Egypt seeks deeper Brics collab: President Abdel Fattah El Sisi expressed his appreciation for Russian President Vladimir Putin’s efforts to strengthen Brics cooperation during his speech at the Brics Business Forum in the Russian city of Kazan on Friday (watch, runtime: 6:28). He also highlighted that the forum is a vital platform for fostering trade, investment, and joint projects that will drive economic growth among Brics countries.

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Navigating global challenges: The president underscored the forum’s importance as the world faces “unprecedented international challenges and crises,” emphasizing the need for collaborative action.

He also pointed to the role of the private sector and business councils in driving sustainable development, calling the forum “an important platform” for exploring investment opportunities and economic integration among Brics nations. El Sisi noted the significant potential in sectors like renewable energy, digital transformation, and manufacturing, which can support global economic growth.

A call for tangible outcomes: El Sisi concluded his remarks by stressing the need for concrete results from the Brics forum, saying that he hoped it would “yield tangible outcomes that enhance investments and economic cooperation among our nations.”

But a unified currency isn’t likely to be on that list (yet): Putin said on Friday that creating a unified currency for Brics members would be “premature.” Bloc members are in discussions over the use of digital currencies for investment.

ICYMI: The bloc — which welcomed Egypt, Saudi Arabia, the UAE, Iran, Ethiopia, and Argentina at the beginning of the year — has recently seen Russia champion the idea of setting up a new Brics payment system to push back against dollarization, help countries avoid sanctions, and limit the disciplinary influence of Western financial institutions.

IRANIAN FOREIGN MINISTER TOUCHES DOWN IN CAIRO-

Egyptian, Iranian foreign ministers talk de-escalation: Foreign Minister Badr Abdelatty met with his Iranian counterpart Abbas Aragchi last week in the first visit of an Iranian official to Cairo in over a decade, according to a ministry statement. The talks focused on ongoing regional tensions, particularly in Gaza, Lebanon, and the Red Sea, and the need to prevent further escalation and stop the region from slipping into a broader conflict.

The Iranian foreign minister also met with President El Sisi, with the meeting getting significant coverage in the international media: FT | Reuters | AP.

Abdelatty joined Al Qahera News for an exclusive interview (watch, runtime: 1:15:05), where he touched on Egypt’s ongoing mediation efforts alongside the US and Qatar, aiming for a ceasefire and humanitarian aid access in Gaza.

Concern over further escalations: Abdelatty expressed deep concern about the situation, warning that “any miscalculation could lead to a devastating regional war at a time when we desperately need to focus on development.”

On mediation efforts to secure a ceasefire: “We came close multiple times to an agreement that would ensure the release of all hostages and establish a full, unconditional ceasefire,” Abdelatty said, adding that “every time we were on the verge of an agreement, Israel introduced unrealistic demands.”

Solidarity with Jordan against displacement: Abdelatty reaffirmed Egypt’s stance against any attempts to displace Palestinians to neighboring countries, including Jordan. “We categorically reject and will not allow any plans to resolve the Palestinian issue at the expense of Egypt or Jordan,” he asserted, emphasizing Egypt’s commitment to preventing any attempts to forcibly relocate Palestinians.

Strategic balance: “Egypt has strategic partnerships with all major global powers, despite their differences,” said Abdelatty, pointing to ongoing dialogues with the US, the EU, China, and Russia, as well as Brazil and India and future dialogues with Germany and Spain, underscoring Egypt’s diplomatic success in maintaining strategic balance and fostering cooperation and good relations across diverse geopolitical spheres.

Egypt’s continued commitment to Lebanon: Abdelatty also assured his Lebanese counterpart Abdallah Bou Habib in a phone call on Friday that Egypt will continue providing all necessary support during Lebanon’s current crisis, according to a ministry statement. Abdelatty highlighted the arrival of a new shipment of 22 tons of Egyptian relief aid to Beirut, bringing the total amount of aid disbursed by Egypt to 44 tons.

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