The News
Two Chinese solar panel firms plan to build $3 billion worth of new solar farms in Saudi Arabia, Bloomberg reported, highlighting Beijing’s dominance in the Middle East’s energy transition. The move also reflects China’s desire to avoid the West’s punitive trade barriers, instead looking to the Gulf as its main export hub for cheap green technology.
The massive investment boosts Riyadh’s efforts to diversify its economy away from oil and become a clean power player. Chinese electric vehicle makers are also eyeing the Middle East, with luxury manufacturers expanding the fastest. Customers there favor high-end vehicles, a contrast from other markets, where Chinese firms are pushing ultra-cheap EV models.