Saudi Arabia was invited to join BRICS in 2023 but the Kingdom is yet to provide a decision on accepting the invitation. It has kept the decision to join the alliance on hold as it’s conducting business deals with the US. The Kingdom of Saudi Arabia is reluctant to join BRICS as it needs the support of the US and other Western countries to fulfill its Vision 2030 mission. Ending reliance on the US will only hamper its financial prospects and lead to economic stagnation.
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Therefore, after pausing BRICS, Saudi Arabia plans to invest $600 billion in the US over the next four years. Crown Prince Mohammed bin Salman told US President Donald Trump that the Kingdom wants to invest the amount and expand trade. MBS said that the investments would create “unprecedented economic prosperity” for Saudi Arabia and the US.
However, the Kingdom did not detail in which sector the $600 billion will be invested. They did not make it clear if it would be invested in the private or public sector and provided little to no information on how the money would be deployed. The US investments are closely watched by BRICS as the alliance wants Saudi Arabia to join the grouping.
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BRICS: Saudi Arabia To Invest $600 Billion in the US
The Crown Prince of Saudi Arabia revealed that the investment could rise if more opportunities arise. This shows that the Kingdom is open to more investments and aims to diversify the money across many sectors. The investment “could increase further if additional opportunities arise,” said MBS. More than extending close ties with BRICS, Saudi Arabia is extending its arms to the US instead.
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Trump seems happy with the deal considering it a trade and commerce victory for the US. “I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our product. I said I’ll do it but you have to buy American product, and they agreed to do that,” he said, referring to his 2017 visit to the Gulf kingdom. Considering all these factors, Saudi Arabia might not accept the BRICS invitation as it’s building close relations with the US.