Biden promises competition with China, not conflict as first summit ends in Asia

US President Joe Biden told Asian leaders on Sunday that US communication lines with China would stay open to prevent conflict. (AFP)
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Updated 13 November 2022
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Biden promises competition with China, not conflict as first summit ends in Asia

PHNOM PENH: US President Joe Biden told Asian leaders on Sunday that US communication lines with China would stay open to prevent conflict, as the first of three summits of world leaders this week ended, with tense talks almost certain in the days ahead.

Biden during an address to the East Asia Summit in Cambodia, said the US would "compete vigorously" with Beijing while "ensuring competition does not veer into conflict", stressing the importance of peace in the Taiwan Strait.

The Southeast Asia region is also hosting the Group of 20 Summit in Indonesia's Bali this week, ahead of which Biden will meet Chinese counterpart Xi Jinping for the first time since taking office, with relations between the two superpowers at their worst in decades.

The war in Ukraine and its economic fallout is expected to dominate discussions in Bali and at the Asia-Pacific Economic Cooperation forum in Bangkok at the end of the week, as alongside climate commitments, food insecurity and tensions over the Taiwan Strait, the South China Sea and North Korea.

Eighteen countries accounting for half the global economy attended Sunday's East Asia Summit, which was held behind closed doors, attended by the ASEAN nations, Japan, South Korea, China, India, the US, Russia, Australia and New Zealand.

At a separate news conference, Australian Prime Minister Anthony Albanese said his brief discussions the previous day with Chinese Premier Li Keqiang were constructive and positive, amid anticipation of a formal summit with Xi.
 


Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals

Updated 10 March 2026
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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.