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Saudi Arabia, Egypt Discuss Advancing Industrial and Mining Collaboration

Alkhorayef held on Monday meetings with Egyptians ministers in Cairo. SPA
Alkhorayef held on Monday meetings with Egyptians ministers in Cairo. SPA
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Saudi Arabia, Egypt Discuss Advancing Industrial and Mining Collaboration

Alkhorayef held on Monday meetings with Egyptians ministers in Cairo. SPA
Alkhorayef held on Monday meetings with Egyptians ministers in Cairo. SPA

Minister of Industry and Mineral Resources Bandar Alkhorayef has held talks with Egyptian ministers in Cairo, discussing fostering industry and mining cooperation and attracting investments to strategic industrial opportunities in Saudi Arabia.

Alkhorayef held on Monday separate meetings with Egyptian Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir, Minister of Investment and Foreign Trade Hassan El-Khatib, Minister of Petroleum and Mineral Resources Karim Badawi, and Central Bank of Egypt (CBE) Governor Hassan Abdallah.

During his meeting with the Egyptian industry and transport minister, Alkhorayef emphasized the importance of strengthening collaboration between the two nations to activate agreed industrial integration paths. Alkhorayef highlighted the role of the Saudi Vision 2030 in leading economic transformation and stimulating growth across various sectors. He also underscored the launch of various strategies aimed at creating added value in industry, mining, and exports, alongside many initiatives to streamline the industrial investors’ journey.

In his meeting with the Egyptian investment and foreign trade minister, Alkhorayef explored means of enhancing cooperation with Egypt in investments. They also discussed fostering effective partnerships within the private sector of both countries to leverage available investment opportunities.

Alkhorayef, in his meeting with the Egyptian petroleum and mineral resources minister, underscored Saudi Arabia’s commitment to bolstering bilateral collaboration in the mining and mineral industries sector. He emphasized the Kingdom’s keenness on leveraging the economic strengths of both nations. Alkhorayef extended an invitation for the Egyptian minister to participate in the fourth Future Minerals Forum, to be held in Riyadh in January 2025.

Alkhorayef’s conversation with the CBE governor centered on exploring financing mechanisms and guarantees provided by financial institutions in both countries to enhance trade and offer solutions to investors.The meetings were attended by Industry and Mineral Resources Deputy Minister for Industry Affairs Khalil Ibn Salamah, Saudi EXIM Bank Chief Executive Saad Alkhalb, Saudi Exports Development Authority Chief Executive Abdulrahman Althukair, and Saudi Ambassador to Egypt Saleh Al-Husseini.

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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.