Saudi Arabia Launches Modern Silk Road to Promote Arab-Chinese Investments

 Saudi Minister of Foreign Affairs Prince Faisal bin Farhan (Asharq Al-Awsat)
 Saudi Minister of Foreign Affairs Prince Faisal bin Farhan (Asharq Al-Awsat)
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Saudi Arabia Launches Modern Silk Road to Promote Arab-Chinese Investments

 Saudi Minister of Foreign Affairs Prince Faisal bin Farhan (Asharq Al-Awsat)
 Saudi Minister of Foreign Affairs Prince Faisal bin Farhan (Asharq Al-Awsat)

Based on the Kingdom’s endeavor to exploit its geographical location to link the Arab world with China, Riyadh announced the launching a modern Silk Road to achieve a comprehensive renaissance for countries and peoples of the region and create diverse and promising opportunities.

On behalf of Saudi Crown Prince Mohammad bin Salman bin Abdulaziz, the Saudi minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, inaugurated on Sunday the 10th session of the Arab-China Business Conference in Riyadh, under the slogan, “Investment and Financing through the Belt and Road Initiative”.

- Exchange of experiences

The foreign minister highlighted Saudi Arabia’s keenness to raise the level of cooperation and strengthen the long-standing partnership in all vital investment fields between the Arab countries and China.

According to Prince Faisal bin Farhan, the conference is an opportunity to work on advancing and consolidating the historical Arab-Chinese friendship, and building a common future towards a new era that serves the people’s interests and maintains peace and development in the world.

The Saudi foreign minister added that the event underlined the importance, potential, and common visions that lie in the investment and trade relations between the Arab world and China. He stressed that mutual compatibility, exchange of experiences and the launching of new opportunities for growth and investment would achieve progress and prosperity for the peoples of the region and the world.

- Trade exchange

Bin Farhan touched on the successful historic visit of Chinese President Xi Jinping to Riyadh at the end of 2022, which he said further strengthened the ties between the two countries in all political, economic and investments fields.

He added that the visit coincided with the launch of the first China-Arab summit and the Chinese-Gulf summit, which both yielded positive results and saw the signing of many agreements and memorandums of understanding worth more than $50 billion, covering a range of sectors.

He continued that China was the largest trading partner of the Arab countries, revealing that the total volume of trade exchange between the two sides reached $430 billion last year, with a growth rate of 31 percent, compared to 2021.

The minister also noted that the Kingdom represented 25 percent of the total trade exchange between China and the Arab countries, with a total value of $106.1 billion in 2022, an increase of 30 percent compared to 2021.

- Sustainable partnerships

For his part, Eng. Khaled Al-Falih, Minister of Investment, said that the conference, which is held under the patronage of Crown Prince Mohammed bin Salman, reflected the interest of the leaders of the Arab world in strengthening relations with China and expanding the successes achieved in the political and diplomatic corridors to forge sustainable partnerships.

According to the investment minister, the Arab world enjoys civilizational and cultural elements, as well as human and natural resources, which qualifies it to assume an advanced and leadership position, and to achieve a comprehensive renaissance for countries and peoples in all fields.

- Development strategies

Al-Falih continued: “Being the largest economy in the Middle East and the fastest growing in the world over the past year, we are today committed to serving as a bridge connecting the Arab world with China, and contributing to the growth and development of their relations. Our hosting of this crowd of distinguished leaders from all over the Arab world, and from Beijing, is evidence on that.”

He also stated that among of the most important engines of growth in Saudi Arabia were the economic development strategies, which are based on a distinct national vision and strong executive plans and programs. In this context, the minister stressed that the Kingdom constituted a model that would prepare the Arab region for the future.

- Energy exports

The Saudi minister of investment welcomed China’s engagement in this renaissance, which he said would create huge opportunities in the future for economic, trade and investment cooperation.

He continued that this integration was evident in the exceptional growth of mutual trade between China and the Arab countries, as energy exports from the Arab world contributed to advancing the industrial development in China. In contrast, goods manufactured in Beijing reached every home, office, and factory in Arab countries, Al-Falih remarked.

According to the Saudi investment minister, the growth of mutual trade and the compatibility of needs and capabilities created many diverse and promising opportunities for investment, adding that time has come for Beijing to be a major investment partner in the development process taking place in the Arab region.

- Foreign investment

Al-Falih said that foreign direct investment from China abroad has grown at a rate of 20 percent annually over the past decade, bringing the share of the Arab world to about $23 billion.

There is still a possibility to increase investment flows in the other direction and to take advantage of the big and thriving Beijing market, he underlined.

Arab-Chinese Summit

For his part, Ahmed Aboul Gheit, Secretary-General of the Arab League, stated that Saudi Arabia’s hosting of this major conference comes as a continuation of its successful efforts since the holding of the Arab-Chinese Summit last year in Riyadh, which he said gave a new impetus to bilateral cooperation in various fields.

- Arab investment climate

Aboul Gheit pointed to the importance of the conference in introducing entrepreneurs to the available investment opportunities. He noted that this would contribute to economic development in the Arab world and China, and help to explore the best ways to maximize the available prospects and capabilities for the Arab and Chinese sides.

- Strategic partnerships

For his part, Hu Chunhua, Vice Chairman of the Political Consultative Conference in China, expressed his country’s readiness to work with Arab countries to implement the results of the first Chinese-Arab summit, and to build a joint strategic partnership at a higher level.

He also emphasized the Chinese-Arab strategic cooperation, which he said is witnessing continuous development and has become a model for countries to enhance mutual trade and investment, thanks to the guidance of the leaders.



Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
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Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)

Lebanon's government on Friday approved a draft law to distribute financial losses from the 2019 economic crisis that deprived many Lebanese of their deposits despite strong opposition to the legislation from political parties, depositors and banking officials.

The draft law will be submitted to the country's divided parliament for approval before it can become effective.

The legislation, known as the "financial gap" law, is part of a series of reform measures required by the International Monetary Fund (IMF) in order to access funding from the lender.

The cabinet passed the draft bill with 13 ministers in favor and nine against. It stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.

Prime Minister Nawaf Salam defended the bill, saying it "is not ideal... and may not meet everyone's aspirations" but is "a realistic and fair step on the path to restoring rights, stopping the collapse... and healing the banking sector.”

According to government estimates, the losses resulting from the financial crisis amounted to about $70 billion, a figure that is expected to have increased over the six years that the crisis was left unaddressed.

Depositors who have less than $100,000 in the banks, and who constitute 85 percent of total accounts, will be able to recover them in full over a period of four years, Salam said.

Larger depositors will be able to obtain $100,000 while the remaining part of their funds will be compensated through tradable bonds, which will be backed by the assets of the central bank.

The central bank's portfolio includes approximately $50 billion, according to Salam.

The premier told journalists that the bill includes "accountability and oversight for the first time.”

"Everyone who transferred their money before the financial collapse in 2019 by exploiting their position or influence... and everyone who benefited from excessive profits or bonuses will be held accountable and required to pay compensation of up to 30 percent of these amounts," he said.

Responding to objections from banking officials, who claim components of the bill place a major burden on the banks, Salam said the law "also aims to revive the banking sector by assessing bank assets and recapitalizing them.”

The IMF, which closely monitored the drafting of the bill, previously insisted on the need to "restore the viability of the banking sector consistent with international standards" and protect small depositors.

Parliament passed a banking secrecy reform law in April, followed by a banking sector restructuring law in June, one of several key pieces of legislation aimed at reforming the financial system.

However, observers believe it is unlikely that parliament will pass the current bill before the next legislative elections in May.

Financial reforms in Lebanon have been repeatedly derailed by political and private interests over the last six years, but Salam and Lebanese President Joseph Aoun have pledged to prioritize them.


Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
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Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)

Türkiye's energy minister said Russia had provided new financing worth $9 billion for the Akkuyu nuclear power plant being built by ​Moscow's state nuclear energy company Rosatom, adding Ankara expected the power plant to be operational in 2026.

Rosatom is building Türkiye's first nuclear power station at Akkuyu in the Mediterranean province of Mersin per a 2010 accord worth $20 billion. The plant was expected ‌to be operational ‌this year, but has been ‌delayed.

"This (financing) ⁠will ​most ‌likely be used in 2026-2027. There will be at least $4-5 billion from there for 2026 in terms of foreign financing," Alparslan Bayraktar told some local reporters at a briefing in Istanbul, according to a readout from his ministry.

He said ⁠Türkiye was in talks with South Korea, China, Russia, and ‌the United States on ‍nuclear projects in ‍the Sinop province and Thrace region, and added ‍Ankara wanted to receive "the most competitive offer".

Bayraktar said Türkiye wanted to generate nuclear power at home and aimed to provide clear figures on targets.


China Bets on Advanced Technologies to Revive Tepid Industrial Sector

A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
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China Bets on Advanced Technologies to Revive Tepid Industrial Sector

A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)

China pledged on Friday to double down on upgrading its manufacturing base and ​promised capital to fund efforts targeting technological breakthroughs, after its industrial sector delivered an underwhelming performance this year.

China's industry ministry expects output of large industrial companies to have increased 5.9% in 2025 compared with 2024, state broadcaster CCTV said on Friday, almost unchanged from the 5.8% pace in 2024.

It would also be less than the ‌6% pace ‌of the first 11 months of ‌2025, ⁠based ​on ‌data released by the National Bureau of Statistics, as a weak Chinese economy suppressed domestic demand.

Industrial output, which covers industrial firms with annual revenue of at least 20 million yuan ($2.85 million), recorded growth of 4.8% in November, the weakest monthly year-on-year rise since August 2024.

Chinese policymakers have been looking ⁠to create new growth drivers in the economy by focusing on advancing ‌its industrial sector.

China has also vowed stronger ‍efforts to achieve technological self-reliance ‍amid intensifying rivalry with the United States over dominance ‍in advanced technology.

At the annual two-day national industrial work conference in Beijing that ended on Friday, officials pledged to deliver major breakthroughs in building a "modern industrial system" anchored by advanced manufacturing.

The ​focus will be on sectors such as integrated circuits, low-altitude economy, aerospace and biomedicine, an industry ministry ⁠statement showed.

The statement comes after China launched on Friday a national venture capital fund aimed at guiding billions of dollars of capital into "key hard technologies" such as quantum technology and brain-computer interfaces.

On artificial intelligence, the industry ministry said it will expand efforts to help small and medium-sized enterprises adopt the technology, while fostering new intelligent agents and AI-native companies in key industries.

Officials also vowed to "firmly curb" deflationary price wars, dubbed "involution", referring to excessive and low-return competition among ‌firms that erodes profits.