Saudi Arabia received an invitation to join the BRICS alliance in 2023 and be a part of the global grouping. However, the Kingdom did not officially accept or reject the invitation but kept the decision on hold. They are yet to make a final decision on whether they want to join the alliance or not.
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The country’s Economy and Planning Minister Faisal bin Fadhil Al-Ibrahim confirmed that Saudi Arabia is still assessing the BRICS membership. “The kingdom is always focusing on fostering more global dialogue,” Faisal Al-Ibrahim said in an interview with Bloomberg at the World Economic Forum in Davos, Switzerland. He said that the Kingdom will come to an “appropriate decision.”
He revealed that Saudi Arabia is looking at the pros and cons of joining BRICS and will make a decision soon. “We’ve been invited to BRICS, similar to how we’ve been invited to many other multilateral platforms in the past historically. We assess many different aspects of it before a decision is made and right now, we are in the middle of that,” he said.
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BRICS Will Get a Financial Boost If Saudi Arabia Joins the Alliance
The BRICS alliance will get a boost in the arm if Saudi Arabia accepts the invitation and joins the bloc. Saudi Arabia is rich in cash flow and can fund the projects of the New Development Bank (NDB). The Kingdom is also oil-rich and can make BRICS control nearly 42% of the world’s natural oil and gas sector.
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On the other hand, Saudi Arabia does not want to sever ties with the West by joining the BRICS alliance. The Middle Eastern country wants to maintain a balance between the West and other developing countries. The success of its Vision 2030 needs the help and assistance of all countries combined. Losing one for the other would prove costly to the Kingdom’s economy.