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UAE and Saudi Arabia set to raise the influence of BRICS bloc globally

 The United Arab Emirates and Saudi Arabia, along with Iran, Ethiopia, and Egypt, have joined the BRICS grouping, doubling its membership to 10. The expansion to include the Gulf Cooperation Council nations is expected to provide new investment opportunities for the region's two largest economies and boost the bloc's international influence. 



Despite global uncertainties, the two Gulf states have continued to post economic growth, with Saudi Arabia's economy growing by 8.7 in 2022 and expected to expand by 0.8% in 2023. The UAE is expected to grow 3.4%, with oil GDP growth projected at 0.7% and non-oil GDP at 4.5%. The country is also expected to record strong performance in tourism, construction, real estate, transport, manufacturing, and capital expenditure. 

The joining of two major oil exporters is expected to reinforce the BRICS group's bargaining power and influence in OPEC+, which has been playing a crucial role in balancing oil markets. As the prominent grouping doubles in size, calls for the overhaul of the international monetary system and the development of an alternative currency to the US dollar are also expected to grow.

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