Six countries, including the UAE, Saudi Arabia, and Egypt, have received invitations to join the BRICS group of nations.
The three countries were invited alongside Argentina, Iran, and Ethiopia to join the group.
This decision was made during a three-day BRICS Summit, where the expansion of the bloc was a key topic of discussion.
South African President Cyril Ramaphosa officially announced the decision on Thursday morning.
These new members are set to become part of BRICS starting from January 1, 2024.
So, what does this mean for the UAE and Saudi Arabia?
The UAE and Saudi Arabia previously expressed their interest in joining the BRICS forum, joining a growing list of nations looking for alternatives to global bodies traditionally dominated by Western powers.
The move is motivated by a desire to unlock various benefits, including access to development finance and increased trade and investment opportunities.
The BRICS group, which consists of Brazil, Russia, India, China, and South Africa, represents an alternative economic group to the traditional global economic order.
The growing interest from countries like the UAE and Saudi Arabia indicates a shift in global dynamics and power alignments.
UAE, which is known for its strong economy and strategic location, sees BRICS membership as a strategic move.
By joining the bloc, the UAE will be able to diversify its economic partnerships with nations around the world.
As a nation with a well-established financial sector and significant investments in various sectors, including energy and infrastructure, the UAE is well-positioned to benefit from increased trade and investment opportunities within the BRICS framework.
Moreover, joining BRICS could offer the UAE access to development finance, which is crucial for funding ambitious projects and initiatives aimed at diversifying its economy, thus reducing its dependence on oil.
UAE leaders have also welcomed the invitation. Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi, expressed his appreciation for UAE’s inclusion in the BRICS, via X, formerly known as Twitter.
“We respect the vision of the BRICS leadership and appreciate the inclusion of the UAE as a member to this important group. We look forward to a continued commitment of cooperation for the prosperity, dignity and benefit of all nations and people around the world,” Sheikh Mohamed said.
Echoing the sentiment, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, called the country’s inclusion to the group a representation of “an extension of its philosophy based on building positive international multilateral partnerships.”
“The approval of the UAE joining the BRICS group today represents a success for its balanced international policy led by my brother, His Highness Sheikh Mohammed bin Zayed, President of the State, may God protect him. The country’s accession to this group also represents an extension of its philosophy based on building positive international multilateral partnerships, and consolidates its international economic and trade position as a reliable partner linking the world’s north with its south and east with west. The UAE will continue its approach based on supporting global peace, security and development,” Sheikh Mohammed said via X.
BRICS welcomes Saudi Arabia
Saudi Arabia, on the other hand, is an oil heavyweight and a regional powerhouse, which has also been invited to join the group.
The kingdom’s joining is also supported by countries within the BRICS group aligns with Saudi Arabia’s broader geopolitical strategy to diversify its alliances, and its long-term goal of diversifying its economy from oil.
By joining BRICS, Saudi Arabia will be able to strengthen its position in the global energy market while gaining access to development funding for its ambitious Vision 2030 programme, which seeks to transform the nation’s economy for a post-hydrocarbon world.
The kingdom can also take advantage of this opportunity to deepen its partnerships with fellow BRICS members, especially in the energy, trade, and infrastructure sectors.
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