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.
“We have decided to invite the
• Argentine Republic 🇦🇷
• Arab Republic of Egypt 🇪🇬
• F Democratic Republic of Ethiopia 🇪🇹
• Islamic Republic of Iran 🇮🇷
• Kingdom of Saudi Arabia 🇸🇦
• United Arab Emirates 🇦🇪
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.