The BRICS alliance wanted Saudi Arabia to be a part of the bloc, but the Kingdom is siding with the US. Crown Prince Mohammed bin Salman (MBS) is committed to investing $1 trillion in the US. He announced the investment on Tuesday during his meeting with President Donald Trump at the White House.
MBS previously announced a $600 billion investment in May during Trump’s visit to Saudi Arabia. The Prince has now ramped up the investment by another $400 billion. This comes at a time when Saudi Arabia completely ignored the BRICS invitation to join the alliance.
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For the uninitiated, BRICS sent an invitation to five countries, including Saudi Arabia, to join the bloc in 2023. Out of the five countries, three entered the bloc in 2024, but Saudi Arabia announced that it is weighing the pros and cons of being a part of the alliance.
Saudi Arabia kept the decision to join BRICS pending, never officially confirming their stance. The Kingdom has been sitting on the fence since then and showing support to the US. MBS wants Western support as it’s diversifying from oil to various sectors, including tourism, in its Vision 2030 plan.
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BRICS Fails To Gain Economic Leverage From Cash-Rich Saudi Arabia
The BRICS bloc invited Saudi Arabia to join the alliance to dominate the global oil sector. It also wanted the Kingdom to fund the New Development Bank (NDB) due to its cash-rich nature. Funding from the Kingdom could boost the prospects of the NDB and allow more projects and loans to go live.
BRICS members, especially China, could also pivot Saudi Arabia to use local currencies for trade. All of this has now come crashing down as MBS is closely associated with the US. The $1 trillion investment changes the course of geopolitics, making the Middle Eastern country ignore the rest.