The BRICS alliance invited six new countries to join the bloc during the 15th summit in August last year. Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia had been invited to join BRICS. However, Argentina was the first country to reject BRICS membership as the newly-elected President Javier Milei is skeptical about the bloc. Read here to know why Argentina declined the membership despite receiving the invitation from BRICS.
Also Read: BRICS: Nigeria Plans To Sell Oil in Local Currency, Not US Dollar
Only the UAE, Iran, Egypt, and Ethiopia joined the BRICS alliance this year in January 2024. Saudi Arabia has yet to give its consent to enter BRICS and has kept the decision on hold. The Kingdom is weighing its options on the prospects of BRICS and is yet to conclude.
Also Read: BRICS: US Dollar Settlement Declines 67% in Russia
BRICS: When Will the Kingdom of Saudi Arabia Join The Alliance?
Saudi Arabia is playing it safe as it wants the support of both BRICS and the West. It needs the support of BRICS and other developing countries that procure oil and other trade and services. Saudi Arabia also needs the US and other Western allies to keep its economy afloat and businesses running in the Kingdom.
Also Read: BRICS: 159 Countries Eyeing Russia’s New Payment System
Despite trying to distance itself from the oil economy, Saudi Arabia is unable to maintain its GDP without oil. In addition, Saudi Arabia is opening up its economy to tourism, and defying the West will be a costly mistake. The UAE became a global hub for investments after it opened up its economy to tourism.
Saudi Arabia plans to replicate UAE’s success and needs the support US and other Western allies. Therefore, Saudi Arabia might play it safe by delaying BRICS membership as it is currently not in a position to keep the West away. The power dynamics play a huge role in decision making and Saudi Arabia is taking its time to join BRICS.
