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Kremlin Envoy Proposes a 'Putin-Trump Tunnel' to Link Russia and US 

US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)
US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)
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Kremlin Envoy Proposes a 'Putin-Trump Tunnel' to Link Russia and US 

US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)
US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)

Russia and the United States should build a "Putin-Trump" rail tunnel under the Bering Strait to link the two countries, unlock joint exploration of natural resources and "symbolize unity", a Kremlin, a Kremlin envoy has suggested.

The proposal by Kirill Dmitriev, President's Vladimir Putin's investment envoy and head of Russia's RDIF sovereign wealth fund, envisages a construction project costing 8 billion dollars funded by Moscow and "international partners" to build a 70-mile (112-km) rail and cargo link in under eight years.

Dmitriev, who has helped spearhead a Russian charm offensive designed to revive US-Russia ties, floated the tunnel idea late on Thursday after Putin spoke to US President Donald Trump by phone and agreed to meet in Budapest to try to find a way to stop the war in Ukraine.

PROPOSAL TO INVOLVE COMPANY OWNED BY MUSK

"The dream of a US–Russia link via the Bering Strait reflects an enduring vision — from the 1904 Siberia–Alaska railway to Russia’s 2007 plan. RDIF has studied existing proposals, including the US–Canada–Russia–China railroad, and will support the most viable," Dmitriev wrote on X.

The Bering Strait, which is 51 miles (82 km) wide at its narrowest point, separates Russia's Chukotka region from Alaska. Ideas to link the two points have been around for at least 150 years, with various projects drawn up but never implemented.

Dmitriev, who has forged ties with Steve Witkoff, Trump's special envoy, and spoken of the possibility of US energy majors taking minority stakes in Russian projects in the Arctic, suggested the tunnel could be built by The Boring Company, a US tunnel construction company owned by Elon Musk.

"Imagine connecting the US and Russia, the Americas and the Afro-Eurasia with the Putin-Trump Tunnel - a 70-mile link symbolizing unity. Traditional costs are $65B+, but @boringcompany's tech could reduce it to <$8B. Let's build a future together," Dmitriev wrote to Musk on X.

There was no immediate public response to the idea from Musk or Trump.

Dmitriev said a similar idea - to build a "Kennedy-Khrushchev World Peace Bridge" - had been floated during the Cold War and published a sketch from that era of the route it might have taken, along with a graphic showing the route the new tunnel could take between Chukotka and Alaska.

"RDIF has already invested in and built the first ever Russia-China railroad bridge. The time has come to do more and connect the Continents for the first time in human history. The time has come to connect Russia and the US," said Dmitriev.

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Business

Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”

Business

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.

Business

Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.