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Egypt to Establish HQ of Holding Co. for Roads, Bridges, and Land Transportation Projects in Saudi Arabia

The headquarters of international companies and institutions in the Saudi capital, Riyadh. (Getty Images)
The headquarters of international companies and institutions in the Saudi capital, Riyadh. (Getty Images)
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Egypt to Establish HQ of Holding Co. for Roads, Bridges, and Land Transportation Projects in Saudi Arabia

The headquarters of international companies and institutions in the Saudi capital, Riyadh. (Getty Images)
The headquarters of international companies and institutions in the Saudi capital, Riyadh. (Getty Images)

The Ministry of Transportation of Egypt has approved the establishment of a headquarters for the Holding Co. for Roads, Bridges, and Land Transportation Projects in Saudi Arabia after securing contracts for infrastructure projects in the Kingdom.

This was announced in a report published by the ministry disclosing the details of the company’s general assembly’s meeting which featured the group’s fiscal year 2023-2024 budget.

Meanwhile, Egypt and Maersk's C2X signed a new framework agreement worth up to $3 billion for the production of green fuel and its derivatives in the Suez Canal economic zone, according to a statement released on Wednesday by the Egyptian cabinet.

The agreement was formalized during a signing ceremony involving the General Authority for the Suez Canal Economic Zone, the Sovereign Fund of Egypt, the New and Renewable Energy Authority, the Egyptian Electricity Transmission Co., and the C2X company.

The project aims to produce 300,000 tons of green methanol annually in its first phase and reach one million tons per year upon completing its final stages.

Moreover, QatarEnergy has been awarded a new exploration block offshore Egypt, the company said on Wednesday.

The exploration and production rights were awarded to a consortium comprising QatarEnergy with 33%, ENI as operator with 34%, and BP with 33%.

Egypt awarded in September four blocks in an oil and gas exploration bid round for concessions in the Mediterranean and Nile Delta to Eni, BP, QatarEnergy, and Russia’s Zarubezhneft, the petroleum ministry said.

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Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
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Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo

Congress is set to vote in the coming days on legislation restricting US investments in China as part of a bill to fund government operations through mid-March, lawmakers said late on Tuesday.
In October, the Treasury finalized rules effective Jan. 2 that will limit US investments in artificial intelligence and other technology sectors in China that could threaten US national security.
The bill expands on those restrictions and also includes other provisions aimed at concerns about China, including a requirement to study national security risks posed by Chinese-made consumer routers and modems and mandate reviews of Chinese real estate purchases near additional national security sensitive sites.
"China is an economic adversary and we must take bold action to safeguard our future against the Chinese Communist Party," Reuters quoted Senator Bob Casey, a Democrat, as saying.

"This legislation takes bold action to restrict US investments to stop our national security technology from getting into the hands of our adversaries before they can use it against us.”
The Chinese Embassy in Washington did not immediately comment.
The bill will also require the Federal Communications Commission to publish a list of every entity that both holds an FCC license or authorization and has any ownership by foreign adversarial governments, including China to ensure the commission "knows when telecommunications and technology companies have a connection and foreign adversary."
Washington is moving on a number of fronts to further restrict Chinese products.
An annual defense bill could ban China-based DJI and Autel Robotics from selling new drones in the United States market, while the Commerce Department is working to finalize rules in the coming weeks that would bar Chinese automakers from selling vehicles in the United States and bar China Telecom from US operations.
Lawmakers have criticized major American index providers for directing billions of dollars from US investors into stocks of Chinese companies that the US believes are facilitating the development of China’s military.
The Treasury rules and legislation cover semiconductors and microelectronics, quantum information technologies and certain AI systems aimed at preventing investments in Chinese technologies like cutting-edge code-breaking computer systems or next-generation fighter jets.
Representative Rosa DeLauro, the top Democrat on the House Appropriations Committee, said "for years I have watched American dollars and intellectual property fuel the Chinese Community Party's technology and capabilities... This legislation builds on the regulations put into place this year by the Biden Administration, and sets the stage for continued bipartisan efforts to protect and rebuild our critical national capabilities."
The outbound legislation covers technologies listed in the Treasury order and adds additional AI models that use some semiconductors, AI systems designed for exclusive military or government surveillance end use, hypersonic systems and additional export-controlled technologies.