Iran Applies to Join China and Russia in BRICS Club

A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. (Reuters)
A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. (Reuters)
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Iran Applies to Join China and Russia in BRICS Club

A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. (Reuters)
A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. (Reuters)

Iran, which holds the world's second largest gas reserves, has applied to join the BRICS group of Brazil, Russia, India, China and South Africa that Beijing and Moscow cast as a powerful emerging market alternative to the West.

The term BRIC was coined by Goldman Sachs economist Jim O’Neill in 2001 to describe the startling rise of Brazil, Russia, India, China. The BRIC powers had their first summit in 2009 in Russia. South Africa joined in 2010.

Iran's membership in the BRICS group "would result in added values for both sides", Iran's Foreign Ministry spokesperson said. Russia said Argentina had also applied to join.

Russia cast the applications as evidence that the West, led by the United States, was failing to isolate Moscow after the invasion of Ukraine.

"While the White House was thinking about what else to turn off in the world, ban or spoil, Argentina and Iran applied to join the BRICS," Russian Foreign Ministry spokeswoman Maria Zakharova said.

Argentine officials could not be reached for immediate comment but President Alberto Fernandez, currently in Europe, has in recent days reiterated his desire for Argentina to join BRICS.

China has by far the largest economy in the BRICS grouping, accounting for more than 70% of the group's collective $27.5 trillion economic might. India accounts for about 13%, with Russia and Brazil each accounting for about 7%, according to IMF data.

BRICS account for more than 40% of the world's population and about 26% of the global economy.

Chinese power

Chinese President Xi Jinping joined Russian President Vladimir Putin and other BRICS leaders for a virtual summit last week.

Xi criticized "the abuse" of international sanctions, while Putin scolded the West for fomenting global crisis, with both leaders calling for greater BRICS cooperation.

Putin has said relations with China are the best they have ever been and touts a strategic partnership with China aimed at countering US influence.

US President Joe Biden has said the West is locked in a battle with autocratic governments such as China and Russia.

The United States and European powers blame Putin's decision to invade Ukraine as the reason relations with the West have sunk to the lowest level since the 1962 Cuban Missile Crisis -- including the severest sanctions in modern history.

But Putin says the West wants to destroy Russia, that the economic sanctions are akin to a declaration of economic war and that Russia will build ties with other powers such as China and India.

Putin, who casts the Ukraine war as a "special military operation", blames the United States for humiliating Russia in the aftermath of the 1991 fall of the Soviet Union and threatening Moscow by enlarging the NATO military alliance.

Russia sent troops into Ukraine on Feb. 24 to degrade its southern neighbor's military capabilities, root out people it called dangerous nationalists and defend the Russian-speakers of two eastern Ukrainian regions.

Ukraine says Russia has launched an imperial-style land grab and will never surrender its territory to Russia.



Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
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Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)

The Saudi-Yemeni Business Council, part of the Federation of Saudi Chambers, announced six initiatives to boost trade and support Yemen’s economic development at a meeting in Makkah, Saudi Arabia.
Over 300 Saudi and Yemeni investors attended, agreeing to establish three companies to help rebuild Yemen and improve its infrastructure.
The initiatives include upgrading border crossings to improve logistics and increase trade, currently valued at 6.3 billion riyals ($1.6 billion). Yemen’s exports to Saudi Arabia, worth only 655 million riyals ($174.6 million), highlight untapped potential in mining, agriculture, livestock, and fisheries.
Key recommendations to enhance trade and support Yemen’s economic recovery include setting up quarantine facilities for Yemeni livestock and agricultural products to increase exports, as well as building smart food cities near border areas to improve food security and sustainable cooperation.
The Council urged action to address banking challenges faced by traders, suggesting reforms in Yemen’s financial sector and stronger ties with Saudi banks. It also proposed creating a club for Yemeni investors in Saudi Arabia to encourage joint projects and partnerships.
Three new Saudi-Yemeni companies will be established. One will invest $100 million in solar energy to provide sustainable electricity in Yemen. Another will focus on boosting telecommunications via Starlink satellite services. The third will organize events to promote Saudi products and support Yemen’s reconstruction.
Speaking to Asharq Al-Awsat, Council President Dr. Abdullah bin Mahfouz emphasized the private sector’s critical role in stabilizing Yemen’s economy and society through investments that support development, create jobs, improve infrastructure, and promote small and medium-sized enterprises (SMEs).
He stressed the importance of empowering Yemeni entrepreneurs and securing funding for reconstruction projects, encouraging public-private partnerships to execute large-scale initiatives under the Build-Operate-Transfer (BOT) model.
The Makkah meeting ended with agreements between Saudi and Yemeni companies to develop key sectors such as energy, agriculture, and infrastructure.
Streamlined customs, improved logistics, and upgraded Yemeni ports and airports were also highlighted as priorities to facilitate trade.
Yemeni delegation leader Abdulmajid al-Saadi, praised Saudi Arabia’s new investment law, noting Yemeni investments in the Kingdom have reached 18 billion riyals ($4.8 billion), ranking third among foreign investors.