Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Head of the Russian delegation to the talks in Turkey: The Russian-Ukrainian talks yielded good results.
Al Mayadeen's correspondent in occupied Palestine: Martyrs and wounded after an IOF aircraft bombed a house in Tal al-Zaatar, north of the Gaza Strip.
Libya: The Libyan Ministry of Health declares a state of maximum emergency in all hospitals to support medical staff working in Tripoli and its suburbs.
Libya: Demonstrations in several Libyan cities demand the overthrow of the Dbeibah government.
Italian Foreign Ministry: We are following developments in Libya with concern and reiterate our call for all parties to return to calm and dialogue.
Libya: Demonstration in Bani Walid calls for the overthrow of the Dbeibah government and holding it accountable.
Libya: Sabratha Municipal Council supports the overthrow of the Dbeibah government and calls on it to leave.
Al Mayadeen's correspondent in occupied Palestine: The IOF is carrying out massive bombing operations in the northern Gaza Strip.
Tunisian Foreign Ministry: We renew our call for an immediate end to the escalation in all parts of Libya.
Tunisian Ministry of Foreign Affairs: We express our deep concern over the dangerous security developments in the Libyan capital.

Saudi Arabia keen on joining BRICS bank: Financial Times

  • By Al Mayadeen English
  • Source: Financial Times
  • 29 May 2023 00:40
  • 3 Shares
2 Min Read

A report by the Financial Times says that Saudi Arabia is pushing to become the ninth member of the New Development Bank as the financial institutions look for alternative financing options.

  • x
  • A flag of Saudi Arabia flies at its consulate at Istanbul, Turkey, October 20 2018. (Reuters)
    A flag of Saudi Arabia flies at its consulate at Istanbul, Turkey, October 20 2018 (Reuters)

Saudi Arabia seeks to become the ninth member of the New Development Bank (NDB) which is also known as the "BRICS bank", a report by the Financial Times states.

The Bank which was formed as an alternative to Western financial institutions for emerging economies is looking to add other funding sources as one of its founding members Russia faces severe economic sanctions.

"In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them," NBS told the Financial Times.

Saudi's membership in the multilateral development bank would ensure financial inflow from one of the world's leading oil suppliers. This comes after President Xi Jinping proclaimed a "new era" between China and KSA, as China was able to mediate a deal between Tehran and Riyadh in March.

Related News

Reviving the Bandung spirit in a multipolar world: China Daily

South rejects $250Bln climate deal at COP29, talks extend to Saturday

The financial institution is set to meet on Tuesday and Wednesday to evaluate funding options after it was forced to put Russia's $1.7 billion or 6.7% of total assets in order to curb Western sanctions, according to the Financial Times.

The newspaper also interviewed Ashwani Muthoo, the director-general of the NDB's independent evaluation office who said that "the most important thing at the moment" is securing funds for the bank as it is "struggling to mobilize resources."

The NDB is also exploring different currency options for the incoming funds, Muthoo told FT. 

The alternative bank was established in 2015 and hosts stakes from Brazil, Russia, India, China, South Africa, the United Arab Emirates, Egypt, and Bangladesh which mainly fund developmental and infrastructural projects in economies of the global south. The NDB has financed over 96 projects valued at more than $33 billion.

Read more: Saudi Arabia imports Russian oil, sends its own supplies to EU.

 

  • global south
  • Developing countries
  • BRICS
  • Russia
  • Sanctions on Russia
  • China
  • Saudi Arabia

Most Read

Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025
Gaza and the logic of necropolitics: Sovereignty measured by killing

Gaza and the logic of necropolitics: Sovereignty measured by killing

  • Politics
  • 15 May 2025
Abu Obaida

Abu Obeida posts shortly after Israeli reports about his assassination

  • Palestine
  • 15 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Israeli media: Yemen may push 'Israel' towards ceasefire in Gaza
MENA

Israeli media: Yemen may push 'Israel' towards ceasefire in Gaza

Palestinians struggle to get donated food at a community kitchen in Khan Younis, Gaza Strip, Friday, May 16, 2025 (AP)
Politics

Trump administration planning to send 1 million Palestinians to Libya

President Donald Trump greets Israeli Prime Minister Benjamin Netanyahu at the White House, Monday, April 7, 2025, in Washington. (AP)
Politics

'Israel' concerned, says US withholding info about indirect Iran talks

Israeli Prime Minister Benjamin Netanyahu during the annual ceremony at the Yad LaBanim Memorial in occupied al-Quds on Tuesday, April 29, 2025 (AP)
Politics

Netanyahu cancels Vatican visit over fears of ICC arrest

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS