BEIJING: The sound of Chinese fighter jets roared over the Egyptian pyramids and could echo across the Middle East, as Beijing wrapped up military drills with Cairo aimed at chipping away at US strategic influence in the volatile region.
China’s military on Monday released videos of its fast jets, helicopters and transport planes flying high above the Sahara and hailing inaugural joint air force exercises with Egypt as “a signal of deepening military ties and shifting alliances.”
The joint exercises with one of the United States’ biggest security partners come as Washington increasingly turns inward under President Donald Trump, allowing China to deepen ties across North Africa and invest billions in security projects.
“As Egypt looks beyond its traditional US partnership, a new era of cooperation is taking flight over Cairo’s skies,” said a video released by the international division of state broadcaster CCTV, as a jet plane takes off into the night.
Global Times, a tabloid owned by the newspaper of the ruling Communist Party, People’s Daily, said the “Eagles of Civilization 2025” drills had established a foundation for various potential cooperation between the two countries’ militaries at a time when Egypt is trying to upgrade its combat equipment, citing experts.
Analysts say the 18-day drills also help Egypt assert itself as a major regional power among the Arab nations and North Africa amid growing regional turbulence.
“It’s great public diplomacy for (China), particularly in the Middle East,” said Eric Orlander, co-founder of the China-Global South Project. “It’s what brings people in the door for them to sell drones, SAMs, light arms, transports, et cetera.”
“A major regional power needs an Air Force, right?” he added.
Orlander cautioned that switching jet fighter systems is very expensive, and Washington could choose to withhold financial military support from Cairo if it upped its purchases of Chinese technologies.
But the United States — the primary security partner to Egypt, neighboring Israel, Jordan, Saudi Arabia and the Gulf states since the late seventies — has made large foreign cuts under Trump that have been keenly felt across the region.
And with the Gaza crisis unfolding to its north-east, ethnic violence in Sudan to the south, and political instability in Libya to its west, Egypt finds itself squeezed on three fronts.
China has since pledged billions in fresh investment for projects such as satellite manufacturing facilities in Egypt capable of producing military-grade surveillance equipment.
Beijing’s air force said the drills represented “a new starting point and a significant milestone in military cooperation between the two countries,” in a statement marking their conclusion.
Chinese fighter jets soar over Egypt in first joint exercises
https://arab.news/n8buv
Chinese fighter jets soar over Egypt in first joint exercises
- Drills showcased China’s military hardware, Egypt’s regional clout
- Beijing expanding defense and technology ties in North Africa
Lebanon central bank seeks to recuperate embezzled funds to bolster liquidity, governor says
- The central bank had filed a criminal complaint against an unnamed former official of the central bank
- Souaid said the bank would become a primary plaintiff in the state’s investigation against Forry Associates
BEIRUT: Lebanon’s central bank will seek the repayment of public funds embezzled by at least one former central bank official and by lawyers and commercial bankers, to help guarantee its liquidity, Central Bank Governor Karim Souaid said on Thursday.
Souaid did not name Riad Salameh, the former central bank governor whose 30-year term ended in disgrace amid investigations into whether he embezzled more than $300 million between 2002 and 2015.
Instead Souaid told reporters that the central bank had filed a criminal complaint against an unnamed former official of the central bank, a former banker and a lawyer over alleged illicit enrichment through misuse of public funds.
He said the operations were carried out through four offshore shell companies in the Cayman Islands that he did not name.
COORDINATING WITH FRENCH INVESTIGATORS
Souaid said the bank would become a primary plaintiff in the state’s investigation against Forry Associates, suspected of receiving commissions from commercial banks and transferring them out of the country.
Forry is controlled by Salameh’s brother, Raja. Both Raja and Riad Salameh deny wrongdoing.
The pair are under investigation in France, Germany, Switzerland and other countries over the alleged embezzlement. Souaid said he would travel to France to meet with the investigators this month “to exchange highly sensitive information held by the French authorities.”
Souaid would not say how many people in total were suspected of involvement in the scheme or the full sum now thought to have been embezzled.
“Our mission is to pursue these individuals and entities, seek their conviction, and seize their movable and immovable assets and the proceeds of their illicit activities to ensure liquidity for the rightful owners, first and foremost the depositors,” he said.
A Lebanese source familiar with the central bank’s new measures said they were prompted by lots of evidence — both new material uncovered in the central bank’s records and other evidence made available from external investigators.
The source said the bank’s leadership suspected Salameh was aided in his scheme by other members of the institution.
Salameh was detained for nearly 13 months over the alleged financial crimes committed during his tenure, and was released last September after posting a record bail of more than $14 million.
He remains in Lebanon under a travel ban.
