Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Aoun, in a meeting with a US delegation: We stress the importance of renewing UNIFIL's mandate until Resolution 1701 is implemented
Aoun, in a meeting with a US delegation: We await the Israeli response to the joint proposals document that US envoy Tom Barrack will bring along
Lebanese President Joseph Aoun, in a meeting with a US delegation: We were not informed of circulated news about 'Israel's' intention to establish a buffer zone in southern Lebanon
The Israeli occupation targets Deir Keefa in South Lebanon with 2 surface-to-surface missiles
Philippe Lazzarini: The famine in Gaza is a direct result of banning food and other basic supplies for months including from UNRWA .
Philippe Lazzarini: The spread of famine can still be controlled by a ceasefire and allowing humanitarian organizations to do their work and reach starving people with aid.
The United Nations on the Israeli-induced famine in Gaza: The starvation of civilians for military objectives is a war crime.
UNRWA Commissioner-General Philippe Lazzarini: famine is now confirmed in Gaza city. This is starvation by design and manmade by the Government of Israel.
More than 30 people have been martyred in Gaza since Friday dawn in Israeli bombardment targeting refugee camps throughout the blockaded strip.
Al Mayadeen correspondent: The Israeli occupation forces are carrying out demolitions of residential buildings in Gaza's al-Tuffah neighborhood amid intensifying airstrikes.

Saudi Arabia, UAE, others officially join BRICS

  • By Al Mayadeen English
  • Source: News Websites
  • 2 Jan 2024 18:51
  • 7 Shares
4 Min Read

Analysts say the joining of the two massive economies will increase the group's global influence.

  • x
  • What Saudi and UAE joining BRICS means for the bloc
    Saudi Crown Prince Mohammed bin Salman during a ceremony with Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan at Qasr Al Watan in Abu Dhabi, UAE on November 27, 2019 (AP)

According to The National, Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia officially joined BRICS on January 1, bringing the group's membership to ten, with Brazil, Russia, India, China, and South Africa as founding members.

Analysts believe that the BRICS bloc's expansion to include Saudi Arabia and the UAE will provide fresh investment possibilities for the Arab world's two largest economies while increasing the group's global influence.

Ullas Rao, assistant professor of finance at Edinburgh Business School of Heriot-Watt University in Dubai, expressed that both Saudi and the UAE are some of the richest countries per capita and "home to the biggest sovereign wealth funds," which "augurs extremely well amid ongoing geopolitical and economic challenges confronting the world economy."

According to the International Monetary Fund, Saudi Arabia's GDP will increase by 0.8% in 2023 after growing by 8.7% in 2022, the fastest annual growth rate among the world's 20 largest economies.

A recent World Bank report showed the UAE's economy is expected to grow by 3.4% in 2023, with oil GDP growth projected at 0.7% and non-oil GDP growth projected at 4.5 percent, fueled by strong performance in tourism, real estate, construction, transportation, manufacturing, and a surge in capital expenditure.

Read more: Iran to work on dedollarization of transactions within BRICS: Tehran

The UAE is also establishing trade agreements to boost connections with neighboring countries and is trying to negotiate 26 comprehensive economic cooperation agreements.

Gary Dugan, chief investment officer at Dalma Capital, stated that whereas BRICS had the image of a "financially vulnerable group," the power of the Kingdom and the UAE “as net exporters of capital to the rest of the world will substantially change that perception."

Related News

US judge blocks Trump sanctuary city funding cuts attempts

Lebanon not informed of Israeli buffer zone intention in South: Aoun

“Also as a collective, we expect Saudi Arabia and the UAE to be afforded easier access to the growth markets of the BRICS countries on favorable terms.”

Ehsan Khoman, head of ESG, commodities and emerging markets research at MUFG, believes the two nations will "reinforce their bargaining power and influence in Opec+ while also offering the space for them to align their strategies with other BRICS members."

China and India, two crucial BRICS members, are the world's second and third largest consumers of oil, with substantial energy links to the Gulf nations, and more bilateral commerce in local currencies is likely according to Carla Slim of Standard Chartered Bank.

As BRICS grows, so will dedollarization

Last year, the UAE and India agreed to develop a framework to encourage the use of local currencies in cross-border transactions and to strengthen cooperation in interconnecting their payment and messaging systems.

Following the agreement, India began purchasing UAE oil in Indian rupees in order to increase bilateral commerce.

As BRICS expands, so will the alternatives to the US dollar, according to Rao.

“As the world navigates for an alternative to the US dollar, even if less relevant today, the emergence of Brics common currency can act as a major harbinger in diversifying risks away from the stronghold of the dollar,” he stated.

Ayham Kamel, head of Mena at Eurasia Group, expressed that new mechanisms forged by BRICS will also "force a degree of political cooperation" by members.

“The Arab countries are looking for improving their global geopolitical influence and appear committed to avoiding detachment from the West.”

  • Saudi Arabia
  • BRICS
  • United Arab Emirates
  • United States
  • US dollar

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Those in Occupied Palestine, Lebanon, and Syria – directly affected by Israeli occupation and apartheid – can claim their right to armed struggle under a series of UN resolutions. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

Resistance and regime change in occupied Palestine

  • Opinion
  • 17 Aug 2025
Palestine will not be liberated by UN reports, but by pursuing a different strategic horizon: one that does not beg for recognition. (Al Mayadeen English; Illustrated by Batoul Chamas)

Economy of Genocide: Albanese's report accuses, but doesn't dismantle system

  • Opinion
  • 18 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Travelers arrive at Ben Gurion Airport, a day after the announcement of a ceasefire between "Israel" and Iran, near Tel Aviv, Occupied Palestine, Wednesday, June 25, 2025 (AP)
Politics

Israeli military to arrest draft evaders during September holidays

A US Air Force CV-22 in its turboprop aircraft configuration, photo undated (US Air Force)
US & Canada

US Air Force base linked to toxic PFAS in blood, water, and farms

US Secretary of State Tony Blinken and Israeli Prime Minister Benjamin Netanyahu after their meeting in Tel Aviv on October 12 2023 (Jacquelyn Martin/AFP via Getty Images)
Palestine

US knew Israeli aggression on Gaza aimed to last decades: Former spox

Palestinian flags flutter in the wind on Dam Square with the Royal Palace of Amsterdam in the background (Paleis op de Dam), in Amsterdam, on November 15, 2024. (Simon Wohlfahrt/AFP)
Europe

Dutch MPs reject recognition of Palestine, measures against 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS