Follow the trade, investment and partnerships bringing China and the UAE closer together.
Gulf energy majors are turning to Chinese state-owned commercial banks for multi-billion-dollar debt facilities. Recent transactions include a $3 billion facility for QatarEnergy and participation in an $11 billion syndicate for the UAE's ADNOC.
The 1.5-gigawatt Abu Dhabi PV3 Al Ajban solar project built by Chinese enterprises is nearing grid connection. Undertaken by PowerChina through Huadong Engineering Corporation Limited, the facility will generate 4.4 billion kilowatt-hours annually.
Chinese autonomous vehicle manufacturer Zelos has obtained an official operating license for medium- and large-sized autonomous trucks in the UAE. The company operates across 20 countries and regions and has deployed over 30,000 delivery vehicles globally. In the Gulf, Zelos is introducing its map-free Zelos Brain system to accelerate fleet deployment.
Industrial chemicals company TA'ZIZ has completed an AED 5.1 billion ($1.39 billion) debt financing package for two projects in Ruwais, Abu Dhabi. The six-year term loan syndicate includes commercial lenders from China, Kuwait, Spain, and Singapore, with Sumitomo Mitsui Banking Corporation acting as financial advisor. The funding supports the construction of a low-carbon ammonia facility and an export chemicals terminal.
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