SINGAPORE: Telecommunications giant Huawei is “too close” to the Chinese government, making it difficult to trust the company at the heart of an escalating trade war between Washington and Beijing, the US defense chief said Saturday.
Acting Secretary of Defense Patrick Shanahan’s comments came amid a wave of controversy over the Chinese firm, which has been hit by allegations of espionage and faces a US ban.
“The integration of civilian businesses with the military is too close. China has national policies and laws where data is required to be shared,” Shanahan told a defense and security conference in Singapore.
“When I look at that situation, it’s too much risk... You can’t trust those networks are going to be protected.”
The US Commerce Department last month placed Huawei on an “entity list” on grounds of national security, a move that curbs its access to US-made components it needs for its equipment. A 90-day reprieve was later issued.
A number of countries have also blocked Huawei from working on their mobile networks and companies have stepped back from the firm following the US ban, citing legal requirements.
Concerns about Huawei have escalated as the company has risen to become the world leader in telecom networking equipment and one of the top smartphone manufacturers alongside Samsung and Apple.
The US has long voiced suspicions that Huawei is controlled by the Chinese government and thus a global security threat — charges strongly denied by the firm and Beijing.
Founder Ren Zhengfei is a former soldier in China’s People’s Liberation Army.
Huawei ‘too close’ to Chinese government to be trusted
Huawei ‘too close’ to Chinese government to be trusted
- The US Commerce Department last month placed Huawei on an “entity list” on grounds of national security
- The US has long voiced suspicions that Huawei is controlled by the Chinese government and thus a global security threat
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
