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Saudi Housing Minister Meets Egyptian Real Estate Developers

The Egyptian Minister of Housing and his Saudi counterpart, with the head of the Talaat Moustafa group. (Photo: Asharq Al-Awsat)
The Egyptian Minister of Housing and his Saudi counterpart, with the head of the Talaat Moustafa group. (Photo: Asharq Al-Awsat)
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Saudi Housing Minister Meets Egyptian Real Estate Developers

The Egyptian Minister of Housing and his Saudi counterpart, with the head of the Talaat Moustafa group. (Photo: Asharq Al-Awsat)
The Egyptian Minister of Housing and his Saudi counterpart, with the head of the Talaat Moustafa group. (Photo: Asharq Al-Awsat)

The Egyptian-African Businessmen Association (EABA) organized an intensive meeting on Saturday in Cairo to discuss opportunities for real estate development in the Kingdom.

The meeting was attended by Majid Al-Hogail, Saudi Minister of Housing, Dr. Essam bin Saad bin Saeed, Saudi Minister of Hajj and Umrah, and Engineer Mohamed Albuty, Chairman of the Board of Directors of the National Housing Company, along with the EABA Construction and Building Committee, headed by Engineer Mahmoud Hegazy and a group of senior Egyptian real estate developers.

The Saudi side gave a detailed presentation of the Kingdom’s achievements over the past six years in the housing sector, emphasizing the role of the National Housing Company in this regard.

“All of this contributed to the growth of the volume of financing for real estate projects from 30 billion riyals to nearly 380 billion riyals during the last 5 years,” Al-Hogail said, pointing to the increasing demand on the integrated housing system implemented by Saudi Arabia.

The Saudi minister affirmed his full support for Egyptian real estate developers’ endeavor to work within the Kingdom, saying that Saudi Arabia was “proud of the Egyptian expertise and ready to strengthen cooperation in this field.”

For his part, Dr. Yousri El-Sharqawy, head of the Egyptian-African Businessmen Association, stressed that the Kingdom has provided a pioneering model in real estate development.

He added that the EABA was looking forward to establishing joint investments between the private sector and real estate developers under the auspices of the two countries’ leaderships.

On Friday, Eng. Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group, received the Saudi minister and his Egyptian counterpart, and the accompanying Saudi delegation, on a tour inside the city of Madinaty in New Cairo.

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China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
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China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura

China announced Friday that it will raise tariffs on US goods from 84% to 125% — the latest salvo in an escalating trade war between the world's two largest economies that has rattled markets and raised fears of a global slowdown.

While US President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%. China has denounced the policy as “economic bullying" and promised countermeasures. The new tariffs begin Saturday.

Washington's repeated raising of tariffs “will become a joke in the history of the world economy,” a Chinese Finance Ministry spokesman said in a statement announcing the new tariffs. “However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”

China’s Commerce Ministry said it would file another lawsuit with the World Trade Organization against the US tariffs.

“There are no winners in a tariff war,” Chinese leader Xi Jinping said during a meeting with the Spanish Prime Minister Pedro Sanchez, according to a readout from state broadcaster CCTV. “For more than 70 years, China has always relied on itself ... and hard work for development, never relying on favors from anyone, and not fearing any unreasonable suppression.”

Chinese Foreign Minister Wang Yi on Friday said China stands firm against Trump’s tariffs not only to defend its own rights and interests but also to “safeguard the common interests of the international community to ensure that humanity is not dragged back into a jungle world where might makes right.”

Wang made the remarks when he met Rafael Mariano Grossi, director general of the International Atomic Energy Agency in Beijing. Wang said China will “work together with other countries to jointly resist all retrogressive actions in the world.”

Trump's on-again, off-again measures have caused alarm in stock and bond markets and led some to warn that the US could be headed for a recession. There was some relief when Trump paused the tariffs for most countries — but concerns remain since the US and China are the world's No. 1 and No. 2 economies, respectively.

“The risk that this escalating trade war tips the world into a recession is rising as the two largest and most powerful countries in the world continue to punch back with higher and higher tariffs,” Jennifer Lee, a senior economist at BMO Capital markets, wrote Friday. “No one truly knows when this will end.”

Chinese tariffs will affect goods like soybeans, aircrafts and their parts and drugs — all among the country's major imports from the US Beijing, meanwhile, suspended sorghum, poultry and bonemeal imports from some American companies last week, and put more export controls on rare earth minerals, critical for various technologies.

The United States' top imports from China, meanwhile, include electronics, like computers and cell phones, industrial equipment and toys — and consumers and businesses are likely to see prices rise on those products, with tariffs now at 145%.

Trump announced on Wednesday that China would face 125% tariffs, but he did not include a 20% tariff on China tied to its role in fentanyl production.

White House officials hope the import taxes will create more manufacturing jobs by bringing production back to the United States — a politically risky trade-off that could take years to materialize, if at all.