In August 2023, the BRICS summit decided to invite Saudi Arabia and the UAE to become full members of the organisation from January 2024. These countries see joining BRICS as an opportunity to hedge their economic and geopolitical interests amid changes in the global order, including waning support for the US following attacks on their territories. For Saudi Arabia, it is a move to strengthen its independence and diversify its economic ties, especially with China and India, which is in line with its Vision 2030 strategy.
The UAE sees BRICS as a platform for economic co-operation that will allow it to strengthen trade relations with global partners such as Russia, Brazil, China and India. Joining BRICS is seen as an economic manoeuvre aimed at strengthening the UAE’s role in international trade and finance, as well as diversifying the economy through non-oil sectors.
Read and download the commentary in Russian below
