To end the US Dollar dominance, Saudi Arabia has joined BRICS

Saudi Arabia officially announced its membership in the BRICS alliance, announcing its participation on national television, as one of six invited to the 2023 summit.

Officially announcing its membership in the BRICS alliance, Saudi Arabia made the announcement on national television across the nation. The country was, in fact, one of the six invited to the summit in 2023. It has now been affirmed that it will be one of the five countries to join the union beginning in 2024.

The BRICS economic bloc was always intended to enter a new phase of development in 2024. As its newest member, Saudi Arabia joins Ethiopia, Iran, Egypt, and the United Arab Emirates (UAE).

Unquestionably, the BRICS bloc's expansion over the past 12 months has been a significant geopolitical development. In fact, within the past year, the economic alliance has become more and more relevant. This is about to happen as it formally expands its membership.

The official acceptance took place at the beginning of the New Year, despite the fact that the nation was one of six invited in August. Prince Faisal bin Farhan, the foreign minister of Saudi Arabia, also hailed the action as a positive and crucial step toward expanding business ties.

Argentina declined BRICS summit invitation in 2023, but Riyhad's economic influence may contribute to the bloc's goal of reducing US dollar dominance outside the bloc.

The nation is well-known for being an ally of the US. Its readiness to become a member of the alliance indicates that it may support the bloc's de-dollarization initiatives.