👋 Hello from the Middle East!
Today in The Daily Circuit, we’re looking at the massive new logistics park being built in the UAE by Aldar and DP World, long-term projections for Middle East business at Airbus, Telecom Egypt’s new 5G partnership with Nokia and Team USA’s narrow win over Australia at last night’s exhibition basketball game in Abu Dhabi. But first, trading Saudi stocks with Chinese yuan.
As China seeks to strengthen economic ties with the Gulf, investors from the world’s second biggest economy are getting an opportunity to place their bets on Saudi stocks while paying with their own currency.
Two exchange-traded funds focused on Saudi Arabia, the largest Arab economy, debuted today in the corporate centers of Shanghai and Shenzhen that will enable investors to put Chinese yuan directly into Saudi businesses and access information in Chinese, Bloomberg reports.
China emerged last year as Saudi…
