BRICS+ Series: GCC Banks To Take the Lead in Global Order
In a world recalibrating its power structures, the heartbeat of a new economic order is not coming from Washington or Brussels, it's coming from Riyadh, Dubai, and Doha. The first quarter earnings of GCC banks, a record-breaking $13.2 billion — are not just figures in an accounting ledger. They are signals. Loud, booming signals that the Global South is not waiting for a seat at the table anymore, it's building a new one.
This isn't about oil. It's about balance sheets, digital transformation, sovereign wealth, and a clear, calculated alignment with BRICS+. While the West is busy navigating inflation, political chaos, and declining global influence, the Gulf states are executing a well-scripted vision of economic dominance rooted in financial strength and geopolitical foresight.
From Petrostate to Power Broker
For decades, the Gulf's wealth was seen as static, pegged to oil markets, buffeted by global price swings, and reliant on Western financial systems to recycle petro-dollars. But that era is closing. Today, GCC economies, led by Saudi Arabia and the UAE, are not just managing wealth — they are engineering the future. And their banking sector is the perfect lens through which to witness this transformation.
In the first quarter of 2025, GCC banks posted nearly 10% year-on-year growth in profits. Saudi National Bank, First Abu Dhabi Bank, and others have reduced non-performing loan ratios while increasing lending and digital integration. These aren't just stable banks; they are aggressively modern, risk-conscious, and future-oriented institutions. That's more than can be said for some traditional Western banks still reeling from post-COVID shocks and regional debt crises.
The GCC's rise is not in isolation. It's part of a larger movement — a geopolitical and economic renaissance of the Global South. It's about realignment. It's about BRICS+.
Why BRICS+ Needs the Gulf
In 2023, the expansion of BRICS+ to include Saudi Arabia, Iran and the UAE was more than symbolic. It was strategic. The Gulf brings what BRICS+ desperately needed: liquidity, infrastructure readiness, and a proven ability to act as a bridge between East and West. It also brings credibility in the Muslim world, investment clout across Africa, and growing technological ambitions — from clean energy to AI to fintech.
The inclusion of the Gulf in BRICS+ is a statement that the bloc is no longer a developing world protest club. It's a counter-system. A challenge to the Washington Consensus. A coalition not just of emerging economies, but of confident ones.
And the numbers tell the story. GCC banks, backed by state investment arms and supported by robust sovereign credit ratings, are positioned to underwrite the very future that BRICS+ envisions — one of multipolar development, non-dollar trade mechanisms, and regional infrastructure that connects ports in Mombasa with railway lines in Xinjiang and smart cities in Riyadh.
If BRICS+ is the engine of a new world, the GCC is its oil — and not just in the literal sense.
The West's reluctance to adapt to this shift is glaring. While Washington debates debt ceilings and Brussels argues over migration quotas, Riyadh signs a multi-billion dollar clean hydrogen deal with Beijing and rolls out AI initiatives in partnership with BRICS innovation hubs. The UAE, for its part, is building financial corridors that stretch from Africa to Southeast Asia — quietly and effectively.
This isn't a revolution with flags and slogans. It's happening in quiet boardrooms, via blockchain settlements, in massive infrastructure blueprints — and in the earnings reports of banks that once operated in the shadows of Exxon and Shell, but are now giants in their own right.
By aligning with BRICS+, the Gulf is choosing a future built on regional agency, multipolar engagement, and de-dollarisation. It is rejecting the narrative that economic prosperity must flow through Western financial institutions. It is embracing a new world order — one built on shared interests, not shared histories.
This Is the Future
So yes, GCC banks made $13.2 billion in Q1 2025. But that number is just a surface reflection of something far deeper. The Middle East is no longer a geopolitical chessboard where great powers play. It is becoming a player in its own right — a financier, an innovator, a bridge, and a disruptor.
The rise of the Gulf is the rise of the Global South. And the alignment with BRICS+ is not just a tactical move. It's a philosophical one. It says, we are no longer the periphery. We are the center of something new.
Written by:
*Dr Iqbal Survé
Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN
*Chloe Maluleke
Associate at BRICS+ Consulting Group
Russian & Middle Eastern Specialist
**The Views expressed do not necessarily reflect the views of Independent Media or IOL.
** MORE ARTICLES ON OUR WEBSITE https://bricscg.com/
** Follow @brics_daily on Twitter for daily BRICS+ updates and instagram @brics_daily
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The South African
41 minutes ago
- The South African
Why do the West want Burkina Faso's Ibrahim Traoré deposed - or dead?
Burkina Faso's young revolutionary leader, Captain Ibrahim Traoré, has suddenly become one of the biggest political issues in the world, especially in Africa, trending regularly on social media and increasingly becoming a symbol of resistance on the continent. If the Western political establishment and their sockpuppet, echo-chamber media is to be believed, Traoré is a tyrannical, gold-thieving warlord clinging to power in Burkina Faso, and running that Western African country into the ground. Most Africans, however, particularly the youth on the continent, see the charismatic, intelligent, articulate and unapologetically African nationalist 37-year-old leader quite differently – more like an African David standing up to the old colonial Goliath. In 2022, Burkina Faso (formerly known as Upper Volta) underwent two military coups. Both were primarily driven by the country's deteriorating security situation and widespread dissatisfaction with the government's inability to address the jihadist insurgency. For years prior to the 2022 coups, Burkina Faso was plagued by jihadist terror groups (that largely formed after the US-backed overthrow of Libya's Gaddafi), with violent attacks on military personnel and civilians becoming increasingly frequent. The security crisis worsened significantly in the country, with over 1 500 violent events and 3 800 fatalities projected in 2022, forcing roughly 2 million people to flee their homes. In January 2022, Lieutenant Colonel Paul-Henri Sandaogo Damiba led a coup partly fueled by the government's inability to contain the growing jihadist threat. However, Damiba's rule was also marked by ineffectiveness in addressing the security crisis, leading to further instability and frustration among the military and population. Meanwhile, the people of Burkina Faso had grown tired of being poor in one of the most resource-rich regions on earth, tired of French and American influence, and tired of their corrupt leaders who dutifully took orders from Paris and Washington. The nationwide discontent led to a second coup in September that same year, this one led by Captain Ibrahim Traoré. Born in Bondokuy, western Burkina Faso, Ibrahim Traoré studied geology at the University of Ouagadougou before joining the army in 2010. He gained frontline experience fighting jihadist groups in the country's north and later served in the United Nations peacekeeping mission in Mali. By 2020, he had risen to Captain and led an artillery unit stationed in Kaya. His growing frustration with the ruling junta's inability to stem insurgent violence led to Traoré spearheading the coup against interim president Damiba. In October 2022, Traoré was sworn in as interim president, pledging to restore security and national sovereignty. The international community expressed concern over the coup, with the Economic Community of West African States (ECOWAS) and the African Union suspending Burkina Faso's membership and imposing sanctions. Since taking power, Captain Ibrahim Traoré has faced significant challenges, including a deteriorating security situation and economic instability. Despite this, Traoré's leadership in Burkina Faso has been marked by significant initiatives aimed at improving the lives of its citizens. While his rise to power was unconventional, his commitment and notable strides in providing free education and healthcare has resonated deeply with the Burkinabé people and contributed to the overall well-being of the population. The West, particularly France, has been vocal in its criticism of Captain Ibrahim Traoré's leadership. Burkina Faso is rich in natural resources, including gold, which has been a significant contributor to the country's economy. 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'I can tell you the man's shadow looms large over the continent', Wilson told Iversen. 'He is also beloved in countries that have nothing to do with Burkina Faso. To the young people specifically, he embodies the leadership they've been crying out for.' 'They love him', he added. 'In fact, people in the region are asking how come their leaders aren't more like him'. In a recent analytical video about Ibrahim Traoré, comedian and political/media commentator, Jimmy Dore reminded us of some of the other African leaders who were eventually overthrown or murdered by the West, for merely wanting their people – and not exclusively Western corporations – to benefit from their country's wealth and resources; Congo's Patrice Lumumba (1961): Murdered by Belgium and the CIA (under orders from then US President Dwight Eisenhower) and his body dissolved in sulfuric acid. Ghana's Kwame Nkrumah (1966): Overthrown in a US/CIA-backed coup staged by the Ghana Armed Forces and Police Service while Nkrumah was visiting China, which ushered in an era of military rule. Burkina Faso's Thomas Sankara (1987): Murdered in a bloody military coup organised by Captain Blaise Compaoré and, according to the Italian documentary African Shadows released in 2009, was backed by US and French Secret Service and the CIA. Libya's Muammar Gaddafi (2011): Tortured and murdered by a NATO-backed terrorist mob (NTC), leading to the collapse of Libya and the rise of jihadi terrorism in the region. What do all these leaders have in common? What are they guilty of? Wanting their people to benefit from their country's resources, ahead of Western corporate interests. After reviewing that list of African leaders overthrown or murdered by the West, Jimmy Dore pointed out, 'They've been doing this since forever. This isn't new.' He also said, 'The West, the WEF, NATO and the United States (government) do not want us coming together. Not in the US, and not the countries of Africa.' He added, 'They need to keep us fighting amongst each other…so they can control us.' As of April 2025, President Ibrahim Traoré has reportedly survived at least 19 assassination attempts since assuming power in 2022. Perhaps what the West fears the most about Traoré is not his actions, but his words. Because every time the young Captain stands up to give a speech, he stuns the room into reverent silence with hard, unvarnished truths about the West's centuries-old exploitation of Africa. Notable extracts from some of his speeches include; In late 2022, Traoré delivered a speech directed at the imperialist countries that have colonised Africa for decades. He said, 'I am Ibrahim Traoré, and today I'm pulling off your masks. Every day of my life, I grew up with your lies. As a child, I would watch Africa on television. 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The Citizen
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IOL News
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The winds of change are blowing in favour of Palestine
Israeli activists gather at HaBima Square for a protest march towards the Israeli Defence Ministry headquarters in Tel Aviv on July 22, 2025, denouncing the ongoing food shortage and forced displacement of Palestinians in the Gaza Strip. Abbey Makoe The tide is turning – and at a blistering pace – for the recognition of the Palestinian statehood by a growing majority of the nations of the world. As of this year, 147 out of the 193 UN member-states officially recognize the State of Palestine. At the end of a widely publicized conference on the Middle East held in New York this week, 15 predominantly Western nations undertook to recognize the Palestinian statehood. Represented by their ministers of foreign affairs, the following countries nailed their colours to the mast, once and for all. They are: Canada, France, Australia, Ireland, Finland, Iceland, New Zealand, Portugal, Norway, Spain, Slovenia, Malta, San Marino, Andorra, and Luxembourg. Why does this matter? It matters the most because, for far too long, the plight of the Palestinian people has been ignored by the bulk of the nations of the world. Let me paraphrase: The suffering of the Palestinian people has been aided and abetted by the vast majority of the world's most influential countries. The unfolding drastic changes in global relations once more prove a pertinent point: Evil can never triumph over good, no matter how long it takes. There have been times, times too many to count, when the temptation to give up the pursuit of Palestinian freedom appeared too appealing, and appeasing. The father of Palestinian freedom, Yasser Arafat, and hundreds of thousands of other Palestinians had lived and died for a free Palestine. As is the case with the blood of freedom fighters, their blood is never shed in vain. It nourishes the course for which men, women, and children give their lives. It expedites the attainment of the goal of liberty and freedom. The spirit of the more than 60,000 Palestinians who have been mowed down by the machine guns of the Israeli Defense Force (IDF) and their drones lives forever. Their blood nourishes the Palestinian tree of liberty. So, too, is the blood of the unaccounted-for thousands of Palestinians whose bodies continue to rot under mountainous heaps of rubble that is a testament to the relentlessly merciless bombardment of the Gaza Strip. The world is finally reawakening from slumber, regaining consciousness, and the sense of righteousness. Countries such as South Africa deserve a loud mention in defense of the Palestinian course for self-determination. So, too, are countries such as Russia, which, from as far back as the days of the Soviet Union, has recognized the Palestinian statehood and the UN declaration of the two-state solution as the safest pathway to a permanent basis for a peaceful coexistence of the peoples of Israel and Palestine. The 15 nations wrote in a joint statement that has captured the attention of the international community: 'We ...have already recognized, have expressed or express the willingness or the positive consideration of our countries to recognize the State of Palestine, as an essential step towards the two-state solution.' They explicitly called on the other member-states of the UN to join them in the push for the global recognition of the State of Palestine and the establishment and institution of the two-state solution, where apartheid Israel would cease to keep the Palestinians under the yoke of oppression. This shift in momentum towards ending the suppression of the rights of millions of Palestinians needs to be maintained. The fear of US hegemony has been overcome, and it appears to have finally been broken by its one-time enforcers. The public announcement by the French President Emmanuel Macron that Paris will officially recognize the State of Palestine when the UN General Assembly convenes in September shook the diplomatic cover and insulation that Tel Aviv has thus far enjoyed, with the apparent absence of conditions for several decades. Macron's pronouncement triggered different reactions from different quarters. First, and predictably, the US President Donald Trump poured scorn on France's move. But elsewhere – in Britain, to be specific – Prime Minister Keir Starmer faced heightened pressure to emulate his French counterpart. Traditionally, Starmer's Labour Party has been regarded as leftist and pro-poor, although in modernity, the party's actions have proved a far cry. Under immense pressure, the UK Prime Minister followed closely in the footsteps of his French counterpart when he announced that Britain, too, would recognize the State of Palestine when the UN General Assembly convenes in September. His condition not to follow through on his threat would be dependent upon Israel ending the 'appalling situation in Gaza', he said. Additionally, Starmer demanded that Tel Aviv must stop the expansion of the illegal settlements in the Palestinian territories and allow the UN to resume the distribution of aid in Gaza. Knowing Israel as we know it, the conditions are highly unlikely to be met. Therefore, we can expect the UK to join the growing chorus of UN member-states recognizing the State of Palestine. This development would inevitably create an unprecedented challenge for both Israel and the country's Big Brother in the form of the US. The worst-case scenario is that Washington would be as isolated as Israel amidst the rapidly changing geopolitical architecture. There would be sanctions against the political leadership of Israel and a highly likely trade embargo. The hegemony of the US is gradually crumbling as things stand in the world. The reconfiguration of the international world order has seen the emergence of new poles of power, such as BRICS, and the enhancement of the South-South solidarity. The Trump administration's tariff wars have also undermined the status of the US as a dependable leader of the so-called Free World. In addition, the emergence of China as a global leader of note has caused unprecedented schism in the collective Western domination of world affairs. As international relations scholars note, the rapid reconfiguration of global affairs bears implications of monumental significance. In my view, the sudden changes in diplomatic posture and narrative against the hitherto untouchable Israel are a game-changer. To borrow from McMillan, 'the winds of change are blowing'. The 55 countries that are yet to join the 147 that recognize the State of Palestine would not stick to their positions for too long. Liberty, equality, and freedom are some of the fundamental basis on which a just world order is built. The denial of the rights of the Palestinians by Israel cannot be permanent. Ask us in South Africa who were born and bred under apartheid. No matter how long oppression lasts, it too has a beginning and an ending. As for the Palestinians, the end of their long Israeli-induced misery is nigh. The excuse to annihilate the Gazans until the hostages are returned is too myopic an argument. The fundamental causes of apartheid in Israel ought to be tackled. As they say, violence suits all those who have nothing to lose. Life, all of it, is precious. Palestinian lives would soon be put on par with those of the Israelites under international law. When that happens, the impunity with which Israel has maimed and oppressed their fellow human beings in the land of Palestine will end forever. After all, it is what humanity expects. Strength and power to all nations that insist on a two-state solution where Israel would be held accountable for its excesses wherever they rear their ugly head, as is currently the case in Gaza and everywhere across the besieged Palestinian territories. *Abbey Makoe is Founder and Editor-in-Chief: Global South Media Network ( The views expressed are personal. ** The views expressed do not necessarily reflect the views of IOL, Independent Media or The African.
