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Tribune news network
Doha
The recently concluded 'Made in Qatar' exhibition will offer an opportunity for Qatar to tap into China's world-class technological advancements, bringing both countries close in terms of productivity and innovation.
China is Qatar's fifth partner in an initiative launched by Qatar Museums to build cultural ties between Qatar's residents and other countries around the world, Doha Bank said in a release recently.
China supports the holding of China-Qatar Cultural Year in 2016 to push forward bilateral people-to-people and cultural exchanges.~
In January 2012, China National Petroleum Corp (CNPC) and its partners Qatar Petroleum and Royal Dutch Shell agreed to push ahead with plans for a $12.6 billion refinery and petrochemical complex in east China.
In May 2012, Petro China signed an agreement to acquire 40 percent of exploration and production rights for Qatar's Block 4 from GDF Suez Qatar. In March 2011, Qatar signed an $879 million contract with China Harbor Engineering Co (CHEC) for the construction of the first phase of Qatar's New Doha Port, the bank said.
In January 2012, Mazaya Qatar Real Estate Development Company awarded China's Sino hydro a contract worth $130 million to construct the Sidra Village project.
Qatar's sovereign wealth fund received permission in 2012 to invest in China's capital markets. Qatar Investment Authority holds shareholding in Agriculture bank of China. In August 2012, Qatar sovereign wealth fund bought 22 percent stake in China's CITIC Capital. Qatar Holding also has a $1 million cap that a qualified foreign institutional investor (QFII) can obtain in China.
Chinese expats in Qatar numbered 6,000 in 2013. Qatar and China will strengthen strategic relationship.
GCC states mainly provide more than 50 percent of China's energy needs, including petrochemical products and metal industries. Qatar has launched Renminbi Centre in Doha which is an example of Qatar-China strategic relations. The International and Commercial Bank of China (ICBC) is the clearing bank for the Chinese currency deals in Qatar.
Meanwhile, Doha Bank said, the Saudi Arabia-China trade has surged from more than $43 billion in 2010 to more than $69 billion in 2014.
Chinalco, China's state-run aluminum manufacturer, is funding phosphate projects in northern Saudi Arabia.
Saudi Arabia's Aramco and Sinopec Group signed the deal to develop the 400,000 bpd refinery, known as Yasref, in January 2013. In 2012, Industrial and Commercial Bank of China (ICBC) got approval to open branch in Saudi Arabia.
The UAE-China trade has surged from more than $25 billion in 2010 to more than $50 billion in 2014. Chinese companies are operating specifically within the logistics, aviation and energy sectors in the UAE.
China and UAE signed a $5.5 billion currency swap deal in January 2012. In March 2013,~ Agricultural Bank of China started a branch in Dubai. Kuwait-China trade had surged from $8.5 billion in 2010 to more than $13 billion in 2014. In June 2014, Kuwait and China signed agreements and memoranda of understanding (MoUs) to boost their ties and cooperation in the areas of economy, investment, energy, culture, education and civil aviation.
