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BRICS

A wind farm in Beberibe municipality. The Saudi PIF will invest in a range of sectors in Brazil, including renewable energy

Saudi Arabia’s PIF to invest $15bn to drive Brazil’s growth

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, is planning to invest $15 billion in Brazil, according to a media report. The investments will be made in green hydrogen, infrastructure and renewable energy sectors, Reuters reported, quoting Brazil’s minister for energy, Alexandre Silveira. In May Manara Minerals, a joint venture between the Saudi […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met last year to improve trade relations, but red tape still hampers investment

India must cut red tape for investors, says Mubadala executive

Reducing red tape is critical to making India more attractive to global investors, an executive at Abu Dhabi’s sovereign wealth fund Mubadala has said. Sridhar Iyengar, chief financial officer of Mubadala’s Aerospace, Renewables and Information Communications Technology business, said the New Delhi government must enhance its bureaucratic efficiency to improve the pace at which projects […]

Abdul Aziz Al Ghurair Dubai Chambers Video length: 04:40

UAE companies ‘can do more’ with Brics

UAE businesses need to do more to take advantage of the UAE joining Brics and signing free trade agreements with various countries, according to the chairman of Dubai Chambers. “Other countries are aware, but our business community needs to take advantage of what they can do with India, Indonesia, Turkey and other countries,” Abdul Aziz […]

Saudi defence minister Prince Khalid bin Salman bin Abdulaziz signed the deal with his South Korean counterpart Shin Won-Sik

Saudi Arabia signs defence deal with South Korea

Saudi Arabia has signed an agreement on defence cooperation with South Korea under which Seoul could sell weapons to Riyadh. It could also help Saudi Arabia to develop its own armaments industry.  The memorandum of understanding was signed on February 4 by Saudi Arabian minister of defence Prince Khalid bin Salman bin Abdulaziz and South […]

A car assembly worker in Michigan. Motor vehicles are the largest US export to Saudi Arabia

Saudi-US trade banks sign deal despite kingdom’s China links

The export-import banks of Saudi Arabia and the US have signed a new agreement that seeks to build on bilateral trade of SAR130 billion ($34.7 billion) between the two countries in 2022. Saudi Exim Bank said the deal with US Exim will focus on facilitating more trade financing, supporting exports, and promoting investment opportunities in […]

Brazil, China, South Africa, India and Russia see Brics expansion as a tool to counter US influence, but Saudi Arabia has yet to decide whether to join

Saudi Arabia ‘still has not joined Brics’

Saudi Arabia is still considering an invitation to become a member of the Brics bloc of countries after being asked to join by the group last year, a Saudi official source told Reuters. The comment comes after South Africa’s foreign minister Naledi Pandor said the kingdom and five other countries have joined the bloc. “Saudi […]

Saudi Arabia Brics

Saudi Arabia not a member of Brics yet says minister

Saudi Arabia has not formally become a member of the Brics bloc of countries, the kingdom’s minister of commerce has confirmed. “Saudi Arabia has been invited to attend Brics, we have not yet officially joined Brics,” Majid Al Kasabi told the World Economic Forum in Davos. The minister’s statement comes in response to an earlier […]

Soldiers walk past the Sandton Convention Centre, north of Johannesburg, which will host the Brics summit

Saudi Arabia and UAE among five new Brics members

The membership of the Brics bloc will double with Saudi Arabia, the UAE, Egypt, Ethiopia and Iran set to formally join on January 1, Bloomberg reported, citing South Africa’s envoy to the bloc Anil Sooklal. The founding members Brazil, Russia, India, China and South Africa invited six other nations to become part of their group […]

President Vladimir Putin is greeted by the UAE's foreign affairs minister, Sheikh Abdullah bin Zayed, at Abu Dhabi airport on Wednesday

UAE-Russia trade grows as Putin arrives in Gulf

President Vladimir Putin will be hoping to build on Russia’s $9 billion of trade with the UAE as he visits the Gulf this week. Putin arrived in Abu Dhabi on Wednesday and is also expected to travel to Saudi Arabia for talks with Crown Prince Mohammed bin Salman. Trade between Russia and the UAE increased […]

The initial phase of Befar Group's industrial complex in the Suez Canal Economic Zone will see investments of $500m

Chinese firm to build $2bn industrial complex in Egypt

Chinese company Befar Group will build a $2 billion industrial green complex in Suez Canal Economic Zone for the production of specialised chemicals, according to a local media report. The project’s initial phase will see investments of $500 million, leading to the creation of 1,000 jobs, Egypt Today newspaper reported. The complex is expected to […]

Egypt's PM Mostafa Madbouly greets President Xi Jinping at the Great Hall of the People in Beijing

China shows faith in Egypt with deeper investment

When President Xi Jinping welcomed the prime minister of Egypt, Mostafa Madbouly, to Beijing’s Great Hall of the People in October, it was a signal that China is stepping up bilateral co-operation with Cairo. Their meeting, on the sidelines of the Belt and Road forum, took place as Egypt grapples with mounting debt and delays […]

UAE economy

Emirates economy grows 3.7% in first half of year

The UAE economy grew 3.7 percent in real terms in the first half of the year, buoyed by strong tourism revenues and increased activity in other non-oil sectors. “While this may seem modest, it represents a robust growth against a backdrop of global and regional uncertainty,” minister of economy Abdulla bin Touq Al Marri told […]

Chinese ‘decision makers’ at Saudi conference doubles

Around 300 Chinese “decision makers” are attending Saudi Arabia’s flagship investment conference this year, organisers said on Thursday, double last year’s attendance as Riyadh deepens its relationship with China despite US concerns. Only around 15 people have cancelled their attendance of the annual Future Investment Initiative (FII), Richard Attias, CEO of the FII Institute said, […]

Egypt new financial hub

UAE-South Africa firms to build financial hub in Egypt

A consortium of UAE and South African companies will create a financial hub in Egypt’s New Administrative Capital, an upcoming economic and business district. The hub is in partnership with a consortium from the UAE and South Africa, Hossam Heiba, executive director of the General Authority for Investment and Free Zones (Gafi), said in a […]

The new deal with Hainan Airlines is part of Saudi Arabia's plan to attract 4m visitors from China by 2030

China and Saudi Arabia agree to more direct flights

The Saudi Air Connectivity Program (ACP) has signed an agreement with Hainan Airlines to launch two new air routes serving the kingdom and China as the two countries continue to forge closer ties. Flights from Riyadh and Jeddah to Beijing were opened by Saudia in August, providing 165 million people in northern China with direct […]