World
Dubai BRICS Forum Will Help Develop Small and Medium Businesses
By Kestér Kenn Klomegâh
In this insightful conversation, the Chairman of the Organizing Committee of the Dubai BRICS Investment Forum, academician Konstantin Klimenko-Bogdanov, highlights the primary importance of the forthcoming corporate business forum within the context of the geopolitical situation and offers a distinctive roadmap for economic collaboration of the BRICS countries. Here are the interview excerpts:
What does the upcoming BRICS Investment Forum in Dubai mean, especially in the context of geopolitical rivalry and competitive struggle?
In theory, competitive struggle should contribute to the development of the economy. After all, competition does not allow for the establishment of a monopoly, the dominance of only an exclusive minority of market participants. But on the condition that this is fair competition. But we are witnessing uncivilized methods of dividing spheres of influence in the market, cynical exploitation of natural resources in Africa and Asia by Western transnational corporations, and monopolization of entire industries in developing countries.
For example, the telecommunications sector, and the banking sector in Africa practically do not belong to Africans. Sometimes the name of a bank can have the word “Africa”. The real owners of banking capital are in Paris, London, and New York.
The income from the national wealth of African and Asian countries is distributed amazingly cynically. For example, coffee is purchased in Africa for a price of 1 dollar per kilogram, and sold in Europe for 4 dollars!
Unfair competition is supplemented by geopolitical rivalry in the form of escalating international tensions, declaring trade wars, and sanctions, and creating artificial military conflicts. Again, the goal of conflicts and military operations is only one – to seize resources. For example, in Iraq, and Syria, the Americans brazenly pump oil, without losing money on its purchase. And the US President does not hesitate to take away the Panama Canal or seize the island of Greenland.
Therefore, the goal of holding the Dubai BRICS Investment Forum is to find ways to facilitate civilized international economic cooperation in the conditions of trade wars, military conflicts, and sanctions. It is necessary to make an honest analysis and develop a roadmap for the joint economic development of the BRICS countries and friendly states.
Can you point to the prospects for its preservation (the forum) as an extraordinary annual platform for stimulating bilateral and multilateral transactions, and investments and, possibly, establishing a flow of corporate transactions between BRICS+ members and partner countries?
The Dubai BRICS Investment Forum is definitely not a one-off event. It is the basis for creating a global BRICS business community, which will operate on an ongoing basis. It will consist of the BRICS International Club, the BRICS House International Network, the Alliance of Small and Medium Enterprises, the Tourism Alliance, the Women’s Business Association and a number of other organizations. A digital platform, BRICS INFO, will be created.
The task of these structures is to establish a flow of trade, concentrate investment resources, and create a flow of corporate transactions.
Special attention will be paid to small and medium businesses. We intend to connect about 10,000 small and medium businesses into one ecosystem. The total turnover of this ecosystem in 2025 alone will amount to about US$700 billion.
We will also have social investment projects. The BRICS Student Card project is being created for students. With this card, students will receive various forms of social support in the form of discounts on air tickets, train tickets, purchases of goods in supermarkets, and so on. The most talented students will receive incentive scholarships.
It is planned to create a network of BRICS campuses through joint investments of BRICS businessmen. The campuses will house a university, college, and lyceum. The network will operate in 10 countries.
What priority investment projects will the forum promote?
Our priority is the Small Energy project. Half of the African continent and part of Asia have no electricity at all! This is unacceptable for the 21st century! We plan to create hundreds of small power plants on solar panels, wind turbines, and diesel generators through joint investments.
We have very interesting joint investment projects planned in the real estate sector. New housing complexes under the BRICS House brand will be built in many countries. In essence, these will be “cities of the future.” The main priority in the concept of these cities is “human ecology.” For example, these cities will not have any gasoline-powered vehicles at all. Only electric vehicles. But there will also be restrictions on cellular repeaters that emit harmful electromagnetic radiation. The goal of the project is to create areas that are as favourable as possible for human life. Many investors are already ready to invest in these projects.
By the way, why are you holding this important BRICS event in Dubai, United Arab Emirates? Are there any distinctive advantages that it offers to potential business participants, including women and young entrepreneurs?
The choice of Dubai as a permanent venue for our forum is based on expert opinion. We are confident that the most comfortable infrastructure and conditions for holding large-scale summits and creating business development centres have been created here. The UAE has a balanced tax system, thoughtful economic policy, and a tolerant atmosphere. And Dubai is a city of dreams, a bright future. Therefore, our forum will be held here annually and the residences of the BRICS House, BRICS Club, and the Alliance of Small and Medium Business will operate here permanently.
Based on the above reasoning, can we perhaps see the difference between the World Economic Forum in Davos and the BRICS Investment Forum in Dubai in the current situation of ongoing global transformations and development?
The difference in key approaches. At the Davos Forum, the agenda is set by Western transnational corporations. They initiate discussions of globalization plans. Our forum is intended for small and medium-sized businesses in Eurasia and Africa. We intend to discuss not globalization, but how to develop national economies and establish active cooperation between them.
At the Davos Forum, trends are created by politicians. Many participants go to this forum to listen to heads of state and high-ranking government officials. There will also be officials and parliamentarians at the Dubai Investment Forum. But they are not the main participants here. They will listen more than they speak. It will be entrepreneurs and taxpayers who support officials with their taxes who will speak more often. Because this is a platform for business, not a tribune for politicians.
World
Russia Expands Military-Technical Cooperation With African Partners
By Kestér Kenn Klomegâh
Despite geopolitical complexities, tensions and pressure, Russia’s military arms and weaponry sales earned approximately $15 billion at the closure of 2025, according to Kremlin report. At the regular session, chaired by Russian President Vladimir Putin on Jan. 30, the Commission on Military and Technical Cooperation with Foreign Countries analyzed the results of its work for 2025, and defined plans for the future.
It was noted that the system of military-technical cooperation continued to operate in difficult conditions, and with increased pressure from the Western countries to block business relations with Russia. The meeting, however, admitted that export contracts have generally performed sustainably. Russian military products were exported to more than 30 countries last year, and the amount of foreign exchange exceeded $15 billion.
Such results provide an additional opportunity to direct funds to the modernization of OPC enterprises, to the expansion of their production capacities, and to advanced research. It is also important that at these enterprises a significant volume of products is civilian products.
The Russian system of military-technical cooperation has not only demonstrated effectiveness and high resilience, but has created fundamental structures, which allow to significantly expand the “geography” of supplies of products of military purpose and, thus strengthen the position of Russia’s leader and employer advanced weapons systems – proven, tested in real combat conditions.
Thanks to the employees of the Federal Service for Military Technical Cooperation and Rosoboronexport, the staff of OPC enterprises for their good faith. Within the framework of the new federal project “Development of military-technical cooperation of Russia with foreign countries” for the period 2026-2028, additional measures of support are introduced. Further effective use of existing financial and other support mechanisms and instruments is extremely important because the volumes of military exports in accordance with the 2026 plan.
Special attention would be paid to the expansion of military-technological cooperation and partnerships, with 14 states already implementing or in development more than 340 such projects.
Future plans will allow to improve the characteristics of existing weapons and equipment and to develop new promising models, including those in demand on global markets, among other issues – the development of strategic areas of military-technical cooperation, and above all, with partners on the CIS and the CSTO. This is one of the priority tasks to strengthen both bilateral and multilateral relations, ensuring stability and security in Eurasia.
From January 2026, Russia chairs the CSTO, and this requires working systematically with partners, including comprehensive approaches to expanding military-technical relations. New prospects open up for deepening military-technical cooperation and with countries in other regions, including with states on the African continent. Russia has been historically strong and trusting relationships with African countries. In different years even the USSR, and then Russia supplied African countries with a significant amount of weapons and military equipment, trained specialists on their production, operation, repair, as well as military personnel.
Today, despite pressure from the West, African partners express readiness to expand relations with Russia in the military and military-technical fields. It is not only about increasing supplies of Russian military exports, but also about the purchase of other weapons, other materials and products. Russia has undertaken comprehensive maintenance of previously delivered equipment, organization of licensed production of Russian military products and some other important issues. In general, African countries are sufficient for consideration today.
World
Trump Picks Kevin Warsh to Succeed Jerome Powell as Federal Reserve Chair
By Adedapo Adesanya
President Donald Trump has named Mr Kevin Warsh as the successor to Mr Jerome Powell as the Federal Reserve chair, ending a prolonged odyssey that has seen unprecedented turmoil around the central bank.
The decision culminates a process that officially began last summer but started much earlier than that, with President Trump launching a criticism against the Powell-led US central bank almost since he took the job in 2018.
“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Mr Trump said in a Truth Social post announcing the selection.
US analysts noted that the 55-year old appear not to ripple market because of his previous experience at the apex bank as Governor, with others saying he wouldn’t always do the bidding of the American president.
If approved by the US Senate, Mr Warsh will take over the position in May, when Mr Powell’s term expires.
Despite having argued for reductions recently, “Warsh has a long hawkish history that markets have not forgotten,” one analyst told Bloomberg.
President Trump has castigated Mr Powell for not lowering interest rates more quickly. His administration also launched a criminal investigation of Powell and the Federal Reserve earlier this month, which led Mr Powell to issue an extraordinary rebuke of President Trump’s efforts to politicize the independent central bank.
World
BRICS Agenda, United States Global Dominance and Africa’s Development Priorities
By Kestér Kenn Klomegâh
Donald Trump has been leading the United States as its president since January 2025. Washington’s priority is to Make America Great Again (MAGA). Trump’s tariffs have rippled many economies from Latin America through Asian region to the continent of Africa. Trump’s Davos speech has explicitly revealed building a ‘new world order’ based on dominance rather than trust. He has also initiated whirlwind steps to annex Greenland, while further created the Board of Peace, aimed at helping end the two-year war between Israel and Hamas in Gaza and to oversee reconstruction. Trump is handling the three-year old Russia-Ukraine crisis, and other deep-seated religious and ethnic conflicts in Africa.
These emerging trends, at least in a considerable short term, are influencing BRICS which has increased its geopolitical importance, and focusing on uniting the countries in the Global East and Global South. From historical records, BRICS, described as non-western organization, and is loosing its coherence primarily due to differences in geopolitical interests and multinational alignments, and of course, a number of members face threats from the United States while there are variations of approach to the emerging worldwide perceptions.
In this conversation, deputy director of the Center for African Studies at Moscow’s National Research University High School of Economics (HSE), Vsevolod Sviridov, expresses his opinions focusing on BRICS agenda under India’s presidency, South Africa’s G20 chairmanship in 2024, and genegrally putting Africa’s development priorities within the context of emerging trends. Here are the interview excerpts:
What is the likely impact of Washington’s geopolitics and its foreign policy on BRICS?
From my perspective, the current Venezuela-U.S. confrontation, especially Washington’s tightened leverage over Venezuelan oil revenue flows and the knock-on effects for Chinese interests, will be read inside BRICS as a reminder that sovereign resources can still be constrained by financial chokepoints and sanctions politics. This does not automatically translate into BRICS taking Venezuela’s side, but it does strengthen the bloc’s long-running argument for more resilient South-South trade settlement, diversified energy chains, and financing instruments that reduce exposure to coercive measures, because many African and other developing economies face similar vulnerabilities around commodities, shipping, insurance, and correspondent banking. At the same time, BRICS’ expansion makes consensus harder: several members maintain significant ties with the U.S., so the most likely impact is a technocratic push rather than a loud political campaign.
And highlighting, specifically, the position of BRICS members (South Africa, Ethiopia and Egypt, as well as its partnering African States (Nigeria and Uganda)?
Venezuela crisis urges African members to demand that BRICS deliver usable financial and trade tools. For South Africa, Ethiopia, and Egypt, the Venezuela case is more about the precedent: how quickly external pressure can reshape a country’s fiscal room, debt dynamics, and even investor perceptions when energy revenues and sanctions compliance collide. South Africa will likely argue that BRICS should prioritize investment, industrialization, and trade facilitation. Ethiopia and Egypt, both debt-sensitive and searching for FDI, will be especially attentive to anything that helps de-risk financing, while avoiding steps that could trigger secondary-sanctions anxieties or scare off diversified investors.
Would the latest geopolitical developments ultimately shape the agenda for BRICS 2026 under India’s presidency?
India’s 2026 chairmanship is already framed around “Resilience, Innovation, Cooperation and Sustainability,” and Venezuela’s shock (paired with broader sanction/market-volatility lessons) will likely sharpen the resilience part. From an African perspective, that is an opportunity: South Africa, Ethiopia, and Egypt can press India to translate the theme into deliverables that matter on the ground: food and fertilizer stability, affordable energy access, infrastructure funding. India, in turn, has incentives to keep BRICS focused on economic problem-solving rather than becoming hostage to any single flashpoint. So the Venezuela episode may function as a cautionary case study that accelerates practical cooperation where African members have the most to gain. And I would add: the BRICS agenda will become increasingly Africa-centered simply because Africa’s weight globally is rising, and recent summit discussions have repeatedly highlighted African participation as a core Global South vector. South Africa’s G20 chairmanship last year explicitly framed around putting Africa’s development priorities high on the agenda, further proves this point.
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