The 16th BRICS summit kicked off today in Kazan, Russia.
Representatives for core BRICS members Brazil, Russia, China and South Africa along with new members Egypt, Ethiopia, Iran and the United Arab Emirates meet for the first gathering since BRICS expanded in early 2024.
Saudi Arabia has also been invited to join BRICS but has not formally confirmed membership and Crown Prince Mohammed Bin Salman will not attend this 16th summit in Russia.
In addition to Russian President Vladimir Putin, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi will attend as well as UAE President Sheikh Mohamed bin Zayed bin Sultan Al Nahyan. Brazilian President Luiz Inacio Lula da Silva will participate virtually.
Arabian Business reports that:
“With the addition of new members, BRICS+ now represents approximately 30 per cent of global GDP and nearly half of the world’s population. This expanded bloc wields considerable economic and demographic weight on the world stage. The member states hold a total investable wealth of $45 trillion, a recent report by Henley & Partners suggests, forecasting their combined millionaire population growth to surge 85 per cent over the next 10 years. BRICS nations currently have 1.6 million individuals with investable assets over $1 million, including over 4,700 centi-millionaires and almost 550 billionaires. The expanded group now represents more than 45 per cent of the global population and 36 per cent of global GDP – significantly higher than the G7, which holds around 30 per cent.”
“BRICS membership provides a multilateral opportunity for Riyadh to diversify its international partnerships and engage more directly with non-western global powers. Formally joining the bloc aligns well with both the political sensitivities and preferences of the Saudi leadership given BRICS’ commitment to non-interference in domestic affairs and respect for sovereignty, principles that resonate strongly with Saudi interests… Given the increasing Chinese presence in the region as well as expansion of trade and investment relations with Saudi Arabia, joining BRICS creates an advantage for Saudi Arabia to strengthen bilateral ties with Beijing.”“Meanwhile, the US remains the unrivaled defense partner and arms provider for Saudi Arabia. The Kingdom was the world’s second-largest arms importer in 2019–23, with the US supplying 75% of the weapons. Riyadh’s extensive cooperation with the west on security and military matters may make BRICS membership a precarious choice. Another potential drawback is the loose structure of BRICS itself. Divergences between member nations, such as the India-China rivalry, complicate the bloc’s ability to form a unified stance on critical international issues.”
“The Kingdom has effectively built economic and political relations through bilateral channels, making BRICS membership seem more symbolic than necessary. Most of Saudi Arabia’s objectives can be achieved directly, and its selective participation in BRICS-related events already reflects a form of de facto involvement. This approach allows the Kingdom to align with its interests while mitigating potential risks with the west, which sometimes views BRICS as an adversarial bloc.”
