A consortium led by Gulf Finance House, the Bahraini Islamic investment bank, unveiled plans yesterday to build a residential and industrial city in China worth up to $5bn.
China Energy City will be developed on 13 sq kms in Yanjiou, near Beijing, offering facilities such as a branch of a planned Qatar-based energy exchange, a science park for energy education courses and a Sino-Arab business school, offering business education in English, Chinese and Arabic.
Esam Janahi, chief executive of GFH, said soaring demand in China for Gulf crude oil was a key factor in his company's decision to invest. Mr Janahi noted that while China had invested $7bn in the Gulf, Arab investment in China was relatively modest.
