Thursday April 18th, 2024
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Saudi Arabia Officially Joins BRICS

This expansion has doubled the size of BRICS, now representing a collective population of over 40 percent of the world.

Fadila Khalid

Saudi Arabia Officially Joins BRICS

Saudi Arabia and the United Arab Emirates (UAE) officially became members of the BRICS economic bloc. Alongside these two major Arab economies, three more countries from the broader MENA region, namely Egypt, Ethiopia and Iran, also joined the bloc.

This expansion has effectively doubled the size of BRICS, which previously consisted of Brazil, Russia, India, China and South Africa. While Argentina received an invitation to join, it recently declined the offer, thus making the total membership count ten countries.

BRICS, an acronym for Brazil, Russia, India, China and South Africa, was established in 2006 as BRIC and expanded in 2010 to include South Africa. The coalition aims to enhance the representation of emerging economies in global forums traditionally dominated by Western powers. In 2014, the New Development Bank was established by BRICS to finance development projects in emerging nations, with a lending portfolio reaching nearly USD 32 billion by the end of 2022.

With the inclusion of Saudi Arabia and the UAE, BRICS now represents a collective population of over 40 percent of the world and holds a substantial 28 percent share of the global economy, amounting to SUD 26.5 trillion.

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