CK Asset-backed NEXX Global turns to Middle East to hedge against rising US-China tension
Chinese companies are stepping up efforts to unlock business opportunities in the Middle East to hedge against worsening US-China trade ties, hoping to use the region as a springboard to expand into new markets in Africa and Europe.
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They include Hong Kong start-up NEXX Global, a
logistics platform operator backed by CK Asset Holdings, and Beijing-based franchise platform operator Tojoy, according to the company officials.
NEXX, which uses generative artificial intelligence to help warehouses reduce costs and improve efficiency, will sign a memorandum of understanding with Qatari logistics group Milaha and Hong Kong-based Kerry Logistics during a trade mission this week. They aim to create market access in the six countries within the Gulf Cooperation Council (GCC).
Hong Kong Chief Executive John Lee Ka-chiu is leading a delegation of local and mainland businesses to Qatar and Kuwait from this week to strengthen ties with the region. Bilateral trade between Hong Kong and the two Gulf nations reached US$1.8 billion last year, 40 per cent more than in 2018, according to government data.
08:23
China unveils policy package to guard against US tariffs ahead of trade talks in Switzerland
China unveils policy package to guard against US tariffs ahead of trade talks in Switzerland
NEXX's Hui said Hong Kong companies could offer their expertise in technology and professional services to GCC companies as governments develop their non-oil sectors such as manufacturing, logistics and tourism.
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Milaha, a maritime and logistics group established in 1957, will provide solutions including warehousing, customs clearance and last-mile delivery. Kerry will be responsible for business development and bringing customers to Doha, while NEXX will provide the fulfilment facility driven by its AI platform called NEXXBot.
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