BRICS Group Condemns Increase of Tariffs in Summit Overshadowed by Middle East Tensions

Russian Foreign Minister, Sergei Lavrov, Abu Dhabi Crown Prince, Khalid bin Mohamed bin Zayed al-Nahyan, Indonesian President, Prabowo Subianto, South African President, Cyril Ramaphosa, Brazilian President, Luiz Inacio Lula da Silva, Indian Prime Minister, Narendra Modi, Chinese Prime Minister, Li Qiang, Ethiopian Prime Minister, Abiy Ahmed, Egyptian Prime Minister, Mostafa Madbouly, and Iranian Foreign Minister, Abbas Araghchi pose during the opening of the BRICS summit in Rio de Janeiro, Brazil, 06 July 2025.  EPA/ANDRE COELHO
Russian Foreign Minister, Sergei Lavrov, Abu Dhabi Crown Prince, Khalid bin Mohamed bin Zayed al-Nahyan, Indonesian President, Prabowo Subianto, South African President, Cyril Ramaphosa, Brazilian President, Luiz Inacio Lula da Silva, Indian Prime Minister, Narendra Modi, Chinese Prime Minister, Li Qiang, Ethiopian Prime Minister, Abiy Ahmed, Egyptian Prime Minister, Mostafa Madbouly, and Iranian Foreign Minister, Abbas Araghchi pose during the opening of the BRICS summit in Rio de Janeiro, Brazil, 06 July 2025. EPA/ANDRE COELHO
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BRICS Group Condemns Increase of Tariffs in Summit Overshadowed by Middle East Tensions

Russian Foreign Minister, Sergei Lavrov, Abu Dhabi Crown Prince, Khalid bin Mohamed bin Zayed al-Nahyan, Indonesian President, Prabowo Subianto, South African President, Cyril Ramaphosa, Brazilian President, Luiz Inacio Lula da Silva, Indian Prime Minister, Narendra Modi, Chinese Prime Minister, Li Qiang, Ethiopian Prime Minister, Abiy Ahmed, Egyptian Prime Minister, Mostafa Madbouly, and Iranian Foreign Minister, Abbas Araghchi pose during the opening of the BRICS summit in Rio de Janeiro, Brazil, 06 July 2025.  EPA/ANDRE COELHO
Russian Foreign Minister, Sergei Lavrov, Abu Dhabi Crown Prince, Khalid bin Mohamed bin Zayed al-Nahyan, Indonesian President, Prabowo Subianto, South African President, Cyril Ramaphosa, Brazilian President, Luiz Inacio Lula da Silva, Indian Prime Minister, Narendra Modi, Chinese Prime Minister, Li Qiang, Ethiopian Prime Minister, Abiy Ahmed, Egyptian Prime Minister, Mostafa Madbouly, and Iranian Foreign Minister, Abbas Araghchi pose during the opening of the BRICS summit in Rio de Janeiro, Brazil, 06 July 2025. EPA/ANDRE COELHO

The BRICS bloc of developing nations on Sunday condemned the increase of tariffs and attacks on Iran, but refrained from naming US President Donald Trump. The group's declaration, which also took aim at Israel's military actions in the Middle East, also spared its member Russia from criticism and mentioned war-torn Ukraine just once.

The two-day summit was marked by the absences of two of its most powerful members. China’s President Xi Jinping did not attend a BRICS summit for the first time since he became his country’s leader in 2012. Russian President Vladimir Putin, who spoke via videoconference, continues to mostly avoid traveling abroad due to an international arrest warrant issued after Russia invaded Ukraine.

In an indirect swipe at the US, the group's declaration raised “serious concerns” about the rise of tariffs which it said were “inconsistent with WTO (World Trade Organization) rules.” The BRICS added that those restrictions “threaten to reduce global trade, disrupt global supply chains, and introduce uncertainty.”

Trump, in a post on his social media platform late Sunday, said any country that aligns itself with what he termed “the Anti-American policies of BRICS” would be levied an added 10% tariff.

Brazil's President Luiz Inácio Lula da Silva, who hosted the summit, criticized NATO's decision to hike military spending by 5% of GDP annually by 2035. That sentiment was later echoed in the group's declaration.

“It is always easier to invest in war than in peace,” Lula said at the opening of the summit, which is scheduled to continue on Monday.

Iran in attendance

Iranian President Masoud Pezeshkian, who was expected to attend the summit before the attacks on his country in June, sent his foreign minister Abbas Araghchi to the meeting in Rio.

The group's declaration criticized the attacks on Iran without mentioning the US or Israel, the two nations that conducted them.

In his speech, Araghchi told leaders he had pushed for every member of the United Nations to condemn Israel strongly. He added Israel and the US should be accountable for rights violations. The Iranian foreign minister said the aftermath of the war “will not be limited” to one country.

“The entire region and beyond will be damaged,” Araghchi said.

BRICS leaders expressed “grave concern” for the humanitarian situation in Gaza, called for the release of all hostages, a return to the negotiating table and reaffirmed their commitment to the two-state solution.

Later, Iran's Araghchi said in a separate statement on messaging app Telegram that his government had expressed its reservation regarding a two-state solution in a note, saying it will not work “just as it has not worked in the past.”

Also on Telegram, Russia’s foreign ministry in another statement named the US and Israel, and condemned the “unprovoked military strikes” against Iran.

Russia spared

The group's 31-page declaration mentions Ukraine just once, while condemning “in the strongest terms” recent Ukrainian attacks on Russia.

“We recall our national positions concerning the conflict in Ukraine as expressed in the appropriate fora, including the UN Security Council and the UN General Assembly,” the group said.

Avoid Trump's tariffs

While Lula advocated on Sunday for the reform of Western-led global institutions, Brazil aimed to avoid becoming the target of higher tariffs.

Trump has threatened to impose 100% tariffs against the bloc if they take any moves to undermine the dollar. Last year, at the summit hosted by Russia in Kazan, the Kremlin sought to develop alternatives to US-dominated payment systems which would allow it to dodge Western sanctions imposed after Russia’s invasion of Ukraine in February 2022

Brazil decided to focus on less controversial issues in the summit, such as promoting trade relations between members and global health, after Trump returned to the White House, said Ana Garcia, a professor at the Rio de Janeiro Federal Rural University.

“Brazil wants the least amount of damage possible and to avoid drawing the attention of the Trump administration to prevent any type of risk to the Brazilian economy,” Garcia said.

'Best opportunity for emerging countries'

BRICS was founded by Brazil, Russia, India, China and South Africa, but the group last year expanded to include Indonesia, Iran, Egypt, Ethiopia, and the United Arab Emirates.

As well as new members, the bloc has 10 strategic partner countries, a category created at last year’s summit that includes Belarus, Cuba and Vietnam.

That rapid expansion led Brazil to put housekeeping issues — officially termed institutional development — on the agenda to better integrate new members and boost internal cohesion.

Despite notable absences, the summit is important for attendees, especially in the context of instability provoked by Trump’s tariff wars, said Bruce Scheidl, a researcher at the University of Sao Paulo’s BRICS study group.

“The summit offers the best opportunity for emerging countries to respond, in the sense of seeking alternatives and diversifying their economic partnerships,” Scheidl said.

The meeting was also an opportunity to advance climate negotiations and commitments on protecting the environment before November's COP 30 climate talks in the Amazonian city of Belem.



Dammam Airport Launches Saudi Arabia’s First Category III Automatic Landing System  

Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
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Dammam Airport Launches Saudi Arabia’s First Category III Automatic Landing System  

Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)

Prince Saud bin Naif bin Abdulaziz, Governor of Saudi Arabia’s Eastern Region, inaugurated on Monday two major aviation projects at King Fahd International Airport in Dammam: a dedicated General Aviation Terminal for private flights and the Kingdom’s first Category III Instrument Landing System (ILS), which enables fully automatic aircraft landings in low-visibility conditions.

The ceremony was attended by Minister of Transport and Logistics Services and Chairman of the General Authority of Civil Aviation (GACA) Saleh bin Nasser Al-Jasser and President of GACA and Chairman of the Saudi Airports Holding Company Abdulaziz bin Abdullah Al-Duailej.

Prince Saud said the projects represent a qualitative leap in strengthening the aviation ecosystem in the Eastern Region, boosting the airport’s operational readiness and its regional and international competitiveness.

The introduction of a Category III automatic landing system for the first time in Saudi Arabia reflects the advanced technological progress achieved by the national aviation sector and its commitment to the highest international standards, he stressed.

The General Aviation Terminal marks a significant upgrade to airport infrastructure. Spanning more than 23,000 square meters, the facility is designed to ensure efficient operations and fast passenger processing.

The main terminal covers 3,935 square meters, while aircraft parking areas extend over 12,415 square meters with capacity to accommodate four aircraft simultaneously. An additional 6,665 square meters are allocated to support services and car parking, improving traffic flow and delivering a premium travel experience for private aviation users.

The upgraded Category III ILS, considered among the world’s most advanced air navigation systems, allows aircraft to land automatically during poor visibility, ensuring flight continuity while enhancing safety and operational efficiency.

The project includes rehabilitation of the western runway, extending 4,000 meters, along with a further 4,000 meters of aircraft service roads. More than 3,200 lighting units have been installed under an integrated advanced system to meet modern operational requirements and support all aircraft types.

Al-Jasser said the inauguration of the two projects translates the objectives of the Aviation Program under the National Transport and Logistics Strategy into concrete achievements.

The developments bolster airport capacity and efficiency, support the sustainability of the aviation sector, and strengthen the competitiveness of Saudi airports, he added.

Al-Duailej, for his part, said the initiatives align with Saudi Vision 2030 by positioning the Kingdom as a global logistics hub and a leading aviation center in the Middle East.

The new terminal reflects high standards of privacy and efficiency for general aviation users, he remarked, noting the selection of Universal Aviation as operator of the general aviation terminals in Dammam and Jeddah.

Dammam Airports Company operates three airports in the Eastern Region: King Fahd International Airport, Al-Ahsa International Airport, and Qaisumah International Airport.


Saudi Arabia to Launch Real Estate Indicators, Expand ‘Market Balance’ Program Nationwide

The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
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Saudi Arabia to Launch Real Estate Indicators, Expand ‘Market Balance’ Program Nationwide

The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 

Saudi Arabia will roll out real estate market indicators in the first quarter of this year and expand the Real Estate Market Balance program to all regions of the Kingdom, following its initial implementation in Riyadh, Minister of Municipalities and Housing Majed Al-Hogail announced on Monday.

Al-Hogail, who also chairs the General Real Estate Authority, made the remarks during a government press conference in Riyadh attended by Minister of Media Salman Al-Dossary, President of the Saudi Data and Artificial Intelligence Authority (SDAIA) Abdullah Alghamdi, and other senior officials.

Al-Hogail said the housing and social ecosystem now includes more than 313 non-profit organizations supported by over 345,000 volunteers working alongside the public and private sectors.

He highlighted tangible outcomes, including housing assistance for 106,000 social security beneficiaries and the prevention of housing loss in 200,000 cases.

Development Initiatives

He noted that the non-profit sector is driving impact through more than 300 development initiatives and over 1,000 services, while empowering 100 non-profit entities and activating supervisory units across 17 municipalities.

Among key programs, Al-Hogail highlighted the Rental Support Program, which assisted more than 6,600 families last year, expanding the reach of housing aid.

He also traced the growth of the “Jood Eskan” initiative, which began by supporting 100 families and has since evolved into a nationwide program that has provided homes to more than 50,000 families across the Kingdom.

Since its launch, the initiative has attracted more than 4.5 million donors, with total contributions exceeding SAR 5 billion ($1.3 billion) since 2021.

Al-Hogail added that the introduction of electronic signatures has reduced the homeownership process from 14 days to just two.

In 2025 alone, more than 150,000 digital transactions were completed, and the needs of over 400,000 beneficiary families were assessed through integrated national databases. A mobile application for “Jood Eskan” is currently being deployed to further streamline services.

International Support and Economic Growth

Minister of Media Salman Al-Dossary said the Saudi Program for the Development and Reconstruction of Yemen launched 28 new development projects and initiatives worth SAR 1.9 billion ($506.6 million), including fuel grants for power generation and support for health, energy, education, and transport sectors across Yemeni governorates.

He also reported strong growth in the communications and information technology sector, which created more than 406,000 jobs by the end of 2025, up from 250,000 in 2018, an 80 percent cumulative increase. The sector’s market size reached nearly SAR 190 billion ($50.6 billion) in 2025.

Industry, Localization, and Philanthropy

In the industrial sector, investments exceeded SAR 9 billion ($2.4 billion), alongside five new renewable energy projects signed under the sixth phase of the National Renewable Energy Program.

Industrial and logistics investments worth more than SAR 8.8 billion ($2.34 billion) were also signed by the Saudi Authority for Industrial Cities and Technology Zones.

Al-Dossary said the Kingdom now hosts nearly 30,000 operating industrial facilities with total investments of about SAR 1.2 trillion ($320 billion), while the Saudi Export-Import Bank has provided SAR 115 billion ($30.6 billion) in credit facilities since its establishment.

On workforce development, nearly 100,000 social security beneficiaries were empowered through employment, training, and productive projects by late 2025, with localization rates in several specialized professions reaching as high as 70 percent.

Alghamdi said total donations through the “Ehsan” platform have reached SAR 14 billion ($3.7 billion) across 330 million transactions, reflecting the rapid growth of digital philanthropy in the Kingdom.


China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
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China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 

China's Russian oil imports are set to climb for a third straight month to a new record high in February as independent refiners snapped up deeply discounted cargoes after India slashed purchases, according to traders and ship-tracking data.

Russian crude shipments are estimated to amount to 2.07 million barrels per day for February deliveries into China, surpassing January's estimated rate of 1.7 million bpd, an early assessment by Vortexa Analytics shows.

Kpler's provisional data showed February imports at 2.083 million bpd, up from 1.718 million bpd in January, according to Reuters.

China has since November replaced India as Moscow's top client for seaborne shipments as Western sanctions over the war in Ukraine and pressure to clinch a trade deal with the US forced New Delhi to scale back Russian oil imports to a two-year low in December.

India's Russian crude imports are estimated to fall further to 1.159 million bpd in February, Kpler data showed.

Independent Chinese refiners, known as teapots, are the world's largest consumers of US sanctioned oil from Russia, Iran and Venezuela.

“For the quality you get from processing Russian oil versus Iranian, Russian supplies have become relatively more competitive,” said a senior Chinese trader who regularly deals with teapots.

ESPO blend last traded at $8 to $9 a barrel discounts to ICE Brent for March deliveries, while Iranian Light, a grade of similar quality, was last assessed at $10 to $11 below ICE Brent, the trader added.

Uncertainty since January over whether the US would launch military strikes on Iran if negotiations for a nuclear deal failed to yield Washington's desired results curbed buying from Chinese teapots and traders, said Emma Li, Vortexa's China analyst.

“For teapots, Russian oil looks more reliable now as people are worried about loadings of Iranian oil in case of a military confrontation,” Li said.

Part of the elevated Russian oil purchases came from larger independent refiners outside the teapot hub of Shandong, Li added.

Vortexa estimated Iranian oil deliveries into China – often banded by traders as Malaysian to circumvent US sanctions - eased to 1.03 million bpd this month, down from January's 1.25 million bpd.