Good morning Smashi Business Readers!

Here’s what’s shaping the business world today: Saudi Arabia takes a strategic pause on its bid for full BRICS membership but remains actively engaged with the bloc. Meanwhile, the UAE cements its position as Africa’s top investor, with $110 billion pledged, primarily in green energy projects. In Saudi Arabia, Wa’ed Ventures leads a $5 million funding round for Ynmo, a pioneering EdTech platform revolutionizing support for children with disabilities.

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Saudi Arabia Pauses Full BRICS Membership Bid, Maintains Active Engagement

📰 What is it about?

• Saudi Arabia has temporarily halted its bid for full membership in BRICS, the economic bloc of emerging powers, including Brazil, Russia, India, China, and South Africa, as well as recent additions like Egypt, the UAE, and Iran.

• Despite this, the kingdom plans to continue engaging with the group, which seeks to counterbalance Western economic dominance.

• Saudi Arabia’s decision aligns with its strategic balancing act in global alliances, navigating relationships with both BRICS and Western nations.

💡 Why it matters?

• This move highlights Saudi Arabia’s careful foreign policy approach, as it avoids full alignment with BRICS while maintaining influence within the bloc.

• BRICS, with its discussions of reducing dependency on the US dollar, represents a potential shift in the global economic order. Saudi Arabia’s pause could be an attempt to sidestep geopolitical risks, especially given recent threats from the incoming US administration regarding punitive tariffs on BRICS members.

• The decision underscores Riyadh’s desire to preserve flexibility in its economic and diplomatic strategies.

🔜 What’s next?

• Saudi Arabia will likely continue participating in BRICS initiatives without full membership, leveraging its role as a key energy producer to maintain influence within the group.

• Meanwhile, the kingdom will seek to strengthen ties with Western allies and other economic blocs.

• The future of Saudi Arabia’s engagement with BRICS may depend on how the bloc’s proposed currency plans and other initiatives evolve amid geopolitical tensions.

Markets

UAE Emerges as Africa’s Largest Investor, Championing Green Energy and Infrastructure

📰 What is it about?

• Between 2019 and 2023, UAE companies committed a staggering $110 billion to new projects in Africa, with $72 billion focused on renewable energy.

• This investment surge has positioned the UAE as the continent’s largest backer of new business ventures, outpacing traditional investors like the UK, France, and China.

• Emirati investments span green energy, ports, agriculture, telecoms, and mining, reflecting a comprehensive approach to Africa's economic development.

💡 Why it matters?

• The UAE's investments come at a critical time for Africa, where energy transition funding and infrastructure are urgently needed.

• The Emirati focus on renewables addresses gaps left by Western nations’ underwhelming climate finance pledges. Additionally, the UAE’s strategic moves in logistics and mining, such as managing ports across the continent and acquiring Zambia’s Mopani Copper Mines, highlight its ambition to dominate key sectors.

• This shift underscores Africa's increasing importance in the UAE’s global economic strategy and its role as a bridge to the Americas.

🔜 What’s next?

• With its investments in Africa accelerating, the UAE will likely deepen its focus on renewable energy and infrastructure, bolstering its influence across the continent.

• Major players like DP World and Abu Dhabi Ports are set to expand operations, while ventures in agriculture, telecoms, and carbon credits signal a diversified approach.

• As African leaders embrace these investments, the UAE’s growing footprint could redefine Africa’s economic landscape, positioning it as a pivotal partner in the continent’s development and energy transition journey.

Wa’ed Ventures Leads $5M Funding for Saudi EdTech Innovator Ynmo

📰 What is it about?

• Wa’ed Ventures, the $500 million VC arm of Aramco, led a $5 million investment in Ynmo, a Saudi-based platform focused on improving educational and rehabilitative services for children, particularly those with disabilities.

• The funding round also included Qatar Development Bank and Nour Nouf Ventures.

• Founded in 2017, Ynmo leverages AI to provide customized rehabilitation programs and consultations for families, aiming to enhance access to quality care and education across the Gulf region.

💡 Why it matters?

• This investment underscores the growing importance of inclusive tech solutions in the region. Ynmo’s AI-powered platform addresses critical gaps in disability services, fostering a more equitable environment for children.

• The involvement of regional heavyweights like Wa’ed Ventures and Qatar Development Bank highlights the Gulf’s commitment to supporting impact-driven innovation, aligning with national strategies for inclusivity and technological advancement.

• The funding will enable Ynmo to expand its services, strengthen regional partnerships, and advance its mission of improving childhood education and rehabilitation.

🔜 What’s next?

• Ynmo plans to scale its operations across the Gulf, introduce new platform features, and establish a presence in Qatar through partnerships with educational and governmental institutions.

• The investment will also accelerate its efforts to integrate advanced AI tools, making it a leader in the regional edtech and rehabilitative space.

• With support from high-profile investors, Ynmo is well-positioned to drive long-term, impactful change for children with disabilities and their families.

🔍In other news…

1. Iran has taken a major step toward internet freedom by lifting the ban on WhatsApp and Google Play.

2. New plastic ban from January 2025 in Dubai explained.

3. Budget Saudi acquires 70% of UAE’s Overseas Development.

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