This week, media has reported that the Kingdom of Saudi Arabia was in talks on joining the BRICS’ New Development Bank as the ninth member.
“This decision has a political motive, but the economic aspect is of course the most important one,” Lebanese economist Jassem Ajaka told Sputnik Arabic, commenting on the talks between Riyadh and the New Development Bank.
The economist expressed cautious optimism about the rise of a new world economic order, saying the kingdom can play a positive role, but that the realignment will be “a rather long process.”
“Riyadh’s benefit from joining is clear, given the potential for increased trade, and Saudi exports especially. The Kingdom of Saudi Arabia is one of the largest suppliers of oil in the world, and the BRICS countries produce many different goods. Therefore, such cooperation can be considered to be mutually beneficial,” Ajaka said.
Saudi membership in the NDB would result in the expansion of the internal market of BRICS countries, meaning new opportunities for economic growth in these countries, according to Ajaka.