Saudi Arabia’s Crown Prince Salman announced the establishment of OXAGON, the world’s largest floating industrial complex.
It is located on the Red Sea near the Suez Canal, and south on the line, it will include the present-day port of Duba, which is now part of OXAGON.
Approximately 13 percent of global trade passes through the Red Sea, and OXAGON is positioned to be one of the world’s most technologically advanced logistics hubs with state-of-the-art integrated port and airport connectivity.
United States President Joe Biden and China’s President Xi Jinping agreed on the need to “responsibly” manage a competitive relationship during a summit.
The two leaders spoke for over three hours in their first virtual summit, convened from the Roosevelt Room in the White House and the Great Hall of the People in Beijing.
The change in tone was obvious from a March meeting in Alaska between senior officials that saw accusations traded in front of the cameras and marked a turbulent start to the Biden administration’s engagement with China.