) worth SAR10 billion.

It represents another milestone for NEOM as it progresses with the development of major projects and will be used to support NEOM’s short-term financing requirements. The RCF, which follows a Murabaha structure, reflects a continuation of NEOM’s strategy to diversify its sources of funding.

CEO of NEOM Nadhmi Al-Nasr, said: “As NEOM continues to gather pace, this new credit facility, backed by Saudi Arabia’s leading financial institutions, is a natural fit within our wider strategy for funding. We continue to explore a variety of funding sources as we deliver transformational infrastructure assets while supporting the wider Vision 2030 program.”

“NEOM is among the largest projects in the world today, and we value the partnership we have with our relationship banks in facilitating access to a range of flexible financing options as we deliver on our ambition,” he added.

The new RCF builds upon the SAR 23 billion agreement signed by NEOM and its partners to finance the NEOM Green Hydrogen Company. It also follows last year’s SAR 3 billion debt financing arranged to partially fund NEOM’s development of Sindalah, the luxury island destination set to welcome visitors this year.

The facility attracted strong interest, with nine banks participating. The mandated lead arrangers include Saudi National Bank, Riyad Bank, and Saudi Awwal Bank. Other participating banks are Al Rajhi Banking and Investment Corporation, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira.

President of the World Economic Forum (WEF) Borge Brende expressed on Sunday his appreciation to the government of Saudi Arabia for hosting the WEF's special meeting under the theme "Global Collaboration, Growth and Energy for Development."

During a speech at the special WEF meeting in Riyadh, Brende highlighted the developments witnessed by Saudi Arabia in recent years, which reflect its global economic ambition, reported the Saudi Press Agency.

He stressed the importance of finding solutions to address economic challenges that boost international cooperation and discussed challenges, including energy shortages in some countries.

He stressed the importance of finding cooperative solutions to reshape the future of energy worldwide,

The forum has attracted participants from 92 countries and more than 500 companies, institutions, and non-profit organizations for discussions on achieving a sustainable future.