Saudi Arabia still assessing BRICS membership: Minister

Minister of Economy and Planning Faisal Al-Ibrahim

Saudi Arabia is still evaluating the possibility of joining the BRICS, with no decision yet made, according to Minister of Economy and Planning, Faisal Al-Ibrahim.

In an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland, Al-Ibrahim stated that the Kingdom remains focused on fostering global dialogue.

The minister highlighted that Vision 2030 is progressing with strong momentum, noting that Saudi Arabia's non-oil economy is expanding through new growth drivers such as tourism, culture, and sports, as well as mining, industry, and other sectors like shipbuilding and car manufacturing.

Al-Ibrahim added that the strong figures achieved by the Saudi economy during the past two quarters came thanks to the political will and decision-making, as well as the work done to establish new sectors or revive old ones.

He further explained that Saudi Arabia has shifted from short- and medium-term planning to long-term planning, with flexibility in decision-making, noting that a number of sectors in Vision 2030 have exceeded their set goals, such as tourism.

There are also projects that were not planned, such as hosting world events twice in four years, the first in Expo 2030 and the second in the 2034 World Cup, said the minister, indicating that priorities are set to achieve better economic results without jeopardizing the resilience of Vision 2030.

As for selling more shares in Saudi Aramco, Al-Ibrahim said that the priority for Saudi Arabia in Vision 2030 is to diversify the economy by optimally using both Saudi assets and capabilities. He noted that there are no current plans to continue selling shares in Aramco, as this is left to be decided by shareholders and duly announced.

The BRICS bloc was launched in 2009 by China, Brazil, India, and Russia, with South Africa joining in 2010.