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Egypt to Join the New Development Bank within Weeks

Negotiations between Egypt's delegation and the New Development Bank (NDB) (Asharq Al-Awsat)
Negotiations between Egypt's delegation and the New Development Bank (NDB) (Asharq Al-Awsat)
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Egypt to Join the New Development Bank within Weeks

Negotiations between Egypt's delegation and the New Development Bank (NDB) (Asharq Al-Awsat)
Negotiations between Egypt's delegation and the New Development Bank (NDB) (Asharq Al-Awsat)

Egypt is moving forward with the procedures of officially joining the New Development Bank (NDB), which was established by the BRICS countries to enhance cooperation in infrastructure and sustainable development.

The Egyptian parliament is scheduled to officially discuss the final procedures for Cairo to join the Bank in the coming weeks.

BRICS is a prominent global economic bloc that includes Brazil, Russia, India, China, and South Africa. Algeria recently announced its desire to join the coalition.

Egyptian Finance Minister Mohamed Maait affirmed his country's keenness to enhance cooperation with international development partners, especially in light of the unprecedented development movement in Cairo.

Maait hoped this would lay the foundations of comprehensive and sustainable development, provide investment and development opportunities, improve citizens' living standards, meet their development needs, and improve the quality of public services.

During his meeting with the NDB President, Marcos Troyjo, the minister added that Egypt looks forward to building a solid partnership with the Bank, which has enormous financing capabilities, international expertise, and advanced infrastructure to help Egypt meet its financing needs and maximize its efforts to develop infrastructure.

Maait explained in a press statement by the Ministry of Finance that the NDB is a new platform for Egypt to enhance cooperation with BRICS countries and other emerging and developing economies' infrastructure and sustainable development.

He pointed out that the New Development Bank's strategy is in line with Egypt's vision for sustainable development, asserting that Cairo looks forward to strengthening cooperation between the two sides to achieve green and sustainable economic growth.

For his part, Troyjo said that the New Development Bank is proud of establishing a solid relationship with Egypt, especially in light of the promising opportunities explored together during the UN Climate Summit (COP27).

NDB aspires to jointly advance on key sustainable development issues across emerging economies, including climate action, said Troyjo.

Russia established the BRICS on September 20, 2006, when the group's first ministerial meeting was held on the sidelines of the United Nations General Assembly.

During the BRICS summit in Brazil in 2014, the official agreed to establish a development bank and adopt a treaty to set up an emergency reserve for the group, which now owns a total of $200 billion.

BRICS established the Bank to mobilize resources for infrastructure and sustainable development projects in emerging market economies and developing countries.

The initial authorized capital of the Bank is $100 billion divided into 1 million shares having a par value of $100,000 each. It is open for subscription for UN members.

The New Development Bank has begun to expand its membership in 2021, accepting Bangladesh, the UAE, Uruguay, and Egypt.

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Business

Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.

Business

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.

Business

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.