Saudi Arabia gets official nod to join BRICS

The Kingdom of Saudi Arabia's flag

BRICS officially agreed to invite the Kingdom of Saudi Arabia among other countries to join the group.

In a statement, the group also approved the inclusion of Egypt, Argentina, Ethiopia, the UAE and Iran.

The BRICS nations account for 23% of the global GDP, 42% of the world's population and 16% of world trade.

During a summit meeting concluded in Johannesburg, South Africa, from Aug. 22 to 24, BRICS agreed to expand the group, which includes five countries: China, Russia, Brazil, India and South Africa.

According to data available with Argaam, the BRICS group was established in 2009 with the participation of China, Brazil, India and Russia, with South Africa joining in 2010.