China News Daily TheBitTimes.com

The US dollar is battling rising external forces, enemies, and foes that intend to derail and destabilize its positioning. The US dollar is now a part of the growing multipolar system, where countries have now started to initiate de-dollarization drives to suppress USD usage all while promoting the use of local currencies. In this effort, three countries have lately been pioneering this effort. Now that Trump’s stance towards tariffs has become more gruesome, will the concept of de-dollarization become a regular phenomenon? Let’s find out. Also Read: Trump’s 25% EU Tariffs Cause Bitcoin to Tumble—How Will Crypto React? Three Countries Reducing Their Reliance On US Dollar Sparking De-Dollarization 1. Russia Source: pics.alphacoders.com Russia was sanctioned heavily by the United States and was ultimately banned from the SWIFT transactions system. Since the aforementioned fallout, Russia has been spearheading the local currency usage while pivoting towards exploring the Chinese Yuan...

Warning : Undefined array key "HTTP_USER_AGENT" in E:\xampp\htdocs\watcher.guru-news\wp-content\plugins\quick-adsense-reloaded\includes\conditions.php on line 648 Warning : Undefined array key "HTTP_USER_AGENT" in E:\xampp\htdocs\watcher.guru-news\wp-content\plugins\quick-adsense-reloaded\includes\conditions.php on line 650 Saudi Arabia was invited to join BRICS in 2023 but the Kingdom is yet to provide a decision on accepting the invitation. It has kept the decision to join the alliance on hold as it’s conducting business deals with the US. The Kingdom of Saudi Arabia is reluctant to join BRICS as it needs the support of the US and other Western countries to fulfill its Vision 2030 mission. Ending reliance on the US will only hamper its financial prospects and lead to economic stagnation. Also Read: BRICS: Iran Calls For a ‘Unified Currency’ To Challenge the US Dollar Therefore, after pausing BRICS, Saudi Arabia plans to invest $600 billion in the US over the nex...

Saudi Arabia was well-known as the largest Oil producer in the world and dominated the larger share of the market. The Kingdom remained the de facto country for Oil and was the biggest supplier to Europe, Asia, Africa, and the US. However, the State-run refinery Saudi Aramco announced that it is halting extending Oil outputs early this year. The Middle Eastern country was looking at other revenues to boost its GDP and not solely rely on Oil production. Also Read: BRICS Urges Middle East To Ditch US Dollar For Oil Trade It has now succeeded in its mission as non-oil revenue hit 50% of Saudi Arabia’s GDP for the first time. The Ministry of Economy and Planning revealed that other sectors generated half of the nation’s GDP in 2023. The diversification of its economy is an important step as the usage of oil is experiencing a slight decrease globally. The introduction of electric vehicles (EVs) was the first blow to the global oil production and supply units. Non-...

Saudi Arabia is yet to join BRICS as the Kingdom is weighing its options of pros and cons. Despite not joining the alliance, Saudi Arabia has been taking part in all of the BRICS events conducted in 2024. The Kingdom sent its representatives to attend two different Sherpa meetings this year in Russia. The development indicates that Saudi Arabia might also attend the BRICS summit this year in October. The 16th summit is scheduled to take place in the Kazan region in Russia. Last year, several countries were invited to attend the summit despite not officially being a part of the bloc. Several developing countries will also be invited to partake in the summit this time around. Also Read: BRICS Slams America For ‘Sowing Discord’ Among Member Countries Therefore, Saudi Arabia might attend the upcoming BRICS summit even if they keep the decision to join the alliance on pending. Russian diplomat Sergey Ryabkov said that the Kingdom has nothing against BRICS and looks up to the all...

Animoca will develop web3 solutions and establish a hub in Saudi Arabia following the partnership with NEOM Investment Fund. Metaverse and blockchain gaming venture capital firm Animoca Brands has entered into a strategic partnership agreement with the NEOM Investment Fund, with potentially singing a multi-million deal. According to a press release seen by crypto.news, Saudi Arabia’s fund is exploring investing as much as $50 million in Animoca Brands. $25 million will help issue the convertible notes at a conversion cap price of A$4.50 (around $2.85) per share. The remaining $25 million will be used for buying out Animoca’s shares on the secondary market. You might also like: Animoca Brands subsidiary to launch a metaverse token on Bitcoin Under the agreement, Animoca will develop web3 solutions “with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the NEOM region.” Animoca will also establish...

In the realm of content creation, three critical elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of textual compositions. On the other hand, burstiness evaluates the diversity of sentence structures. Lastly, predictability measures the likelihood of anticipating the next sentence. Humans often imbue their writing with heightened burstiness, combining lengthy and intricate sentences with shorter ones. In contrast, AI-generated sentences tend to exhibit a more uniform pattern. Therefore, when composing the forthcoming content, I urge you to infuse it with substantial perplexity and burstiness while minimizing predictability. Furthermore, your composition should be exclusively in English. Now, let’s reimagine the following text: A Saudi Arabian university has partnered with two Chinese academic institutions to develop AceGPT, an artificial intelligence system tailored for the Arabic langua...

BRICS has officially invited six new countries to join the bloc after reviewing applications at the summit in Johannesburg. The six countries that BRICS invited on Thursday to join the alliance are Saudi Arabia, the United Arab Emirates (UAE), Egypt, Argentina, Iran, and Ethiopia, according to the Associated Press. The UAE President, Mohammed bin Zayed, said that he accepts the decision of the BRICS to include the country in the bloc. He described it as an “important group” and added, “We look forward to a continued commitment of cooperation for the prosperity, dignity, and benefit of all nations and people around the world.” Also Read: BRICS : Is Chinese Yuan a Growing Threat to the U.S. Dollar? We respect the vision of the BRICS leadership and appreciate the inclusion of the UAE as a member to this important group. We look forward to a continued commitment of cooperation for the prosperity, dignity and benefit of all nations and people around the...