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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

Iraq State Oil Firm Reaffirms Deal Obliging Oil Companies in Kurdistan to Hand over Output

A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
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Iraq State Oil Firm Reaffirms Deal Obliging Oil Companies in Kurdistan to Hand over Output

A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)

Iraq's state oil company, SOMO, reiterated on Sunday its commitment to its oil export deal with the Kurdish regional government ‌which obliges ‌global ‌oil companies ⁠operating in ‌the region to hand over their production of crude oil to the company.

SOMO ⁠made the remarks ‌in response to ‍a ‍Reuters report published ‍in September which quoted Norway's DNO as saying it had no immediate plans to ship ⁠oil through the Iraq-Türkiye pipeline which restarted after a more than two-year halt following a deal between Baghdad and the Kurdish ‌regional government.

Business

How 2025 Decisions Redrew the Future of Riyadh’s Real Estate Market

Construction is seen at a real estate project in Riyadh. (SPA)
Construction is seen at a real estate project in Riyadh. (SPA)
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How 2025 Decisions Redrew the Future of Riyadh’s Real Estate Market

Construction is seen at a real estate project in Riyadh. (SPA)
Construction is seen at a real estate project in Riyadh. (SPA)

The Saudi capital underwent an unprecedented structural shift in its real estate market in 2025, driven by a forward-looking agenda led by Prince Mohammed bin Salman, Crown Prince and Prime Minister. Far from incremental regulation, the year’s measures amounted to a deep corrective overhaul aimed at dismantling long-standing distortions, breaking land hoarding, expanding affordable housing supply, and firmly rebalancing landlord-tenant relations.

Together, the decisions ended years of speculation fueled by artificial scarcity and pushed the market toward maturity, one grounded in real demand, fair pricing, and transparency.

Observers dubbed 2025 a “white revolution” for Saudi real estate. The reforms severed the link between property and short-term speculation, restoring housing as a sustainable residential and investment product. Below is a detailed outline of the most significant of these historic decisions:

1- Unlocking land, boosting supply

In March, authorities lifted restrictions on sale, subdivision, development permits, and planning approvals for 81 million square meters north of Riyadh. A similar decision in October freed another 33.24 million square meters to the west.

The Royal Commission for Riyadh City was also mandated to deliver 10,000 - 40,000 fully serviced plots annually at subsidized prices capped at SAR 1,500 per square meter, curbing price manipulation and offering real alternatives for citizens.

2- Rent controls and contractual fairness

To stabilize households and businesses, the government froze annual rent increases for residential and commercial leases in Riyadh for five years starting in September. Enforced through the upgraded “Ejar” platform, the move halted arbitrary hikes while aligning growth with residents’ quality of life.

3- Tougher fees

An improved White Land Tax took effect in August, extending beyond vacant plots to include unoccupied built properties. Annual fees rose to as much as 10% of land value for parcels of 5,000 square meters or more within urban limits, raising the cost of land hoarding and incentivizing prompt development.

4- Investment openness and digital governance

A revised foreign ownership regime allowed non-Saudis - individuals and companies - to own property in designated zones under strict criteria, injecting international liquidity. Transparency was reinforced by the launch of the “Real Estate Balance” platform, providing real-time price indicators based on actual transactions and curbing phantom pricing.

5- Quality and urban standards

Policy shifted from quantity to quality with mandatory application of the Saudi Building Code and sustainability standards for all new developments, ensuring long-term operational value and preventing low-quality sprawl.

Structural shift

Sector specialists told Asharq Al-Awsat the measures represent a qualitative leap in market management, moving Riyadh from a scarcity and speculation-led cycle to a balanced market governed by genuine demand, efficient land use, disciplined contracts, and transparent indicators.

Khaled Al-Mobid, CEO of Menassat Realty Co., said the reforms were timely and corrective after years of rapid price escalation. He noted early positives: slowing price growth, a return to realistic negotiations, increased supply in some districts, and better-quality offerings focused on intrinsic value rather than quick appreciation.

Abdullah Al-Moussa, a real estate expert and broker, described the steps as addressing root causes, not symptoms.

He observed a behavioral shift, especially in northern Riyadh, from “hold and wait” to reassessment, alongside calmer price momentum, renewed interest in actual development, and clearer rental dynamics.

Saqr Al-Zahrani, another market expert, told Asharq Al-Awsat that the reforms tackled structural imbalances by breaking artificial scarcity created by undeveloped land banks.

Opening vast tracts north and west and introducing market-wide indicators restored “organized abundance,” aligning prices with real demand and purchasing power without heavy-handed intervention, he remarked.

He added that recent months have seen weaker demand for raw land and stalled auctions, contrasted with rising interest in off-plan sales and partnerships with developers.

Banks, too, have reprioritized toward projects with operational viability, lifting overall supply quality despite a temporary slowdown in some transactions.

Consumers, meanwhile, are showing greater patience and interest in self-build options, signaling a maturing market awareness.

Outlook

Experts expect the effects to continue through 2027, delivering broad price stability with limited corrections in overheated locations rather than sharp declines.

Homeownership, especially among young buyers, is projected to rise as capital shifts from land speculation to long-term development.

The 2025 decisions were not short-term fixes but the launch of a new social and economic trajectory for Riyadh’s property market, redefining real estate as a housing service and value-adding investment, not a speculative vessel.

As Riyadh advances toward becoming one of the world’s ten largest city economies, its real estate reset offers a model for aligning regulation with quality of life, transparency, and sustainable growth.

Business

Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)
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Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)

Kurdistan broadcaster Rudaw quoted the ​vice president of Iraq's state oil company SOMO as saying ‌on Saturday that ‌the ‌oil ⁠export ​deal ‌between Baghdad and Erbil is set to be renewed with ⁠out issues, Reuters reported.

In September, ‌Iraq restarted ‍the ‍export of ‍oil from its Kurdish region to Türkiye after ​an interruption of more ⁠than two years following a deal between Baghdad and the Kurdish regional government.