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The increase of the Arab international and China are a part of a similar tale, as soon as buying and selling companions through the Silk street. It isn’t a twist of fate that Arab investors have back to China whilst that China is speedy regaining its percentage of the worldwide financial system. This is a step forward account of the way China is spurring development within the Arab global.
Read or Download The New Silk Road: How a Rising Arab World is Turning Away from the West and Rediscovering China PDF
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Additional info for The New Silk Road: How a Rising Arab World is Turning Away from the West and Rediscovering China
1 million barrels per day. President Ali Abdullah Saleh visited China in March 2004, and signed an energy agreement with the Chinese leadership. The agreement included the right for Chinese firms to explore for oil in Yemen. But China’s imports from the country have nonetheless fallen since the President’s visit. Iraq is still an unknown quantity. The country is struggling to raise output to its prewar levels. 19 China had signed a number of agreements with Saddam Hussein’s regime in the 1990s, including an agreement about the Al Ahdab field in southern Iraq.
For instance in 2005 Saudi Arabia started construction on the King Abdullah Economic City. 57 The other Arab oil producers have embarked on similarly ambitious construction projects. Who needs China? There is greater scope for China to offer aid to the less developed Arab oil producers, in particular Egypt and Syria, but these two countries are able to provide only a fraction of China’s total oil demand. Meanwhile, Arab governments are reluctant to permit foreigners to take equity stakes in their oil assets.
Most have eventually retreated to buy their oil again from the international market. Maybe the logic will change if oil remains at near $100 a barrel. However, it is likely that China will eventually opt to buy more of its oil from the international market rather than purchasing expensive oil equity assets. It is also likely that China will also have to return to the Arab oil producers, admitting it was unable to diversify as fully as it would like. Indeed, only the Arab oil producers have the capacity to absorb a significant increase in Chinese demand.