If Saudi Arabia and UAE, the largest energy producers in the Middle East, join BRICS, the bloc’s upgraded economic clout might improve its chances of deploying alternative currencies. But Tanchum noted, “BRICS membership offers little new economic benefit from China that was not readily available to Iran, Egypt, Saudi Arabia or the UAE. Two of the founding members China and India are in opposite geopolitical alignment and have ongoing disputes over shared borders. “The normalization of ties with Saudi Arabia through Beijing is part of Tehran’s policy to overcome diplomatic isolation,” Neccia noted. Nevertheless, Sons feels that BRICS could strengthen the diplomatic reconciliation between Iran and Saudi Arabia in an economic direction.

Source: The North Africa Journal September 02, 2023 15:52 UTC