The two Gulf states are among five countries that have been inducted into the geopolitically-crucial blocSaudi Arabia and the UAE, along with five other countries, officially joined the Brics geopolitical bloc as of 1 January 2024.  The induction of Saudi Arabia, the UAE, Egypt, Iran and Ethiopia doubles the alliance’s membership to 10, with Brazil, Russia, India, China and South Africa being the original members.The announcement about including the new member states in the bloc was made by President Vladimir Putin of Russia, which holds the Brics presidency this year.  During the Brics summit in Johannesburg in August, the leaders of the bloc approved a proposal to admit six countries, including Argentina, into the group starting from 1 January. However, last week, Argentina’s new president, Javier Milei, announced declining the invitation for his country to become a member. Saudi Arabia and the UAE have continued to post economic growth despite global uncertainties, including high interest rates, inflation and geopolitical tensions, as they focus on diversifying their economies.Saudi Arabia’s economy, which grew by 8.7 per cent in 2022, the highest annual growth rate among the world’s 20 biggest economies, is anticipated to have expanded by 0.8 per cent in 2023, according to the IMF.  The kingdom is also focusing heavily on its non-oil economy as part of its Vision 2030 diversification agenda.The UAE’s economy is expected to have grown 3.4 per cent in 2023, with oil GDP growth projected at 0.7 per cent and non-oil GDP at 4.5 per cent, backed by a strong performance in tourism, real estate, construction, transport, manufacturing and a surge in capital expenditure, according to a recent report from the World Bank.  The Arab world’s second-largest economy is signing trade deals to strengthen its ties with countries around the world. It is working towards signing 26 comprehensive economic partnership agreements to attract more investment and diversify its economy.  (ICE DUBAI)

Fonte notizia: https://www.meed.com/saudi-arabia-and-the-uae-officially-join-brics