Egypt Considers Excluding Turkish Companies from Public Tenders

People shop at al-Ataba, a popular market in downtown Cairo, Egypt (File Photo: Reuters)
People shop at al-Ataba, a popular market in downtown Cairo, Egypt (File Photo: Reuters)
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Egypt Considers Excluding Turkish Companies from Public Tenders

People shop at al-Ataba, a popular market in downtown Cairo, Egypt (File Photo: Reuters)
People shop at al-Ataba, a popular market in downtown Cairo, Egypt (File Photo: Reuters)

The Egyptian parliament is considering a request submitted by one of its members that asks the government to exclude Turkish companies from "entering into tenders related to sensitive sectors in the country."

MP Ibrahim Hijazi, who submitted the request, told Asharq Al-Awsat that his move comes to "protect Egypt's national security."

Hijazi received information that almost half of the tenders that are taking place on the installation of pipelines for oil and natural gas in the Mediterranean were obtained by Turkish companies.

Cairo and Ankara have reduced their diplomatic ties since 2013 following a statement by Turkish President Recep Tayyip Erdogan against the June 30 revolution that toppled former Egyptian President Mohamed Morsi after widespread popular protests.

Erdogan’s statements back then were considered “hostile” by Egyptian authorities, after which it expelled the Turkish ambassador.

Turkey’s ambitions in the Middle East have increased, especially after the discoveries of natural gas in Mediterranean’s eastern region, in addition to its support to members of banned terrorist groups.

In February 2018, Egypt and Turkey elevated their public disputes over the rights of the parties to explore for gas and other natural resources in its waters. In recent months, Cairo conducted training for marine explorations and marine economic objectives.

In February, Turkey’s Foreign Minister Mevlut Cavusoglu told the Greek newspaper Kathimerini that it’s his country’s sovereign right to search for and to exploit these resources.

“Therefore, we plan to launch our drilling activities in the Eastern Mediterranean in the near future.”

He noted that Turkey has submitted to the UN its objection to the Egyptian-Greek Cypriot agreement of 2003 regarding to the “Delimitation of the Exclusive Economic Zone.

Egypt defended its agreement with Cyprus, saying no party can dispute its legality, as it is consistent with the rules of international law and had deposited as an international convention in the United Nations.

Egypt’s Foreign Ministry warned that any attempt to infringe or diminish Egypt's sovereign rights in that area is rejected and will be confronted.



Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.


Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.


China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
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China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)

China on Monday announced a two-month extension of export-control waivers due to expire this month, preserving part of a wide-ranging deal struck after a summit between Presidents Xi Jinping and Donald Trump.

China introduced export controls on certain rare earths ‌in April 2025, ‌only to expand ‌them ⁠further in October ⁠of that year, dramatically widening their scope and also adding new controls on certain diamonds with industrial applications and lithium battery technology.

The measures were then ⁠paused for one year last ‌November after ‌a summit in South Korea ‌between Xi and Trump.

The Ministry of ‌Commerce said in a short statement on Monday that the pause would be extended for two months ‌until January 10. It gave no other details.

The extension ⁠is ⁠part of a broader suspension of trade countermeasures and tariffs announced by China on Monday as it negotiates with Washington over an enduring trade deal.

Trump is set to travel to Shenzhen in southern China later this month for an APEC leaders summit, where he is expected to meet with Xi.