When Will Saudi Arabia Join BRICS?
The BRICS alliance invited six new countries to join the bloc during the 15th summit in August last year. Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia had been invited to join BRICS. However, Argentina was the first country to reject BRICS membership, as newly-elected President Javier Milei is sceptical about the bloc.
Only the UAE, Iran, Egypt, and Ethiopia joined the BRICS alliance this year, in January 2024. Saudi Arabia has yet to give its consent to enter the BRICS and has kept the decision on hold. The Kingdom is weighing its options on the prospects of BRICS and has yet to conclude.
Saudi Arabia is playing it safe, as it wants the support of both the BRICS and the West. It needs the support of BRICS and other developing countries that procure oil and other trade and services. Saudi Arabia also needs the US and other Western allies to keep its economy afloat and businesses running in the Kingdom.
Despite trying to distance itself from the oil economy, Saudi Arabia is unable to maintain its GDP without oil. In addition, Saudi Arabia is opening up its economy to tourism, and defying the West will be a costly mistake. The UAE became a global hub for investments after it opened up its economy to tourism.
Saudi Arabia plans to replicate the UAE’s success and needs the support of the US and other Western allies. Therefore, Saudi Arabia might play it safe by delaying BRICS membership, as it is currently not in a position to keep the West away. The power dynamics play a huge role in decision making and Saudi Arabia is taking its time to join the BRICS.
