Saudi Arabia Holds Talks on Joining BRICS’ Bank

Saudi Arabia is in talks about joining the new BRICS Development Bank as the ninth member, according to media reports.

"In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them," a representative of the New Development Bank told the media in a statement.

The newspaper noted that the addition of Saudi Arabia will strengthen relations between the BRICS Bank and the second-largest oil producer in the world.

BRICS is an association of the world's major developing economies that was formed in 2006 to promote cooperation among member states and to devise common approaches to global economic challenges.

The association includes Brazil, Russia, India, China, and South Africa, but is looking forward to accepting new members.

Besides Algeria, the list of potential accession candidates includes Argentina, Egypt, Iran, Saudi Arabia, and Turkiye.