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Saudi Arabia joins BRICS and seeks to diversify its economy beyond oil

Saudi Arabia, the newest member of the BRICS alliance, is embarking on a mission to diversify its trade agreements and reduce its dependence on oil. The Kingdom, with an economy of $1.1 trillion, aims to broaden its economic horizons beyond traditional oil and gas markets. This decision comes as Saudi Arabia recognizes the need to boost other sectors and attract investment opportunities.

By joining BRICS, Saudi Arabia gains access to a prominent platform that allows countries to collaborate and establish mutually beneficial trade agreements. The Kingdom plans to make the most of this opportunity by pursuing bilateral trade agreements with a variety of countries. Economy Minister Faisal Al Ibrahim has expressed Saudi Arabia’s ambition to explore new opportunities in various sectors, including global supply chains, the opening of manufacturing plants for new industries, electric vehicle manufacturing, and the pharmaceutical industry. Saudi Arabia’s decision to accept local currencies for oil instead of the U.S. dollar further highlights its goal of diversifying its economy. In doing so, the Kingdom seeks to reduce its dependence on the U.S. dollar and establish stronger economic ties with developing countries. In essence, Saudi Arabia contributes to BRICS efforts to shift the global balance of power away from dominant Western influence and toward a more balanced perspective.

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