Deal between Kuwaiti Firm, ‘Suez Canal’ on Logistics Center in Egypt

People sail on a boat near a container ship crossing the Gulf of Suez towards the Red Sea before entering the Suez Canal, near El Ain El Sokhna in Suez, east of Cairo, Egypt, March 17, 2018. REUTERS/Amr Abdallah Dalsh
People sail on a boat near a container ship crossing the Gulf of Suez towards the Red Sea before entering the Suez Canal, near El Ain El Sokhna in Suez, east of Cairo, Egypt, March 17, 2018. REUTERS/Amr Abdallah Dalsh
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Deal between Kuwaiti Firm, ‘Suez Canal’ on Logistics Center in Egypt

People sail on a boat near a container ship crossing the Gulf of Suez towards the Red Sea before entering the Suez Canal, near El Ain El Sokhna in Suez, east of Cairo, Egypt, March 17, 2018. REUTERS/Amr Abdallah Dalsh
People sail on a boat near a container ship crossing the Gulf of Suez towards the Red Sea before entering the Suez Canal, near El Ain El Sokhna in Suez, east of Cairo, Egypt, March 17, 2018. REUTERS/Amr Abdallah Dalsh

The Suez Canal Authority has signed a protocol of cooperation with Kuwait’s Agility, a leading global logistics provider, to establish a logistic center in Egypt’s East Port Said Governorate.

Under this protocol, Agility will develop a hub with international standard logistics infrastructure to enhance the importing and warehousing of raw materials, as well as the export and distribution of intermediate and final goods through the Suez Canal Ports, it said.

The company will also provide world-class solutions for Egyptian customs, including the modernization and automation of the customs processes.

Head of Suez Canal Authority Admiral Mamish noted that the protocol aims to study the investment in the development and marketing of both the logistics and industrial areas. It also includes the development of a ‘green’ logistics hub for value-added services, in addition to applying advanced customs technology solutions that facilitate trade.

On his part, Agility executive manager Tarik Sultan said that signing this protocol goes in tandem with Agility strategy for the African continent and reinforcement of Egypt’s position in the regional economy.

“Being present in the Suez Canal Economic Zone and, in particular, working in the East Port Said area will give companies access to world-class infrastructure as well as fast, easy and efficient logistics and customs services in terms of time and cost,” Sultan added.

Admiral Abd El Kader Darwish, vice chairman of the Suez Canal Economic Zone for the Northern Sector, said that the establishment of a logistics center in East Port Said is set to provide logistical and technological solutions for investors in the region.

It will also provide a secure electronic customs system to facilitate the movement of goods in a safe manner that will in turn contribute to more job opportunities in East Port Said.

Darwish added that the protocol also includes studying the possibility of establishing a company between the Economic Authority and Agility, he added.

The Suez Canal Authority is planning to obtain an EUR 300 million loan from GCC banks to buy two new drilling rigs, three banking sources said to Reuters.



Trump Touts ‘Done’ Deal with Beijing on Rare Earths, Chinese Students

In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
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Trump Touts ‘Done’ Deal with Beijing on Rare Earths, Chinese Students

In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)

US President Donald Trump touted ties with China as "excellent" on Wednesday, saying the superpowers reached a deal after two days of talks aimed at preserving a truce in their damaging trade war.  

Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for American industries -- while Washington would allow Chinese students to remain in US universities.  

His post came after top United States and Chinese negotiators announced a "framework" agreement late Tuesday following two days of marathon talks in London. 

"Our deal with China is done," Trump wrote, adding that the agreement was still "subject to final approval with President Xi (Jinping) and me." 

"President XI and I are going to work closely together to open up China to American Trade," he said in a second post. "This would be a great WIN for both countries!!!"  

US stock markets showed little enthusiasm despite Trump's statements, but major indexes edged higher in early trading.  

- 'Candid' talks -  

US Treasury Secretary Scott Bessent said Wednesday that it was possible to rebalance economic relations with China if Beijing proved a "reliable partner in trade negotiations."  

"If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva, and I believe after our talks in London they will, then the rebalancing of the world's two largest economies is possible," Bessent told lawmakers at the House Ways and Means Committee.  

The two sides agreed to reduce their tit-for-tat, triple-digit tariffs during talks in Geneva last month, but cracks appeared in the detente after Trump accused China of violating the deal.  

Washington was concerned at slower supplies of rare earths after Beijing in early April began requiring domestic exporters to apply for a license -- widely seen as a response to US tariffs.  

Rare earths are used in everything from electric vehicles to hard drives, wind turbines and missiles.  

US Commerce Secretary Howard Lutnick said in London on Tuesday that US measures imposed when rare earths "were not coming" would likely be relaxed once Beijing moved forward with more license approvals.  

On Truth Social, Trump said China will supply "full magnets, and any necessary rare earths" up front.  

Washington has infuriated Beijing by vowing to revoke the visas of Chinese students, a major source of revenue for US universities.  

On Wednesday, Trump said: "We will provide to China what was agreed to, including Chinese students using our colleges and universities."  

The US president also said that the United States applies 55 percent tariffs on Chinese goods -- a combination of his 30 percent additional levies this year and the rough average of pre-existing duties, a White House official said.  

He said Beijing charges 10 percent duties on US goods.  

The rates are the same as those that were previously agreed in the truce, which temporarily brought US tariffs down from 145 percent and those imposed by China from 125 percent.  

In a Chinese state media readout of the talks released Wednesday, Vice Premier He Lifeng, who headed Beijing's team in London, stressed the need for the two sides to strengthen cooperation in future dialogue.  

"As a next step, the two sides should... continuously enhance consensus, reduce misunderstandings and strengthen cooperation," He said, according to state broadcaster CCTV.  

Speaking to reporters in London, China International Trade Representative Li Chenggang earlier said: "Our communication has been very professional, rational, in-depth and candid."