A bridge so far: China’s gamble on Macau link

The world’s longest sea bridge will link Hong Kong, Macau and mainland China. (AFP)
Updated 30 March 2018
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A bridge so far: China’s gamble on Macau link

HONG KONG: Touted as an engineering wonder, the world’s longest sea bridge, which connects Hong Kong, Macau and mainland China, includes a snaking road crossing and an underwater tunnel and reportedly uses enough steel to build 60 Eiffel Towers.

Nine years after construction began on the 55-kilometer (34-mile) crossing, a preview organized by the Chinese government this week offered a first peek into the megaproject.

The bridge will link Hong Kong to the southern Chinese city of Zhuhai and the gambling enclave of Macau, cutting across the waters of the Pearl River Estuary.
Although the opening date has not been confirmed, officials expect the bridge to be in use for 120 years and say it will boost business by cutting travel time by 60 percent.
The 420,000 tons of steel used for the project represent 60 times the amount used in the Eiffel Tower, China’s official Xinhua news agency said.

Gao Xinglin, the bridge’s project planning manager, said the construction of the 6.7-kilometer underwater tunnel gave him sleepless nights.

“There were many nights where I couldn’t fall asleep, because there were too many difficulties during the construction,” Gao told reporters Wednesday.

“Linking the 80,000-ton pipes under the sea with watertight technology was the most challenging,” he added.

The total price tag for the project, which includes artificial islands, linked roads and new border-crossing facilities, is unclear but some estimates run to over 100 billion yuan ($15.1 billion), leading critics to slam it as a costly white elephant.

Opponents in Hong Kong say the project is part of Beijing’s drive to tighten its grip on the semi-autonomous city.

Dogged by delays, budget overruns, accusations of corruption and the deaths of construction workers, the bridge failed to open by the end of 2017 as hoped.

There have also been safety concerns after 19 lab workers were charged over faking concrete test reports, with one man jailed last December.


Saudi Arabia set to attract $500bn in private investment, Al-Falih tells conference

Updated 09 December 2025
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Saudi Arabia set to attract $500bn in private investment, Al-Falih tells conference

RIYADH: Sustainability, technology, and financial models were among the core topics discussed by financial leaders during the first day of the Momentum 2025 Development Finance Conference in Riyadh.

The three-day event features more than 100 speakers and over 20 exhibitors, with the central theme revolving around how development financial institutions can propel economic growth.

Speaking during a panel titled “The Sustainable Investment Opportunity,” Saudi Investment Minister Khalid Al-Falih elaborated on the significant investment progress made in the Kingdom.

“We estimate in the midterm of 2030 or maybe a couple of years more or so, about $1 trillion of infrastructure investment,” he said, adding: “We estimate, as a minimum, 40 percent of this infrastructure is going to be financed by the private sector, so we’re talking in the next few years $400 (billion) to $500 billion.”

The minister drew a correlation between the scale of investment needs and rising global energy demand, especially as artificial intelligence continues to evolve within data processing and digital infrastructure in global spheres.

“The world demand of energy is continuing to grow and is going to grow faster with the advent of the AI processing requirements (…) so our target of the electricity sector is 50 percent from renewables, and 50 percent from gas,” he added.

Al-Falih underscored the importance of AI as a key sector within Saudi Arabia’s development and investment strategy. He made note of the scale of capital expected to go into the sector in coming years, saying: “We have set a very aggressive, but we believe an achievable target, for AI, and we estimate in the short term about $30 billion immediately of investments.”

This emphasis on long-term investment and sustainability targets was echoed across panels at Momentum 2025, during which discussions on essential partnerships between public and private sectors were highlighted.

The shared ambition of translating the Kingdom’s goals into tangible outcomes was particularly essential within the banking sector, as it plays a central role in facilitating both projects and partnerships.

During the “Champions of Sectoral Transformation: Development Funds and Their Ecosystems” panel, Saudi National Bank CEO Tareq Al-Sadhan shed light on the importance of partnerships facilitated via financial institutions.

He explained how they help manage risk while supporting the Kingdom’s ambitions.

“We have different models that we are working on with development funds. We co-financed in certain projects where we see the risk is higher in terms of going alone as a bank to support a certain project,” the CEO said.

Al-Sadhan referred to the role of development funds as an enabler for banks to expand their participation and support for projects without assuming major risk.

“The role of the development fund definitely is to give more comfort to the banking sector to also extend the support … we don’t compete with each other; we always complement each other” he added.