Experts Recommend Updating Competition Regulations for GCC Railway Project

Train and railway projects to produce a shift in transport and logistics activity in Gulf states (Asharq Al-Awsat)
Train and railway projects to produce a shift in transport and logistics activity in Gulf states (Asharq Al-Awsat)
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Experts Recommend Updating Competition Regulations for GCC Railway Project

Train and railway projects to produce a shift in transport and logistics activity in Gulf states (Asharq Al-Awsat)
Train and railway projects to produce a shift in transport and logistics activity in Gulf states (Asharq Al-Awsat)

The team of experts overseeing the Gulf Cooperation Council (GCC) Railway project discussed preparations for offering the project’s operational plan and asset management to competition.

In their 15th meeting, which was held by videoconference, the experts stressed the importance of implementing and operating the project.

Representatives of relevant authorities in GCC states and national railway companies operating railways and metros also attended the meeting.

The experts stressed the importance of updating the addendums that were approved for the project as well as identifying documents that need to be completed.

They also emphasized the need for preparing for the workshop on the virtual train trip under the requirements of the COTIF document, the unified system for issuing passenger tickets for the project, and the Gulf register of vehicles.

According to a statement issued by the meeting, the experts agreed to form working groups to follow up with the consulting offices that will prepare the studies.

In general, the railway sector enhances the competitiveness of Saudi commodities in foreign and domestic markets, by reducing the cost of transportation while increasing connectivity with neighboring countries.

It also increases the attractiveness of the Saudi market to foreign investors.

A study recently issued by the Riyadh Economic Forum confirmed that the sector maximizes the contribution of transport and storage by more than 10 % to the GDP.

The study pointed out that the sector contributes to strengthening and transforming Saudi Arabia into a global center for transport and logistics services, noting that the network development plans aim to reach more than 330 million passengers annually.

According to the study, the sector will increase the length of railways from 5,500 km currently to 13,000 km, an increase of 160 %.

It will also boost the number of transported containers to 40 million.



China to US: 'Market Has Spoken' after Tariffs Spur Selloff

US and Chinese flags and a label with the word "34% Tariffs" are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
US and Chinese flags and a label with the word "34% Tariffs" are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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China to US: 'Market Has Spoken' after Tariffs Spur Selloff

US and Chinese flags and a label with the word "34% Tariffs" are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
US and Chinese flags and a label with the word "34% Tariffs" are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

China said on Saturday "the market has spoken" in rejecting US President Donald Trump's tariffs, and called on Washington for "equal-footed consultation" after global markets plunged in reaction to the trade levies that drew Chinese retaliation.

Several Chinese commerce associations in industries from healthcare and textiles to electronics also issued statements on Saturday calling for unity in exploring alternative markets and saying the tariffs would worsen inflation in the United States.

Hong Kong Financial Secretary Paul Chan told public broadcaster RTHK, however, Hong Kong would not impose separate countermeasures, citing the need for the city to remain "free and open".

"The market has spoken," Chinese foreign ministry spokesperson Guo Jiakun said in a post on Facebook on Saturday. He also posted a picture capturing Friday's falls on US markets, Reuters reported.

Trump introduced additional 34% tariffs on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54%.

Trump also closed a trade loophole that had allowed low-value packages from China to enter the US duty-free.

This prompted retaliation from China on Friday, including extra levies of 34% on all US goods and export curbs on some rare earths, escalating the trade war between the world's two largest economies.

Global stock markets plummeted following China's retaliation and Trump's comments on Friday that he would not change course, extending sharp losses that followed Trump's initial tariff announcement earlier in the week and marking the biggest losses since the pandemic. For the week, the S&P 500 was down 9%.

"Now is the time for the US to stop doing the wrong things and resolve the differences with trading partners through equal-footed consultation," Guo wrote in English.

China's chamber of commerce, representing traders in food products, called on "China's food and agricultural products import and export industry to unite and strengthen cooperation to jointly explore domestic and foreign markets".

Hong Kong's Chan said it strongly opposes Trump's actions and would persist in being "free and open".

"Allowing a free flow of capital and acting as a free port are our advantages, and this will not change," Chan told public broadcaster RTHK.

"The rules-based multilateral trading system is our core," he said.