Egypt, Iran, Saudi Arabia, UAE to join BRICS
The Shanghai-headquartered New Development Bank, or so-called “BRICS bank”, had already admitted the UAE and Egypt as shareholders.
Saudi Arabia, Iran, Egypt, the United Arab Emirates, Ethiopia and Argentina have all been invited to join the BRICS group of major developing countries, as the bloc seen as an alternative to the Western world order grows its influence.
BRICS currently comprises Brazil, Russia, India, China and South Africa, which is hosting the group’s summit in Johannesburg this week. The group already accounts for around 40% of the global population and a quarter of the world’s gross domestic product.
South African President Cyril Ramaphosa announced the new members on Thursday, the final day of the summit.
“BRICS is a diverse group of nations. It is an equal partnership of countries that have differing views but a shared vision for a better world,” he posted on Twitter, a social media platform now known as X.
