China Starts Construction of Mega Dam worth $167 Billion
China officially launched the construction of a colossal hydroelectric dam in Tibet, a project slated to become one of the largest infrastructure undertakings in the nation's history, in a move that could heighten already strained relations with neighboring India.
The groundbreaking ceremony, held on Saturday, was presided over by Chinese Premier Li Qiang, marking the formal start of development on the lower reaches of the Yarlung Tsangpo River. According to state-run Xinhua News Agency, the project carries a staggering price tag of 1.2 trillion yuan ($167 billion).
The project will be executed by a newly established state-owned entity, China Yajiang Group, and includes a series of five interconnected dams. The complex will be located in Nyingchi, a city in southeastern Tibet Autonomous Region, near the contentious border area with India's Arunachal Pradesh, a territory claimed by both countries.
The hydroelectric initiative is designed primarily to export power out of Tibet, although a portion will be used locally. While specific generation capacity figures were not disclosed, the total investment places the project among the most expensive infrastructure builds in Chinese history, underscoring Beijing's push to bolster economic growth through large-scale construction.
However, the project's location has triggered geopolitical alarms in New Delhi. The Yarlung Tsangpo River flows downstream into India, where it is known as the Brahmaputra, one of the subcontinent's most vital waterways. Indian officials have long expressed concern about Chinese damming activities on the upper reaches of the river, fearing disruptions to water flow, ecological balance, and regional stability.
Despite the concerns, China has maintained that the project poses no negative impact to downstream regions.
Beyond geopolitical tensions, environmental activists have warned about the consequences of building dams in the geologically fragile region. The Yarlung Tsangpo Gorge — where the river descends nearly 2,000 meters over just 50 kilometers — is not only among the world's deepest canyons but also lies within a protected national nature reserve, renowned for its rich biodiversity.
'This area is a biological treasure trove, and tampering with its delicate ecosystems could be catastrophic,' said one Chinese environmental researcher, who asked not to be named due to the sensitivity of the issue.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Arts & Culture
"Jurassic World Rebirth" Gets Streaming Date
Arts & Culture
South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Sports
Get to Know 2025 WWE Evolution Results
News
Flights suspended at Port Sudan Airport after Drone Attacks
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Gold Benefits from Weak Dollar and Renewed Safe-Haven Demand Amid Tariff Fears and Monetary Easing Expectations
Waleed Farouk Gold prices recorded a significant increase in both local and global markets during Monday's trading session, supported by the weakening of the US dollar and renewed demand for safe-haven assets amid ongoing uncertainty over US trade and monetary policies. Domestically, gold prices rose by approximately EGP 5, with the 21-karat gram reaching EGP 4,655. Globally, the ounce climbed by $17 to settle around $3,567. The 24-karat gram recorded EGP 5,320, the 18-karat stood at EGP 3,990, and the 14-karat at EGP 3,104. Meanwhile, the gold pound was priced at EGP 37,240. Gold had ended last week's trading with a slight decline of EGP 10, with the 21-karat gram opening at EGP 4,660 and closing at EGP 4,650, while the global ounce dropped by 0.1%, from $3,355 to $3,350. Several factors boosted gold at the start of the week, most notably the US dollar index retreating from monthly highs following dovish comments by Federal Reserve Board member Christopher Waller last week, which strengthened expectations for a rate cut in September. Additional support came from renewed trade threats by former President Donald Trump, who proposed imposing tariffs of up to 20% on imports from the European Union starting August 1, prompting investors to seek refuge in gold as a safe haven amid fears of economic fallout. Despite these supportive conditions, investors remained cautious about making strong bullish bets, especially amid rising expectations that the Federal Reserve may delay any rate cut, given signals that tariffs could impact consumer prices. This would provide additional support for the dollar and limit gains in non-yielding assets like gold. Markets currently anticipate two rate cuts of 25 basis points each before the end of the year. However, comments by Fed Chair Jerome Powell regarding the potential inflationary impact of new tariffs have added more uncertainty to the monetary policy outlook, diminishing gold's appeal as an inflation hedge in a high-yield environment. The University of Michigan's Consumer Sentiment Index rose to 61.8 in July, reflecting growing optimism about current and future economic conditions, which in turn lent support to the dollar and limited gold's upside. Nevertheless, declining long-term inflation expectations—from 4% to 3.6%—and short-term forecasts—from 5% to 4.4%—grant the Fed more flexibility in managing policy without rushing to cut rates, providing a counterbalance in the broader outlook. Markets this week are closely watching several key economic indicators that may shape the direction of global markets. These include a speech by Fed Chair Jerome Powell in Washington on Tuesday, existing home sales data on Wednesday, the European Central Bank's interest rate decision, weekly US jobless claims, PMI data, and new home sales on Thursday, as well as durable goods orders—a leading indicator of corporate investment—on Friday. Despite supportive monetary and geopolitical conditions, gold remains range-bound and lacks strong momentum to break through key resistance levels. The market's direction in the short to medium term remains contingent on developments in US monetary policy, global trade tensions, and economic growth data. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
16 hours ago
- See - Sada Elbalad
Egypt's Petroleum Exports Surge 74.3% ... Ready-Made Garments, Fertilizers See Significant Growth
Taarek Refaat Egypt's exports witnessed impressive growth in April 2025, with key sectors posting notable increases, according to the Central Agency for Public Mobilization and Statistics (CAPMAS), The petroleum products exports stood out with a remarkable surge of 74.3%, reaching $403.1 million in April 2025, compared to $231.2 million in the same month of 2024. This uptick reflects both stronger global demand and improved production dynamics within Egypt's petroleum sector. In addition, ready-made garments saw a notable rise in exports, increasing by 24.7% to $223.1 million in April 2025, up from $178.9 million in the previous year. This growth aligns with Egypt's efforts to boost its textile and apparel manufacturing sector, which has become a key player in the country's export strategy. The fertilizer sector also posted strong results, with exports increasing by 18.4% to $206.9 million in April 2025, compared to $174.8 million in April 2024. Fertilizers remain a staple of Egypt's agricultural exports, supporting both regional and international demand for high-quality agricultural products. Moreover, processed food products, including pasta and other prepared foods, saw a 51.4% increase in exports, reaching $198.4 million in April 2025, compared to $131 million in April 2024. This significant growth reflects Egypt's expanding role in the global food market, as the country continues to leverage its agricultural and food-processing capabilities. On the whole, Egypt's total exports grew by 19.8% in April 2025, amounting to $4.10 billion, up from $3.43 billion during the same period in 2024. This increase in overall exports underscores the resilience of the Egyptian economy and its ability to tap into diverse markets across multiple sectors. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
18 hours ago
- See - Sada Elbalad
Surat.. From Local City to Global Diamond Capital
Waleed Farouk When the name 'Surat' is mentioned, it doesn't merely evoke a city on India's western coast in the state of Gujarat, but rather a global hub for diamond cutting and trading, a place where rough stones from the farthest corners of the world are transformed into brilliant gems adorning the world's finest jewelry houses. Diamond Polishing Industry: Global Leadership Rooted in a Local City According to recent estimates, Surat is responsible for polishing over 90% of the world's diamonds and more than 99.99% of those processed within India. This makes the city the backbone of India's gemstone exports, accounting for around 90% of the country's total diamond exports. These figures are not mere statistics; it is estimated that 9 out of every 10 diamonds sold in Manhattan's bustling markets have been polished in Surat. A Historical Journey That Began by Chance... and Grew with Opportunity Surat's journey with diamonds began in the early 20th century when two brothers from the Gujarati Patidar community returned from South Africa in 1900, bringing with them the craft of diamond polishing. However, the real turning point came post-World War II when Indian artisans fled Rangoon (now Yangon) in Myanmar during the Japanese invasion, returning to Surat and reviving the trade. Their return embedded technical expertise in the city. During the diamond demand boom in the U.S. in the 1970s and 1980s, the industry expanded rapidly, establishing Surat as a global center for diamond processing. From Traditional Craftsmanship to Advanced Technology What sets Surat's diamond industry apart is its evolution—from a purely artisan-driven craft to one embracing high-precision technology. Where polishing once relied on primitive cement wheels, today's Surat workshops are equipped with state-of-the-art laser cutting tools, aligning with international standards of quality. Family-run businesses play a crucial role in the industry, often spanning three generations under one roof, ensuring the transfer of knowledge and continuity of skill. A Global Network from Africa to Surat The journey of a diamond typically begins in mines across Africa, Russia, or Canada, then makes its way to global trade hubs such as Antwerp in Belgium, before reaching Surat. Here, over 700,000 workers in more than 6,000 manufacturing units transform rough stones into dazzling gems—an industry valued at approximately $24 billion annually. The Gujarati diaspora in Antwerp played a vital role in cementing the trade link between the two cities, creating a seamless commercial channel for rough diamond imports and global exports. A Local Economy Fueled by Industry Surat's GDP reached around $40 billion in 2016 and climbed to $57 billion by 2020, thanks to its diverse industrial base that spans textiles, petrochemicals, shipbuilding, automotive manufacturing, and ports, alongside diamonds. The diamond sector remains a cornerstone of this economy, generating hundreds of thousands of direct and indirect employment opportunities. Challenges of the Era: Pandemic and Demand Decline Despite its industrial strength, Surat wasn't immune to global disruptions. In 2019, India's diamond exports fell by 18% amid weakening global demand. The situation worsened in 2020 with the outbreak of COVID-19, which forced manufacturing units to halt operations for several months. However, the industry quickly bounced back, driven by renewed demand in Asian and U.S. markets and bolstered by the integration of infrastructure and skilled labor. Surat: Where Local Becomes Global In Surat, the mantra 'Think globally, act locally' comes alive. It is a city where artisanal skill meets cutting-edge technology, transforming raw stones from distant continents into jewels showcased in New York, Paris, and Tokyo. As Surat continues to cement its place as the world's diamond capital, its story stands as a testament to how a local city can emerge as a shining node on the global economic map. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Arts & Culture "Jurassic World Rebirth" Gets Streaming Date Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks
