United Arab Emirates

MNCs in the News-2018-08-10

Shenmei Energy effort to invest in United States (US) solar power plants blacks out over opposition by Committee on Foreign Investment in the US (CFIUS). Expanding Chinese investment in Bangladesh generates increasing anxieties and opposition in India. Japanese minister says Donald Trump administration’s tariff plans could stall Japanese investment in State of Indiana. MUFG Bank doubles stake in Indonesia’s Bank Danamon after having gained approval from Indonesian financial authorities. Incheon Free Economic Zone facing biggest crisis since establishment in 2003 as it continues to fail to attract FDI. After various investment offers including from Korea’s Lotte Chemical, Pakistan Chemical Manufacturers Association urges government to include chemical industry in first 100 days plan.

MNCs in the News-2018-07-06

There is some evidence China has started sanctioning American firms in China as a way to retaliate against American tariffs against Chinese goods. Foxxconn breaks ground on potential multi-billion dollar display screen plant in Wisconsin that allow it to profit from incentives and satiate Donald Trump’s America First campaign. United States (US) Department of Commerce allows ZTE limited duration, partial reprieve on seven-year comprehensive supply purchase ban. Pakistan seeks new funding from China, warning that failure might force it to go to the International Monetary Fund (IMF) which might result in the end of some of China’s Belt and Road Initiative (BRI) projects. Value of new Japanese FDI in US increases by 70 percent as President Trump pushes to expand employment. Japan and Kazakhstan to implement seven joint projects worth approximately USD $2 billion in areas like nuclear energy, transport and water supply. South Korea working with the US and the United Arab Emirates to win $19 billion power project in Saudi Arabia. Samsung urges Chinese officials to cancel discriminatory policies against foreign businesses. Malaysia and China are discussing a future visit to Beijing by Malaysian Prime Minister Mahathir in the wake of Kuala Lumpur’s suspension of Chinese projects valued over $20 billion. Malaysian senior trade official says country is open to more value-added investments from China.

MNCs in the News-2018-02-09

Following the Mercedes-Benz Dalai Lama ad incident, China's Ministry of Foreign Affairs asks foreign firms to follow "basic ground rules." China Banking Regulatory Commission promises steps to make it easier for foreign banks to do renminbi business in China. Google China works to win friends by searching for information about Chinese overseas investment opportunities and overseas brand successes. China's capital control have adversely impacted some Chinese investing in the technology sector in the United States. Nissan to invest USD $9.5 billion in China with JV partner Dongfeng Group as carmaker strives to exploit China's production quotas for EVs. MGM Resorts plans to set up integrated resort in Japan's Osaka Prefecture because it plans to establish tourism facilities. Hyundai finally on track to receive Chinese government subsidy for EVs after switching to Chinese battery manufacturers. Seoul Semiconductor files suit against Mouser Electronics for dispensing products that infringe upon patent held by it. Indonesia's investment board cites "frequent and abrupt changes in regulations" as major cause of foreign investor wariness when investing in Indonesia. UAE business delegation met with Indonesia's Industry Minister for preliminary talks for producing compressed natural gas in Indonesia. Thailand's parliament approves USD $45 billion EEC project to stimulate country's underdeveloped east. Nissan working with alliance partner Mitsubishi and Bangkok to produce electric cars and batteries in Thailand for export abroad. Malaysia expects more Chinese investment in real estate, manufacturing and logistics industries as Belt and Road Initiative funds find their way into the country. State run Saudi Aramco and Malaysia's state-owned Petronas are raising USD $8 billion to begin construction on planned Malaysia refinery and petrochemical complex. Edge Glass Joint Stock Company begins construction of USD $220 million Vietnam glass factory encouraged by favorable local government measures. US tax reforms causes Vietnam to worry about future foreign investment prospects.

MNCs in the News-2018-02-02

2018 China Business Climate Survey Report indicates "American companies overwhelmingly feel less welcome than before…and want the U.S. government to put more pressure on Beijing." American jury finds Chinese wind turbine maker Sinovel of stealing trade secrets that cost American Superconductor Inc. $800 million. Australia tightens rules relating to sale of power and agricultural assets to foreign investors. United Arab Emirates' state-owned Abu Dhabi Oil Company to expand partnerships with Japanese petrochemical companies. Muji's China subsidiary maps out new catalog strategy after Beijing criticizes its portrayal of boundaries. POSCO E&C withdraws from project to build steel mill in Iran because of high political tensions between Saudi Arabia and Iran. Samsung Engineering resolves conflict with Omani government over USD $1 billion construction deal with Oman's state-owned refinery company Oil Refineries and Petroleum Industries Company. Pertamina awards USD $10 billion refinery project to consortium of Omani and Japanese businesses. Sumitomo Mitsui Financial Group proposes to merge its Indonesian subsidiary with local Indonesian lender to take advantage of Jakarta's banking consolidation drive. Royal Dutch Shell sells control of Thai Bongkot gas field to Thailand's state-owned gas producer PTT Exploration and Production for USD $750 million after failed effort to sell to non-Thai buyer. Thailand's largest state-owned petrochemical company PTT Global Chemical partners with Korea's Daelim Industrial to build USD $5.7 billion petrochemical plant in Ohio. Alibaba Group partnering with Malaysian Government's Digital Economy Corporation to set up artificial intelligence traffic system in capital. Malaysia's state-owned oil company Petronas acquired 6 oil and gas blocks for undisclosed amount from Mexican government in recent auction. Four foreign investors registered to become strategic investors in Vietnam's GENCO 3 as the Hanoi seeks to offload shares of the company. PetroVietnam Gas looking to gain Hanoi's approval to divest 30 percent of its stock to a foreign strategic investor.

MNCs in the News-2017-07-21

In rare praise for foreign firms, Chinese President Xi Jinping lauds their contribution to China and says the Chinese government must do more to attract and retain them. The China Banking Regulatory Commission imposes strict limits on Chinese banks providing support for overseas deals by Dalian Wanda. Some feel the United States (US) Committee on Foreign Investment in the United States is becoming stricter which, in turn, may hinder Chinese investment flows in the US. Toyota continues USD $310 million UK plant expansion after receiving Brexit reassurances from British government. Japanese financial institutions move to set up subsidiary businesses in the EU as Brexit jeopardizes their financial services licenses. Hyundai to open fifth Chinese assembly plant as compact vehicle sales are expected to rise before Chinese government’s increase in purchase taxes next year. South Korea’s Nexen Tire Corp. signs memorandum of understanding with United Arab Emirates’ state-owned Mubadala Development Co. Indonesian branch of ExxonMobil drops talks on East Natuna natural gas block, with Jakarta saying it intends to invite firm to discuss project again. Economist says Malaysia to become key economic corridor because of strong economic fundamentals, strategic geographical location and Prime Minister’s diplomatic efforts. China’s restrictions on bank loans to Dalian Wanda Group diminish prospects of Bandar Malaysia project. Vietnam’s Prime Minister signs decision to boost his country’s solar power development which is spurring much foreign investor interest. At HCM City conference, Laotian provinces court investment from Vietnam.

Dr. Manochehr Dorraj's picture

China’s Expanding Investment in Renewable Energy Development in the Middle East and North Africa

China is the number one producer of and investor in renewable energy globally. Illustrating this, it has over 500 solar panel manufacturing companies, including the world’s top three solar panel producers. Its capabilities have allowed it to take a leading role in renewable energy investment in the Middle East and North Africa (MENA). The latter’s interest in renewables seems surprising given that MENA countries are primarily known for their massive oil and gas reserves and reliance on fossil fuel as a major source of domestic energy and export earnings.

MNCs in the News-2017-02-03

Facebook’s efforts in China fail to deliver an opening. Japan’s Marubeni will build and manage one of the world’s largest mega solar power plants in the world in the United Arab Emirates. Japanese, Chinese, and Korean firms win multi-billion dollar contracts to improve and expand the capacity of Iranian oil facilities. Korean firms win main Turkish bridge building contract. South Korean firm Daewoo E&C re-signs road project in Qatar that might provide a beachhead for 2022 FIFA World Cup deals.