Media: Saudi Arabia holds off on joining BRICS, citing need to consider multiple factors

Saudi Arabia's membership in the BRICS bloc of emerging economies is still under review more than a year after the kingdom was invited to join.

Faisal Al-Ibrahim, Saudi Arabia's Minister of Economy and Planning, discussed the ongoing assessment process in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland, according to Caliber.Az.

"The kingdom is always focusing on fostering more global dialogue," Al-Ibrahim stated, highlighting Saudi Arabia's approach to multilateral platforms. "We've been invited to the BRICS, similar to how we’ve been invited to many other multilateral platforms in the past historically."

He emphasized the kingdom’s careful evaluation process, noting, “We assess many different aspects of it before a decision is made and right now, we are in the middle of that.”

Saudi Arabia’s hesitance to join the BRICS group contrasts with the swift acceptance of other nations invited in 2023, including Iran, Egypt, Ethiopia, and the United Arab Emirates. These countries have already agreed to join, as the bloc seeks to expand its influence globally.

The inclusion of Saudi Arabia, the world’s largest oil exporter, in BRICS could significantly enhance the group’s economic clout by linking several major energy producers with the developing world’s largest consumers. However, the kingdom remains cautious in its decision, taking time to consider all factors before making a final commitment.

The kingdom’s Vision 2030, a multitrillion-dollar economic transformation plan, also plays a key role in shaping Saudi Arabia’s stance on global partnerships and multilateral alliances.

As Al-Ibrahim pointed out, Saudi Arabia continues to assess its future role within the shifting landscape of global politics and economics.

To recall, Saudi Arabia was invited to join the BRICS bloc in August 2023. However, the kingdom decided not to accept the membership due to a combination of geopolitical and economic factors. 

The kingdom maintains strong economic and security ties with Western nations, particularly the United States. Aligning with BRICS, which includes countries like Russia and China, could complicate these relationships. For example, the U.S. has expressed concerns about BRICS potentially challenging the dominance of the U.S. dollar in global trade.

Additionally, the inclusion of Iran in BRICS presents a sensitive issue for Saudi Arabia, given their longstanding regional rivalry. Aligning with a bloc that includes Iran could prove diplomatically challenging for the kingdom, given the tensions between the two nations in the Middle East. While BRICS could offer new economic opportunities, the kingdom may prefer to maintain flexibility in its economic partnerships rather than being tied to a multilateral bloc. 

By Khagan Isayev