Out of the nations that BRICS invited to join the bloc in 2023, Saudi Arabia is one of the few that hasn’t officially joined yet. The Kingdom has been weighing the decision to join the alliance for over a year, with major geopolitical implications in the balance. Faisal Al-Ibrahim, Minister of Economy and Planning, explained during the World Economic Forum in Davos that the kingdom is prioritizing a thoughtful approach to the decision, and doesn’t want to rush.
He stated that the country remains focused on the goal of “global dialogue” and carefully examines the “numerous aspects” related to a potential membership. According to him, this decision goes beyond economic considerations and involves complex strategic implications. “The risks to economic cohesion, fiscal robustness, lingering inequalities, and energy access are not unconnected and affect us all,” the minister writes. “As such, tackling them demands bold, collaborative action and solutions.”
Al-Ibrahim also added at the forum,” “The kingdom is always focusing on fostering more global dialogue,” and that the Kingdom will come to an “appropriate decision.”
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How Will Saudi Arabia Joining BRICS Affect the Alliance and Kingdom?
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 allow BRICS to control nearly 42% of the world’s natural oil sector.
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. Riyadh is deeply interested in strengthening economic and diplomatic relationships with other major powers. Most importantly, China is Saudi Arabia’s top trading partner, and Riyadh is the main supplier of crude oil to Beijing. These ties have only grown as the kingdom pursues its Vision 2030 plan to diversify its economy. The success of its Vision 2030 needs the help and assistance of all countries combined. Losing one for the other would prove costly to Saudi Arabia’s economy.
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In conclusion, Saudi Arabia’s decision to join or not to join BRICS will have plenty of implications not just on the Kingdom or the alliance, but several geopolitical outcomes. The Kingdom continues to weigh its options, and likely will not rush to a final decision.