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 […] August 22, 2023
Development 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 […] August 4, 2023
Opinion Economy Insights into the UAE-India love-in The dirham-rupee link was the talk of Dubai even before Modi's visit July 17, 2023
Entrepreneurs 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 […] July 11, 2023
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 […] July 4, 2023
Economy 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 […] June 21, 2023
Banking & Finance 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 […] June 19, 2023
Economy 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 […] June 16, 2023
Opinion Trade Saudi Arabia’s ‘transactional’ relationship with China is evolving fast There's more to the partnership than just energy June 12, 2023
Opinion Trade GCC joint trade deals risk untenable delays A deal between two countries is hard enough, but seven is a minefield June 5, 2023
Economy Saudi and UAE attend Brics meet to deepen ties Senior officials from over a dozen countries including Saudi Arabia and Iran were in talks on closer links with the Brics bloc of major emerging economies on Friday as it met to deepen ties and position itself as a counterweight to the West. Brics, which now consists of Brazil, Russia, India, China and South Africa, […] June 4, 2023
Banking & Finance Brics bank issues $1.2bn of panda bonds The New Development Bank (NDB) issued 8.5 billion yuan ($1.23 billion) worth of panda bonds in China’s interbank bond market on Monday to mobilise resources for financing sustainable development projects, the bank said in a statement. Proceeds will be used for general corporate resources and to finance infrastructure and sustainable development projects, the bank said. […] May 30, 2023
Opinion Economy Saudi and the Brics: a test case for multi-polarity There is a case for a global economic alliance May 29, 2023
Banking & Finance Brics bank in talks to admit Saudi Arabia as member China-based New Development Bank, or Brics bank, is in talks to admit Saudi Arabia as its ninth member to strengthen its funding options. The kingdom’s inclusion will reinforce ties between the bank, set up by the world’s biggest developing economies as an alternative to Bretton Woods institutions. “In the Middle East, we attach great importance […] May 28, 2023
Banking & Finance Brazil’s Lula supports trading currency for Brics countries Brazilian President Luiz Inacio Lula da Silva has said he supports establishing a currency for trade between Brics countries, a group that includes his nation as well as Russia, India, China and South Africa. “I am in favour of creating, within the Brics, a trading currency between our countries, just like the Europeans created the […] April 27, 2023
Banking & Finance Egypt to join Brics’ development bank in coming weeks Egypt is looking to join the New Development Bank (NDB), established by the Brics countries, to improve cooperation in infrastructure and sustainable development, Asharq Al-Awsat newspaper reported, citing a statement from the Egyptian finance ministry. The Egyptian parliament will officially discuss the final procedures to join the bank in the coming weeks. Brics is a […] November 14, 2022
