The Brics bloc has expanded its horizon with the inclusion of Saudi Arabia and the UAE, heralding a new era of economic possibilities for the Arab world’s largest economies. Analysts view this move as a strategic opportunity for both nations, given their robust economic growth and significant sovereign wealth funds. Saudi Arabia, with a remarkable 8.7% growth in 2022, anticipates further expansion by 0.8% in 2023, focusing on its non-oil economy as part of Vision 2030. Simultaneously, the UAE’s projected 3.4% economic growth in 2023, buoyed by diverse sectors such as tourism, real estate, and manufacturing, aligns with its broader agenda of economic diversification.
The inclusion of these major players is expected to bolster the Brics bloc’s global influence and bargaining power, particularly in Opec+, where both Saudi Arabia and the UAE hold pivotal roles. This expansion also signals the potential for increased bilateral trade in local currencies, offering a path to economic cooperation and strengthened ties among the Brics nations.