Chinese President Xi Jinping is pushing deeper into Egypt’s economy with plans that range from electric vehicles and renewable energy to semiconductors and artificial intelligence.

The two countries agreed during Xi’s visit this week to expand cooperation in data centers, cloud computing, critical metals and the Suez Canal Economic Zone, according to a joint statement issued Thursday.

Egyptian President Abdel Fattah El-Sisi and the Chinese leader said they plan to increase the use of their currencies in trade and investment while renewing and expanding an existing currency-swap agreement.

Chinese companies will be encouraged to build EVs, ships, solar panels and wind turbines in Egypt, helping Cairo position itself as an industrial and logistics hub linking Asia, Africa and Europe.

The agreements build on China’s Belt and Road projects in Egypt and come as regional wars disrupt trade and strain the country’s fragile economy.

Jared Kushner’s artificial intelligence startup, Brain Co., is teaming up with Saudi Arabia’s Humain company to develop business applications for AI.

The companies announced on Tuesday they will combine Humain’s computing infrastructure and AI models with Brain Co.’s technology to build tools for Saudi businesses and government agencies.

Humain is owned by Saudi Arabia’s Public Investment Fund.

Kushner co-founded Brain Co. with technology investor Elad Gil, former Mexican Foreign Minister Luis Videgaray and entrepreneur Eric Wu, incubating the startup through his investment firm, Affinity Partners.

Brain Co. emerged from stealth last year after raising $30 million in a funding round co-led by Affinity and Gil Capital.

Adam Neumann is bringing Flow, his post-WeWork residential real estate venture, to the UAE.

The company has obtained a Dubai International Financial Centre license and is negotiating for its first properties in Dubai and Abu Dhabi, with openings planned by early 2027, The National reports.

Flow, founded in 2021 with $350 million from Andreessen Horowitz, represents Neumann’s comeback after WeWork’s failed IPO, his 2019 ouster and the company’s 2023 bankruptcy.

The firm entered Saudi Arabia in 2024 and now says it manages or is developing 8,500 homes in a portfolio valued at $2.5 billion.

Arif Shah, chief executive of Flow UAE, said the team in Dubai will also oversee and support Flow development projects globally, initially across the U.S. and Saudi Arabia, he said.

UAE developer Arada signed a $7 billion agreement with the Syrian Sovereign Fund to build its first project in Syria.

The development will include homes, schools, healthcare facilities and entertainment venues.

The deal marks a step toward warmer ties between Damascus and Abu Dhabi, which has moved more cautiously than Saudi Arabia and Qatar in engaging with President Ahmed al-Sharaa’s government, Reuters reports.

Syria is seeking foreign investment to rebuild an economy devastated by more than a decade of war and Western sanctions, most of which have been lifted.

Saudi Arabia wants to deploy autonomous trucks on its roads by 2030 as it turns its vast desert highways into an alternative freight route to the war-disrupted Strait of Hormuz.

Humain, an artificial intelligence owned by the kingdom’s Public Investment Fund and Saudi Aramco, announced on Monday that it’s teaming up with California-based Applied Intuition to build a national autonomous logistics network that could eventually include robotaxis and ports.

Applied Intuition has opened an office in Riyadh, and Humain CEO Tareq Amin said that together the two companies will make this region the first to deploy autonomous trucking at scale.”

Humain has been building data centers and investing in AI companies since its launch last year. Recently, it took a stake in AI video-generation startup Luma AI and formed a joint venture with chipmaker Advanced Micro Devices Inc. and Cisco Systems Inc. to increase data center capacity in Saudi Arabia.

The project also advances the Saudi sovereign wealth fund’s push into logistics as attacks by Iran and Yemen have made shipping treacherous through the Strait of Hormuz and the Red Sea.

The UAE is investigating Banque Misr after U.S. authorities moved to cut the Egyptian bank’s local branches off from the American financial system because of concerns about links to Iran.

The Central Bank said it will conduct a “special and urgent” forensic review of transactions involving companies flagged by U.S. officials, The National reports.

The proposed U.S. penalty would block Banque Misr UAE from using American banks to clear dollar transactions, severely restricting its ability to conduct international business.

Banque Misr’s five UAE branches continue to operate normally while the UAE and Egyptian central banks coordinate their response to the proposed U.S. measure, Al-Ahram reports. Banque Misr issued a statement saying that it “affirms its full respect” for the process and the laws and will fully cooperate with the probe.

The UAE regulator said it’s weighing its own action against Banque Misr while seeking to protect the bank’s customers.

Shipping is drawing increased interest from pension funds and institutional investors.

As war-related disruptions in the Middle East keep vessel prices and freight rates near historic highs, Asset managers say investors are seeking exposure to “hard asset, low obsolescence” investments, the Financial Times reports.

The closure risks around the Strait of Hormuz and disruptions in the Red Sea have lengthened shipping routes and tightened vessel availability, supporting earnings and asset values.

Hayfin is raising a new maritime fund targeting twice the $620 million raised for its previous vehicle, while JPMorgan Asset Management has ordered at least eight oil supertankers worth about $1.3 billion, the FT says.

More Gulf oil is getting through the Strait of Hormuz, easing fears of a global supply shortage.

Kuwait and Qatar are now shipping about 70% as much oil as they did before the Iran war, Bloomberg reports. They are using smaller ships to carry crude through the strait and transfer it to larger tankers waiting in safer waters.

Daily oil traffic through Hormuz has nearly doubled since mid-July, rising to between 7 million and 8 million barrels. In turn, oil prices have fallen to about $87 a barrel from more than $120 in late April.

Iran’s military, meanwhile, said it reached an agreement with Oman on a revenue-sharing arrangement in talks aimed at resuming shipping traffic through the Strait of Hormuz.

The statement issued by the Islamic Revolutionary Guard Corps comes after the U.S. said earlier this week it would toughen sanctions on Iran to further weaken its economy and force its surrender.