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Egypt seeks to join BRICS, confirms Russian ambassador

RIYADH: In a bid to enhance trade and economic cooperation, Egypt has officially applied to join the five-member BRICS bloc of emerging economies, according to Georgy Borizenko, the Russian ambassador to Cairo.  The BRICS group comprises Brazil, Russia, India, China and South Africa. “Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Borizenko. 
sport

Manchester United in talks to grant exclusivity to Qatari Sheikh for $6B+ sale – sources

LONDON: English football club Manchester United is negotiating granting exclusivity to the consortium led by Qatar’s Sheikh Jassim bin Hamad Al-Thani in talks to sell itself for more than $6 billion, people familiar with the matter said on Thursday. While a deal remains uncertain, the development represents a major milestone in the efforts of Sheikh Jassim — the son of Qatar’s former prime minister who is one of the richest men in the Gulf state — to take over the iconic sports brand.
Business

SAMA reports 5.59% increase in Saudi Arabia’s M3 money supply to $700bn

RIYADH: Saudi Arabia’s M3 money supply has surged 5.59 percent to SR2.63 billion ($700 billion) in the week ending June 8, up from SR2.5 billion on Dec. 31, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply — the broadest measure of liquidity in the monetary system — went up 0.83 percent to $2.61 billion in the week ending June 8 compared to the preceding week.  The SAMA data also revealed that the money supply in Saudi Arabia has been stable at SR2.6 billion in the past seven weeks.
sport

Saudi team wins 5 medals in Nepal yoga contest

JEDDAH: In its first international competition, the Saudi national yoga team claimed five medals, including a gold medal, three silvers and one bronze medal at the 2nd Mt. Everest International Yoga championship. The contest was held from June 8 to June 10 in Katmandu, Nepal. Eight countries from South Asia including India, Bangladesh, Nepal, Bhutan, Pakistan, Afghanistan, Sri Lanka and Maldives took part in the competition.
sport

International Women’s Polo Championship: Advocating for Global Standards

RIYADH: Details of the international women’s polo championship in November have been released. The Saudi Polo Federation held a press conference in Riyadh to reveal details of the championship, organized by the federation, in partnership with Al-Hawfer Sports Company, on the fields of AlIttihad Academy in Nova Equestrian Club Resort, Riyadh.
Business

Turkish Decor Group to Set Up Factory in Saudi Arabia

RIYADH: Turkish decor group Serdur has finalized an agreement with Dubai-based real estate developer Andalusia Courtyard to establish an office in the UAE and a $10 million factory in Saudi Arabia.   The strategic partnership with Andalusia Courtyard will pave the way for the Turkish group’s expansion into the Middle East, with a primary focus on the UAE and Saudi markets.  
Business

Qatar’s Q1 budget surplus exceeds expectations at $5.4bn

RIYADH: Qatar registered more than two-thirds of its expected 2023 budget surplus in the first three months of the year thanks to a large inflow of oil and gas revenues, the country’s Finance Ministry has revealed. According to Qatar’s state news agency, the country’s trade balance was 19.7 billion Qatari riyals ($5.4 billion) in the black for the first quarter of the year, the equivalent of 68 percent of its anticipated budget surplus for 2023.
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Israel considers ending free trade deal with Turkey

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ANKARA: After Israeli Finance Minister Bezalel Smotrich announced on Thursday that Israel intends to scrap its free trade agreement with Turkiye and impose a 100 percent tariff on other imports from the country in retaliation for Ankara’s recent decision to halt exports to Israel, eyes are now turning to imminent implications for regional trade. The plan, which aims to reduce Israel’s dependence on Turkiye, has not been finalized yet and will have to be submitted to the Cabinet for approval.

23 people missing off Tunisia coast, authorities say

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Search and rescue operations under way while five suspects have been arrested, Tunisian National Guard says.

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Intense fighting in northern Gaza as aid arrives at US pier | TOME

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CAIRO: Israeli forces battled Hamas fighters in the narrow alleyways of Jabalia in northern Gaza on Friday in some of the fiercest engagements since they returned to the area a week ago, while in the south militants attacked tanks massing around Rafah.

Medical Workers Evacuated from Gaza, 3 Americans Refuse to Leave

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Remaining health care workers won’t go until Israel stops blocking entry of new medical personnel.

The post Medical Workers Evacuated From Gaza, but 3 Americans Refuse to Leave appeared first on The Intercept.

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Cambodia launches $36.6bn building drive, China and Japan vie for spoils

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Cambodian Prime Minister Hun Manet has unveiled a 174-project master plan that has attracted bids by rival powers.

Olympic Athletes’ Financial Hurdles | TOME

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Full-time training, travel to compete, medical and most other costs for these athletes are out of pocket.

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