The Potentiality of Saudi Arabia and the UAE to join BRICS

What if oil rich nations such Saudi Arabia, UAE, and Iran join BRICS...What type of Impact will this have on the global economy as a whole?

These are just few questions that's crossing the minds of economists today. BRICS, which already embodies Brazil, Russia, India, China, and South America, holds a major share in the global marketplace today. Adding oil-rich nations such as Saudi Arabia, UAE, and Iran will definitely have a major effect on the capital flows of the economies within its regions and abroad.

With a diminishing U.S foreign relations and a divided E.U amidst Russian-Ukranian conflicts, Saudia Arabia has definitely stepped up its ranks within the region as a key player with OPEC's policies and its diplomatic ties with nations within the region. Saudia Arabia's entrance in BRICS could increase the burden on the "greenbacks' dominance in the energy sectors as nations such as Russia and China have already diverted into trading their currencies for oil.

A BRICS denominated currency will weaken the U.S dollar tremendously....

There are an increasing number of nations showing interest in joining BRICS as doors have already been opened to Egypt, the United Arab Emirates, Uruguay, and Bangladesh who own took up shares in BRICS's bank. A BRICS-backed currency, which is currently in talks, could definitely dampen the dollar and put an end to U.S sanctions. Western nations such as Venezuela have already shown their support for the emerging markets by ditching the U.S dollar in its economic transactions. Argentina recently agreed to start paying for their oil imports in Chinese Yuan.

We could see more nations showing interest in BRICS as the U.S dollar dominance faulters and emerging markets seek new key players for infrastructural investments and trade.

Let's see how the 🎲 roll.

#saudiarabia #BRICS