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Saudi-Philippine Meeting Discusses Boosting Investment Opportunities, Relations

A Saudi-Philippine meeting was held in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries.
A Saudi-Philippine meeting was held in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries.
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Saudi-Philippine Meeting Discusses Boosting Investment Opportunities, Relations

A Saudi-Philippine meeting was held in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries.
A Saudi-Philippine meeting was held in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries.

A Saudi-Philippine meeting was held Thursday in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries, major companies, and representatives from both the public and private sectors, said SPA.
Meeting participants discussed aspects of investment partnerships in areas such as energy, industry, Islamic financial services, and food security.
The meeting also explored ways to enhance relations between the two countries. It aimed to strengthen cooperation in the labor sector and utilize skilled Filipino workers in various sectors.
The meeting addressed investment opportunities and enhancing investment relations between the two countries, promoting efforts to develop economic and investment ties between the Kingdom of Saudi Arabia and the Philippines, fostering quality investments, and enabling the private sector to benefit from investment opportunities in both nations.
The meeting witnessed the signing of a memorandum of understanding in the private sector for human resources, aiming to provide skilled labor to meet the Saudi market's needs through global partnerships with leading companies in this sector.

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Egypt Completes Trial Run of New Suez Canal Channel Extension

An Egyptian navy vessel see in the Suez Canal, March 30, 2021. (AFP/Getty Images)
An Egyptian navy vessel see in the Suez Canal, March 30, 2021. (AFP/Getty Images)
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Egypt Completes Trial Run of New Suez Canal Channel Extension

An Egyptian navy vessel see in the Suez Canal, March 30, 2021. (AFP/Getty Images)
An Egyptian navy vessel see in the Suez Canal, March 30, 2021. (AFP/Getty Images)

Egypt said on Saturday it had successfully tested a new 10 km channel near the southern end of the Suez Canal.

The Suez Canal Authority said in a statement that during a trial run two ships passed through a new stretch of the canal's two-way section without incident.

Following the 2021 grounding of the container ship Ever Given that blocked the vital waterway for six days, Egypt accelerated plans to extend the second channel in the southern reaches of the canal and widen the existing channel.

Its revenue from the waterway, the gateway to the shortest route between Europe and Asia, has nevertheless tumbled since Yemen's Houthi militias began attacking ships in the Red Sea in November 2023 in what they say is solidarity with Palestinians in Gaza.

Egyptian President Abdel Fattah al-Sisi said on Thursday that due to "regional challenges", the country had lost approximately $7 billion in Suez Canal revenue in 2024, marking more than a 60% drop from 2023.

According to the Suez Canal Authority, the latest expansion extends the total length of the canal's two-way section to 82 km from a previous 72 km. The canal is 193 km long in total.

"This expansion will boost the canal's capacity by an additional 6 to 8 ships daily and enhance its ability to handle potential emergencies," the Suez Canal Authority said in its statement.

Earlier this year, Egypt said that it was considering an additional expansion project separate to the 10 km channel extension.