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Saudi Fozan, Sakan Sign Agreement to Provide Housing Units for Joodeskan Platform

The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)
The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)
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Saudi Fozan, Sakan Sign Agreement to Provide Housing Units for Joodeskan Platform

The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)
The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)

Saudi Fozan signed an agreement with the National Housing Development Organization (Sakan) to provide 178 housing units, valued at $18.1 million, to provide housing solutions to the beneficiaries of the Joodeskan platform.

The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia, in a step that supports achieving the goals of Vision 2030 in empowering the non-profit sector and providing adequate housing for needy families.

Minister of Municipal and Rural Affairs and Housing Majed al-Hogail announced that the national companies give as part of their community initiatives.

Hogail lauded the Fozan program for its societal role in promoting housing stability for the neediest families by donating the project to Joodeskan platform that provides housing units for the beneficiaries included in the al-Fozan Affordable Housing Project.

Joodeskan is under the supervision of the National Housing Development, which aims to support and help needy families in the housing sector.

The platform provides charitable residential donations in a transparent, accurate, and professional manner.

Chairman of the board of Fozan Holding Abdullah bin Abdullatif al-Fozan stressed that this step is a continuation of the program’s role in helping society and meeting its needs in various fields.

Al-Fozan indicated that those in charge of the program believe they have a responsibility towards society, launching and sponsoring initiatives, namely the developmental housing projects that contribute to achieving stability for the beneficiaries and provide sustainable housing solutions for them.

Chairman of the Sakan board Ziad al-Hogail lauded the efforts of members of the Fozan initiative, which is one of the aspects of community partnership and integration between sectors that contributes to improving the services provided to citizens and achieving the goals of Vision 2030 and the Quality of Life Program.

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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.