World
Focus on Cooperation: Russia and Egypt Ready for SPIEF’22
By Kester Kenn Klomegah
Under the auspices of the President of the Russian Federation, the popular St. Petersburg International Economic Forum (SPIEF) comes off this mid-June 2022 for members of the Russian and global business community to meet and discuss the key economic issues facing Russia, emerging markets, and the world as a whole.
Over the last 24 years, it has been a unique platform for consolidating simply a business for Russia and largely determines for its economy interested external corporate partners. June forum marks the 25th anniversary. Egypt (was chosen during the last closing ceremony) and becomes the guest organizer and participant. It will simultaneously help with preliminary preparations for the second Russia-Africa summit.
Russia and Egypt have been traditional partners. Both parties are interested in the comprehensive development of bilateral relations. Beyond that, it could play a significant role in driving Arab and African potential partners to St. Petersburg from June 15 to 18.
Egypt will have the honorary status of a guest country at the 25th anniversary of the St. Petersburg International Economic Forum. This honorary status involves the organization of a whole range of events within the business and cultural programmes.
“Egypt’s participation in the SPIEF as a guest country will help to fully unleash the economic potential of cooperation for the international community and present (Egypt) as a tourist destination as well as its culture. For many countries, Egypt can serve as an entry point to the African continent and the Arab world and a reliable partner for the implementation of projects in various sectors of the economy and culture,” noted the Adviser to the Russian President Anton Kobyakov during one of the meetings held last year.
As of the preparations, last February, the St. Petersburg International Economic Forum organized a business session for the working group in Cairo, Egypt. The main task was to deliberate on upcoming full-fledged participation as a guest country and the agenda for the forum.
During the SPIEF, Egypt has the chance to show the breakthrough that has occurred in relations between Russia and Egypt in terms of economic cooperation and, given the international scale of the event, to present opportunities for bilateral interaction with other countries.
According to official reports, the heads of ministries and agencies in Russia and Egypt are engaged in unprecedented intensive dialogues, all toward ensuring the success of the forum. Both parties are also looking at a joint project of creating a Russian industrial zone in Egypt.
It is, however, believed that roughly 100 industrial facilities were built in Egypt with the Soviet Union’s assistance, many of which still play an important role in the Egyptian economy, primarily the Aswan Dam, the Helwan Steel Plant, and the Nag Hammadi Aluminium Plant. The scale of business interaction has declined in the post-Soviet era but has been steadily growing again in recent years.
“It’s clear that Egypt has made considerable efforts in preparing the exhibition stand, the business programme and, importantly the cultural programme. This year, the forum will as usual host representatives of government agencies, business communities and experts. We have been developing youth programmes, and for business leaders and entrepreneurs, along with a cluster of young academics,” said Chairman of the Board and CEO of Roscongress Foundation Alexander Stuglev.
During April 12 meeting, the Director of the St. Petersburg International Economic Forum, Alexey Valkov, spoke on some aspects related to ensuring epidemiological safety. He further emphasized the time-frames for accreditation, projects, and those technical solutions are strictly adhered to, the importance of developing transparent and unambiguous procedures for participants.
“It is crucial to follow this procedure in order to avoid disruptions. I am in no doubt that the concerted efforts of all offices and organizations involved in preparations for this anniversary edition will make it the biggest, safest, and most significant event of its kind in 2022,” said Valkov.
The SPIEF is held annually, and since 2006 it has been held under patronage and with the participation of the President of the Russian Federation. Despite the Russia-Ukraine crisis, the forum might still open wide possibilities to discuss in-depth the significance, challenges and prospects of sustainable business partnership cooperation between state institutions as well as between foreign countries and Russia.
In the meanwhile, as a direct result of the “special military operation” launched on February 24, Russia has come under a raft of sanctions imposed by the United States and Canada, the European Union, Japan, Australia, New Zealand and a host of other countries.
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
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