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TRADE-
Iran’s proposed initiative to integrate national payment systems within the Brics framework will be evaluated by member states, Russia’s Deputy Foreign Minister Andrey Rudenko told Tass. The initiative would strengthen BRICS’ sovereignty by “creating clearance and payment infrastructure that would be independent and resilient to the pressure of sanctions,” Rudenko said. With discussions still in the early phase, no final parameters for the initiative have been reached. Iran, along with KSA, Egypt, UAE and Ethiopia, became official Bric members in January.
AVIATION-
Air cargo solutions firm Magma Aviation has opened a new office in Dubai to cater to rising regional demand, according to a statement. The firm is also adding two new narrowbody freighters to its fleet to serve its Middle East operations. The aircraft, an Airbus A321 and a Boeing 737-8, will add a combined range of 5.5k km. Magma’s director Audrone Keinyte will head operations at the new UAE site. The new Dubai office “means we now have a valuable operational base outside of Europe, which is already proving to be beneficial for our clients in the Middle East and nearby regions,” Keinyte said.
OTHER STORIES WORTH KNOWING THIS MORNING-
- Kuehne+Nagel bags UAE Aggregation License: Swiss transport and logistics firm Kuehne+Nagel has secured a license to aggregate and manage pharma products and medical supplies entering the UAE market. (STAT)
