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BRICS

Mubadala CEO Khaldoon Al Mubarak said its main investment flows were changing, with more emphasis on India and Southeast Asia

Mubadala’s Beijing office to deepen UAE-China ties

Mubadala Investment Company, the second-biggest state fund in Abu Dhabi, has officially opened an office in Beijing. The move marks a significant development in the growing economic relations between the UAE and the world’s second largest economy. The sovereign fund entered China a few years ago but had to delay its office opening ceremony due […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met at Abu Dhabi in July

UAE president and Indian PM to meet at G20 summit

UAE President Mohammed bin Zayed is likely to hold a bilateral meeting with India’s Prime Minister Narendra Modi during the G20 summit in New Delhi over the weekend, Indian media reported. The UAE has been invited as a guest for the G20 summit by India, the host nation. Though not a state visit by the […]

UAE exports to Egypt are set to increase after the two Arab countries signed a revolving loan facility of $100 million

UAE exports to Egypt given $100m financing boost

The UAE’s exports to Egypt are set to increase after the two Arab countries signed a revolving loan facility of $100 million. Abu Dhabi Exports Office (Adex), the export-financing arm of the Abu Dhabi Fund for Development, has signed a financing agreement with the National Bank of Egypt to reinforce bilateral trade and economic relations. […]

Shanghai Stock Exchange president Cai Jianchun and Saudi Tadawul Group CEO Khalid Abdullah Al-Hussan at the signing ceremony

Saudi and Chinese bourses to explore cross-listings

Saudi Tadawul Group and Shanghai Stock Exchange have signed a memorandum of understanding to promote mutual development and collaboration – a sign of deeper ties between the kingdom and the world’s second largest economy. The two exchanges will explore opportunities in cross-listing, fintech, ESG, data exchange, and research, the Shanghai Stock Exchange said in a […]

Rising inflation has led to Iran's citizens making tough choices about how they live

Iran seeks relief from inflation and FX shortages

The transfer of $6 billion in funds frozen by the US cannot come soon enough for Iran’s hard-pressed citizens.  As part of an agreement last month for the release of American-Iranian prisoners, President Biden’s administration has agreed to the release of the foreign exchange which had been blocked in South Korea.  Rising prices are at […]

A trader at the Egyptian stock exchange. The government previously collected $5 billion by offering stakes in 13 companies between March 2022 and July 2023

Egypt targets $5bn from state IPOs by mid-2024

Egypt is aiming to raise $5 billion by listing power plants and state-owned companies from October 2023 until the end of June 2024, a local daily reported. The government plans to offer stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant and Zafarana wind farm, in addition to Safi and Watanya, […]

Brics Video length: 03:36

Brics expansion could hasten move away from dollar

The addition of six new countries to the Brics bloc – including some of the world’s largest oil exporters – is likely to expedite the decline in the US dollar’s prominence in global trade, according to a Dubai financial analyst. Saudi Arabia, the UAE, Egypt, Iran, Argentina and Ethiopia have all been accepted as members […]

Chinese ambassador Zhang Yiming said China and the GCC are putting the final touches on a trade agreement

Middle East moves closer to China with comms deal

China’s Guodong Network Communication Group has raised $150 million from a Middle Eastern sovereign wealth fund in a further sign of strengthening relations between Beijing and the region. The proceeds will support the expansion of Guodong’s communication base stations, Reuters reported, citing a statement from Guodong’s deputy general manager Ji Xiaoling. The statement did not […]

Egypt expects Brics entry will lure foreign investment

Egypt hopes its imminent inclusion in the Brics bloc of developing nations will help ease its shortage of foreign currency and attract new investment, but analysts say it may take time before any benefits appear. The bloc, which includes Brazil, Russia, India, China and South Africa, on Thursday invited Egypt and five other countries to […]

Saudi Arabia's foreign minister Faisal bin Farhan Al Saud at the 2023 Brics Summit. The country will join the bloc in 2024

New Middle East members expand Brics reach

Four Middle East countries are to join the Brics bloc of developing countries, bridging regional political divides and signaling increased Chinese influence around the world. The new memberships of Saudi Arabia, Iran, the United Arab Emirates and Egypt, as well as those of Argentina and Ethiopia, will be effective from 2024.  The decision to add […]

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

Brics expansion hopefuls seek to rebalance world order

An expansion of the Brics bloc under consideration at a summit this week has attracted a handful of potential candidates – from Iran to Argentina – with one thing in common: a desire to level a global playing field many consider rigged against them. The list of grievances is long. Abusive trade practices. Punishing sanctions […]

Russia Brics expansion

Russia says expansion will strengthen Brics

Russia said on Thursday that the Brics group of countries would be strengthened by adding new members, in its most explicit endorsement yet of the idea of expansion. The Brics group of emerging economies currently comprises Brazil, Russia, India, China and South Africa. Moscow sees the group as an increasingly important and influential counterweight in […]

Egypt startup funding

Egypt’s currency slump deters startup investors

Egypt’s economic woes have led to a 70 percent decline in the number of startup funding deals in the first half of the year. The country’s currency devaluation and other ongoing economic challenges are deterring investors, industry experts said. Funding for startups across the Middle East and North Africa (Mena) fell 21 percent year-on-year to […]

egypt oil gas

Egypt to invest $9bn in oil and gas projects

Egypt plans to invest $9 billion in building new oil refining and gas projects, the Ministry of Petroleum and Mineral Resources has said. Projects will be started in Alexandria, Assiut and Suez, with an estimated investment of $7.5 billion. These will allow Cairo to maximise value from its extensive natural resources, Egypt Today newspaper reported […]

Egypt to increase minimum private sector wage to $97 per month

The Egyptian government has approved increasing the minimum wage for workers in the private sector by EGP300 ($9.72) to EGP3,000 a month as of July. The National Wages Council’s decision to raise the minimum wage to EGP3,000 is in line with the council’s policy of achieving a balance between workers and business owners amid the […]

Egypt gets IFC on board to help monetise state assets

The International Finance Corporation (IFC) will strategically advise Egypt on its plans to boost private sector participation in the economy. IFC said in a statement that it will advise the Egyptian government’s asset monetisation programme, which will focus on harnessing private capital and manage state-owned assets. It will give the government technical assistance and support […]

Egyptian President Abdel Fattah al-Sisi

Egypt asks to join Brics to lessen dependency on dollar

Egypt has submitted an application to join the Brics group of large emerging market countries to develop trade ties and potentially reduce dependency on the US dollar, according to the Russian ambassador in Cairo.  Brics consists of Brazil, Russia, India, China, and South Africa. “Egypt has submitted its application to join the Brics group because […]