The Suez Canal Economic Zone (SCZONE) announced that it has attracted US$38 million in investments for two new projects in the Qantara West Industrial Zone.  The projects, which will cover an area of 137,000 square metres, will focus on food processing and textile production, creating around 1,450 jobs. This is reported by Daily News Egypt, a partner of TV BRICS. Waleid Gamal El-Din, Chairperson of the SCZONE said that the signing of these two contracts finalises the eight project agreements…

The Prudential Authority (PA), an entity of the South African Reserve Bank tasked with monitoring banks, has fined Capitec Bank R56 million for failing to comply with some provisions of the Financial Intelligence Centre Act (FICA), mainly enacted to prevent money laundering. The PA accused the bank of failing to comply with certain provisions of the FIC Act 38 of 2001. The fine was announced on Friday last week through a press statement.  “The sanctions consist of seven cautions, one…

Ethiopia’s mining industry is gaining significant momentum, with both domestic and international investors showing heightened interest, according to the Ministry of Mines. This is reported by ENA, a partner of TV BRICS. Habtamu Tegegn, Ethiopia’s Minister of Mines, noted that the mining sector is being strategically aligned to bolster its contribution to the national economy, with private-sector involvement and international partnerships at the forefront of its advancement. The minister reiterated the government’s commitment to fostering sustainable growth in the sector,…

Saudi Minister of Commerce, Majid bin Abdullah Al-Qasabi, emphasised Saudi Arabia’s dedication to enhancing trade and economic relations with Africa during a high-profile visit to the Republic of South Africa. This effort is part of a broader commitment announced by Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh last November. This is reported by Saudi Press Agency (SPA). The Saudi-South African Business Forum presented key initiatives announced by King Salman bin…

During a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh, Saudi Crown Prince Mohammed bin Salman announced his intention to invest US$5 billion through the Saudi Public Investment Fund (PIF) in Egypt as part of efforts to strengthen economic ties between the two countries. This is reported by Daily News Egypt, a partner of TV BRICS. The Egyptian Prime Minister emphasised that numerous Egyptian investment companies are active in Saudi Arabia. “We are currently working on finalising the agreement…

African Times has published this article in partnership with Xinhua News Agency

UAE’s foreign trade volume aimed at nearly US$1,09 trillion, and non-oil exports grew by 25 per cent. This is reported by Emirates News Agency (WAM), a partner of TV BRICS. In the first half of 2024, the UAE’s non-oil exports to 10 key trading partners grew by 28.7 per cent, while trade with the rest of the world grew by 12.6 per cent. Gold, jewellery, oils, aluminium, copper wires, printed materials, silverware, iron and steel products, and perfumes emerged as…

Iranian and Russian automobile and parts manufacturers met at MIMS Automobility Moscow 2024 to discuss ways to strengthen cooperation. The export of Iranian automobile spare parts to Russia has faced a 450 per cent increase in the past years. This is reported by  Mehr News Agency, a partner of TV BRICS. The Iranian delegation, led by Deputy Minister of Industry, Mining, and Trade Farshad Moghimi, and Russian automotive industry representatives exchanged ideas on how to promote trade, including how Iranian…

The Nigerian High Commission in South Africa has called for an improved regulatory framework and a visa regime to “scale up” trade and other relations between the two countries and their citizens.  Ambassador Alexander Temitope Ajayi, the Acting Nigerian High Commissioner to South Africa, has urged the business community and ordinary people in both countries to collaborate, exchange knowledge and explore mutually beneficial opportunities.  Ambassador Ajayi has insisted that Africa would benefit greatly from stronger economic ties between its two…

Iran’s National Centre for Creative Industries and Carpets reported a significant increase in the production of hand-woven carpets in the first four months of the current Persian year (started in Iran on March 20). This growth was accompanied by an increase in exports. This is reported by IRNA, a partner of TV BRICS. A total of 1.35 million square meters of hand-woven carpets were produced across the country, a significant increase compared to the same period last year. The acting…