SINGAPORE: Southeast Asian leaders are expected to rally against protectionism at a summit in Singapore this weekend amid fears that tit-for-tat tariffs between the US and China could escalate into a global trade war.
A region of around 650 million people, Southeast Asia is home to some of the world’s fastest growing economies, thanks largely to the benefits of free and open trade.
But officials and analysts have warned that an escalation of trade tensions between the world’s two biggest economies poses a risk to the region’s growth.
Leaders from the 10-country Association of Southeast Asian Nations (ASEAN) are expected to pledge to fight protectionism when they meet in the city-state on Saturday, according to a draft of their final statement seen by AFP.
The statement warns of “uncertainties surrounding global economic recovery, the rising trends of protectionism, and global policy uncertainties.”
“We reiterated our strong commitment to open and inclusive regionalism, free and open markets and underscored the critical importance of the rules-based multilateral trading system,” it says.
US President Donald Trump sent shockwaves around the world last month when he imposed tariffs on steel and aluminum imports.
He also authorized tariffs on about $50 billion worth of Chinese exports in response to Beijing’s alleged theft of American intellectual property.
Beijing has responded by slapping duties on key US agricultural exports, in measures intended to target the American president’s support base.
Trump accuses China of driving up a yawning, $337 billion trade deficit with the United States through unfair trade practices.
The Southeast Asian leaders will also welcome Friday’s historic summit between North Korean leader Kim Jong Un and South Korea’s President Moon Jae-in, while calling on Pyongyang to get rid of its atomic weapons.
Regional foreign ministers met Thursday before the leaders’ summit, and “ASEAN feels there is a greater chance for peace in the Korean Peninsula,” a diplomat, who asked not to be named, said.
On the disputed South China Sea, the leaders are expected to take note of “the concerns expressed by some leaders on the land reclamations and activities in the area, which have eroded trust and confidence, increased tensions and may undermine peace, security and stability in the region.”
Four ASEAN states — Brunei, Malaysia, the Philippines and Vietnam — have laid partial claims to the sea, pitting them against China which asserts sovereignty over almost the entire area.
China rankled its smaller neighbors when it carried out massive land reclamations in the sea, and is now putting up structures, which analysts say include runways and military facilities.
Southeast Asian leaders to vow to fight protectionism
Southeast Asian leaders to vow to fight protectionism
Industry leaders highlight Riyadh’s Metro, infrastructure as investment catalysts
RIYADH: Saudi Arabia’s capital, Riyadh, is experiencing a transformative phase in its real estate sector, with the construction market projected to reach approximately $100 billion in 2025, accompanied by an anticipated annual growth rate of 5.4 percent through 2029.
The Kingdom is simultaneously advancing its data center capacity at an accelerated pace, with an impressive 2.7 GW currently in the pipeline. This expansion underscores the critical role of strategic land and power planning in establishing national infrastructure as a cornerstone of economic growth.
These insights were shared by leading industry experts during JLL’s recent client event in Riyadh, which focused on the city’s macroeconomic landscape and emerging trends across office, residential, retail, hospitality, and pioneering sectors, including AI infrastructure and Transit-Oriented Development.
Saud Al-Sulaimani, Country Lead and Head of Capital Markets at JLL Saudi Arabia, commented: “Riyadh is positioned at the forefront of Saudi Arabia’s Vision 2030, offering unparalleled opportunities for both investors and developers. National priorities are continuously recalibrated to ensure strategic alignment of projects and foster deeper collaboration with the private sector.”
He added: “Recent regulatory developments, including the introduction of the White Land Tax and the rent freeze, are designed to stabilize the market and are expected to drive renewed focus on delivering premium-quality assets. This dynamic environment, coupled with evolving construction cost considerations in select segments, is fundamentally reshaping the market landscape while accelerating progress toward our national objectives.”
The event further underscored the transformative impact of infrastructure initiatives. Mireille Azzam Vidjen, Head of Consulting for the Middle East and Africa at JLL, highlighted Riyadh’s transit revolution. She detailed the Riyadh Metro, a $22.5 billion investment encompassing 176 kilometers, six lines, and 84 stations, providing extensive geographic coverage, with a depth of 9.8 km per 100 sq. km. This strategic development generates significant TOD opportunities, with properties in proximity potentially commanding a 20-30 percent premium. JLL emphasized the importance of implementing climate-responsive last-mile solutions to enhance mobility and accessibility, particularly given Riyadh’s extreme temperatures.
Gaurav Mathur, Head of Data Centers at JLL, emphasized the rapid expansion of the Kingdom’s AI infrastructure, signaling a critical area for technological investment and innovation.
Focusing on the construction sector, Maroun Deeb, Head of Projects and Development Services, KSA at JLL, explained that the industry is actively navigating complexities such as skilled labor availability, material costs, and supply chain dynamics.
He highlighted the adoption of Building Information Modeling as a key driver for enhancing operational efficiency and project delivery.
