US Trade Representative: China Involvement in Iran Would Complicate Mattershttps://english.aawsat.com/business/5261102-us-trade-representative-china-involvement-iran-would-complicate-matters
US Trade Representative: China Involvement in Iran Would Complicate Matters
US Trade Representative Jamieson Greer attends a press conference with US Treasury Secretary Scott Bessent (not pictured) after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026. Reuters
US Trade Representative: China Involvement in Iran Would Complicate Matters
US Trade Representative Jamieson Greer attends a press conference with US Treasury Secretary Scott Bessent (not pictured) after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026. Reuters
US Trade Representative Jamieson Greer said on Friday that the United States is trying to maintain a stable relationship with China, but if Beijing gets involved with Iran in a way that is counter to US interests, that would complicate matters.
“The underlying goals of our economies are so different. But there's a way where we can have some economic stability. If China is going to be involved in Iran in a way that's harmful to US interests, then that obviously complicates it, and that's China's responsibility to eliminate that,” Greer said in an interview on CNBC.
Greer also said he expects US President Donald Trump to have a good meeting next month with Chinese President Xi Jinping. The trip comes just a year after Washington rolled out sweeping and at times erratic global tariffs.
“I think the thing to remember with China is, although we're trying very hard to have stability with China, particularly in trade and economics, not every challenge with them is resolved,” Greer said.
Meanwhile, the European Union and Washington are closing in on an agreement to coordinate on producing and securing critical minerals, Bloomberg News reported on Friday.
The potential deal would include incentives such as minimum price guarantees that could favor non‑Chinese suppliers, the report said, citing an “action plan.”
The EU and US would also cooperate on standards, investments and joint projects, along with increased coordination on any supply disruptions by countries like China, the report added.
EU trade commissioner Maros Sefcovic said in March he had a “very positive” meeting with Greer on the sidelines of a World Trade Organization ministerial meeting in Cameroon, where the two sides agreed to further advance work on critical minerals and also discussed tariffs.
The EU-US deal would cover “critical minerals along the entire value chain and life-cycle management, including exploration, extraction, processing, refining, recycling and recovery,” Bloomberg reported, citing a non-binding memorandum of understanding.
The US has been scrambling to get access to critical mineral reserves, especially rare earth supply chains currently dominated by Chinese players.
Saudi Real Estate Legislation Places Makkah and Madinah at the Center of Global Investment Ambitionshttps://english.aawsat.com/business/5277794-saudi-real-estate-legislation-places-makkah-and-madinah-center-global-investment
Saudi Real Estate Legislation Places Makkah and Madinah at the Center of Global Investment Ambitions
An aerial view showing the urban boom and major hospitality projects surrounding the Grand Mosque in Makkah (SPA).
Saudi Arabia’s legislative and regulatory environment has become the primary driver reshaping the investment landscape in Makkah and Madinah, pushing the real estate sector beyond its traditional local framework toward a global horizon. This structural transformation, fueled by an unprecedented package of regulatory decisions approved by the government during 2025 and brought into effect at the start of 2026, has led to the emergence of an innovative real estate market model based on diversifying investment products and attracting major international companies and investors.
These regulatory reforms are being reinforced by a boom in mega infrastructure projects surrounding the Two Holy Mosques, embodying the goals of Saudi Vision 2030 to increase capacity for pilgrims and transform the western region into a magnet for foreign capital. This shift is reflected in a series of structural decisions and on-the-ground projects that have already begun reshaping the investment sector.
Last year saw the issuance of several major decisions and regulations, most notably the Saudi Cabinet’s approval in July of an updated system allowing non-Saudis to own property in the Kingdom, subject to specific ownership controls in the two holy cities. The decision came into force at the beginning of this year, with analysts expecting it to directly contribute to attracting international companies, increasing demand for residential and hospitality units, and broadening the investor base in the sector.
Extending these reforms further, the Capital Market Authority announced in January 2025 that foreigners would be permitted to invest in Saudi-listed companies owning permanent or temporary real estate assets within the boundaries of Makkah and Madinah. The move aims to boost foreign capital inflows, raise liquidity levels in real estate projects tied to the Hajj and Umrah ecosystem, and support the development of advanced hotels and residential complexes near the holy sites.
Within this broader development framework, Saudi Crown Prince Mohammed bin Salman launched the “King Salman Gateway” project in Makkah last October as a mixed-use destination spanning 12 million square meters adjacent to the Grand Mosque. The project includes around 50,000 residential units and 16,000 hotel rooms, while allowing ownership for Muslims worldwide in line with the Kingdom’s non-Saudi property ownership system.
Makkah is also home to the “Masar Destination” project, which stretches across 1.25 million square meters and is designed to accommodate 158,000 residents through 13,000 housing units distributed across 82 towers, in addition to 24,000 hotel units in 58 towers and 19,000 serviced apartments.
In Madinah, the “Rua Al Madinah” project is under development across an area of 1.35 million square meters, featuring around 80,000 hotel rooms and nearly 500 residential units. According to Ahmed bin Wasl Al-Juhani, CEO of Rua Al Madinah Holding Company, one of the Public Investment Fund’s subsidiaries, project completion has surpassed 65 percent.
Madinah (Ministry of Awqaf)
Infrastructure Projects Double Land Market Values
These mega projects and newly adopted regulations are being integrated with major infrastructure networks approved by the state to increase the number of pilgrims and Umrah visitors. They include the historic expansions of the Grand Mosque, modernization of transport and logistics networks surrounding the Two Holy Mosques, and regulation of urban development in the holy sites.
This has driven steadily rising demand for the hospitality sector, including hotels and serviced apartments, while significantly increasing the market value of strategic land plots near the Grand Mosque.
Amid this boom, Al Rajhi Capital and Thakher Development signed a memorandum of understanding last Thursday to establish a real estate investment fund in Makkah with investments exceeding SAR2 billion ($534.6 million). The fund, located within the “Thakher Makkah” project, aims to support the hospitality and housing sectors while enhancing the investment experience in the holy city.
A master plan of the “King Salman Gateway” project (SPA).
Record Profits
This legislative boom has also positively reflected on the financial results of real estate companies operating in the two regions and listed on the Saudi stock market, Tadawul, with firms posting record annual profit growth in 2025.
Jabal Omar Development recorded an exceptional elevenfold jump in profits, posting net earnings exceeding SAR2.39 billion ($637.3 million) in 2025, compared with around SAR200 million ($53.3 million) in 2024. The company also maintained positive momentum in the first quarter of 2026, posting SAR116.99 million ($31.2 million) in profits.
Makkah Construction and Development Company also posted a 15 percent rise in profits to SAR474 million ($126.4 million), compared with SAR411 million ($109.6 million) in 2024, while continuing its growth trajectory in the first quarter of 2026 with an 8 percent increase to SAR162.2 million ($43.2 million).
Meanwhile, Taiba Investments reported a 9.3 percent increase in profits, reaching SAR364 million ($97.1 million) in 2025, compared with SAR411 million ($109.6 million) in 2024. The company also maintained positive performance, generating profits exceeding SAR124.8 million ($33.3 million) during the first quarter of 2026.
Entry of Foreign Developers Intensifies Competition
Providing an analytical reading of the market, real estate expert and appraiser engineer Ahmed Al-Faqih told Asharq Al-Awsat that Makkah and Madinah represent the spiritual destination of two billion Muslims worldwide, noting that these regulations create momentum capable of meeting the aspirations of a broad segment of Muslims seeking property ownership in the western region, which also includes Jeddah and Taif.
He expected the deeper impact of these systems to become evident during the first and second quarters of 2027.
Al-Faqih added that the impact would extend to increasing both the volume and quality of real estate transactions, with greater focus on the residential sector compared with agricultural and industrial sectors. He also predicted accelerated real estate development through the launch of tailored products that account for the diverse cultures of targeted nationalities.
He noted that the western region’s market is expected to witness the entry of non-Saudi developers who will compete with local developers on the quality of real estate products. He added that government regulators are focusing on two core principles: “real estate balance and sustainability,” which would further increase the market’s attractiveness to international capital and shift it from randomness toward regulation and steadily rising profitability over the coming decade.
Serving the Pilgrim Ecosystem
Ayman Al-Sultan, a real estate sector observer, told Asharq Al-Awsat that real estate activity in Makkah and Madinah is inherently tied to a broader economic and urban ecosystem dedicated to serving pilgrims, noting that development over recent years has been comprehensive across both urban and regulatory tracks.
He pointed out that regulatory updates related to allowing non-Saudis to own property under specific controls, alongside opening investment in Saudi-listed companies holding real estate assets within the two cities, reflect a direction toward broadening the investment base within a clear regulatory framework that preserves the unique status of the two holy cities.
He added that major infrastructure projects linked to Hajj and Umrah have boosted interest in real estate projects tied to hospitality, housing, and support services for the Two Holy Mosques. Based on market observations, he said the convergence between regulation and urban development is steering the market toward more organized projects linked to Hajj and Umrah-related services in the coming phase.
The mixed-use residential and commercial complex developed by Makkah Construction and Development overlooking the Grand Mosque (Makkah Construction and Development).
Current Hajj Season Translates Legislative Boom Into Reality
These regulatory developments are casting a direct shadow over the current Hajj season, which is witnessing peak human and investment flows. Observers believe this season represents the clearest practical reflection of infrastructure flexibility following the implementation of the latest legislative decisions.
Residential and hotel complexes surrounding the Two Holy Mosques are no longer merely static real estate assets. Instead, they have evolved into a core pillar of an integrated hospitality system managed by investment funds and listed companies seeking to meet growing demand within an attractive and stable regulatory environment.
Ultimately, this intensive operational momentum, coinciding with the influx of pilgrims, demonstrates that the new real estate model in Makkah and Madinah has moved beyond the theoretical planning phase and entered the stage of tangible returns.
The convergence between flexible government legislation and massive capital spending on infrastructure places the western region on the threshold of a golden investment decade that is redrawing the map of international real estate development and reinforcing the status of the Two Holy Mosques as a central hub for sustainable development and rising economic growth in line with the ambitions of Saudi Vision 2030.
In the final analysis, this integration between regulatory achievement and the realities of the current season confirms that real estate in the holy capital and Madinah has already entered a phase of maximum investment appeal.
ECB Tells Banks to Invest More to Get a Grip on AI Security Riskhttps://english.aawsat.com/business/5277720-ecb-tells-banks-invest-more-get-grip-ai-security-risk
European Central Bank Vice-President Luis de Guindos, left, speaks with European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis during a meeting of EU finance ministers at the European Council building in Brussels, Tuesday, May 5, 2026. (AP Photo/Geert Vanden Wijngaert)
ECB Tells Banks to Invest More to Get a Grip on AI Security Risk
European Central Bank Vice-President Luis de Guindos, left, speaks with European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis during a meeting of EU finance ministers at the European Council building in Brussels, Tuesday, May 5, 2026. (AP Photo/Geert Vanden Wijngaert)
Euro zone banks need to invest more in cybersecurity if they are to get a grip on new AI models that can find flaws in software, the European Central Bank's outgoing Vice President Luis de Guindos said on Wednesday.
New large language models such as Anthropic's Mythos are viewed by cybersecurity experts as posing significant challenges to the banking industry and its legacy technology systems, prompting a series of warnings from regulators and policymakers around the world.
The ECB has been quizzing euro zone banks about their preparedness for weeks, including at a meeting this week, and de Guindos said the sector needed to reach deeper into its pockets to strengthen its defenses against cyberattacks powered by AI.
"We have to understand much better the potential implications of these new models and to try to put in place the systems and cybersecurity patches that can address that situation," de Guindos, whose term runs out at the end of the month, told reporters.
"And (we have) to try to start to enhance the awareness of the financial institutions, of the banks, about the need of additional cybersecurity investment, because it's going to be something that is going to be quite structural in the near future."
He said the meeting with euro zone lenders on Tuesday featured a presentation by a US bank which, unlike its counterparts on this side of the Atlantic, has had access to Mythos.
"The main message to everyone is cyber is becoming more and more important," de Guindos said. "We have to invest more. And investment has to be pervasive. It's not only for the large banks. It's as well for the small banks."
Alvarez & Marsal Returns to Lebanon’s Central Bank to Trace Missing $20 Billionhttps://english.aawsat.com/business/5277716-alvarez-marsal-returns-lebanon%E2%80%99s-central-bank-trace-missing-20-billion
Alvarez & Marsal Returns to Lebanon’s Central Bank to Trace Missing $20 Billion
People walk outside Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir
Lebanon’s central bank (BDL) has formally reappointed consulting firm Alvarez & Marsal to conduct a comprehensive forensic audit on the period from October 2019 through the end of 2023, in a move aimed at uncovering possible misuse, embezzlement, and waste involving more than $20 billion in depleted foreign reserves.
The announcement, made in coordination with the finance and justice ministries, reflects renewed commitments by BDL to disclose how public funds and central bank reserves were managed during Lebanon’s financial collapse.
A senior official described the decision as a significant step toward applying international accounting standards to investigate allegations of financial misconduct tied to the rapid depletion of central bank reserves following the onset of Lebanon’s economic crises nearly seven years ago.
According to BDL, the audit is part of a joint institutional effort to review a period marked by large-scale financial interventions carried out by the bank on behalf of both public and private sector entities.
The selection of Alvarez & Marsal is particularly significant because the firm previously conducted a forensic audit of the central bank’s accounts covering 2015 to 2020. Officials believe the new review could build on earlier findings submitted to the Finance Ministry and provide a clearer accounting of how funds were spent.
A senior official told Asharq Al-Awsat that the audit and its expected findings could reshape Lebanon’s financial recovery strategy by establishing a credible basis for restructuring financial data, supporting legal accountability efforts, recovering misappropriated funds, and advancing reforms long demanded by international donors and financial institutions, particularly the International Monetary Fund and the World Bank.
Scrutiny of Subsidy Programs
The audit will focus heavily on subsidy programs approved by successive Lebanese governments between 2019 and 2023, involving billions of dollars in transfers and payments, as well as funds provided by the central bank to public institutions and government agencies.
It will also examine international transfers made by BDL to commercial banks’ overseas accounts.
According to the central bank, the primary objective is to determine whether all transfers and payments - particularly those tied to subsidy programs - were legally authorized, reached their intended beneficiaries, and were used for their stated purposes without misuse or exploitation of public funds.
The central bank said the audit would assist the finance and justice ministries in identifying and prosecuting individuals or entities that may have improperly benefited from subsidy funds or diverted them from their intended purposes. Once completed, the report will be formally submitted to both ministries.
Preliminary estimates indicate the renewed audit will examine at least $11 billion spent on consumer subsidy programs during the period, much of it allocated to fuel subsidies. Large quantities of subsidized fuel were allegedly smuggled into Syria through illicit trade networks while Lebanese motorists queued at gas stations.
Consumer subsidy programs were also marred by major loopholes, including support for luxury goods that offered little benefit to ordinary citizens. At the same time, subsidized Lebanese products reportedly appeared at discounted prices in markets abroad, including Syria, Kuwait, Cyprus, and other Arab and European countries.
There were similar concerns son medicine and medical supply subsidies, amid allegations of hoarding and artificial shortages despite extensive public support. Lists of subsidy recipients and traders had previously been referred by the central bank to public prosecutors, but investigations have so far produced few meaningful results.
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