In 2024, six new countries will join the BRICS, including the United Arab Emirates and the Kingdom of Saudi Arabia
The Kingdom of Saudi Arabia and the UAE will become new BRICS member countries!
BRICS is an interstate union of five states: Brazil, Russia, India, China and South Africa, founded in 2006.
According to the results of the summit in South Africa, out of 23 countries that have submitted applications, 6 new countries will join the BRICS: Argentina, Iran, Saudi Arabia, the UAE, Egypt and Ethiopia.
With the addition of Saudi Arabia, the UAE and Iran to the BRICS, the Union will be able to control the lion’s share of the production of «black gold» in the world.
According to the World Bank, Saudi Arabia’s GDP in 2022 amounted to $1.1 trillion, it is the largest economy in the Middle East region. In addition, the country is the world’s largest oil producer.
As for the UAE, according to the World Bank, the GDP in 2022 amounted to $507.53 billion, which makes the country the third economy of the Middle East region. The Emirates has the eighth largest proven oil reserves (5.6% of world reserves) and the seventh largest gas reserves in the world (3%).
After the expansion, BRICS will account for almost 45% of global oil reserves and more than 30% of global GDP.