Saudi Arabia still assessing BRICS membership: Minister

Minister of Economy and Planning Faisal Al-Ibrahim said that Saudi Arabia is still assessing joining the BRICS bloc, adding that no decision has been made.

“The Kingdom is always focusing on fostering more global dialogue,” he said, in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland.

According to the Minister, Vision 2030 is proceeding with strong momentum. The Saudi non-oil economy is witnessing the addition of new sources of growth, such as tourism, culture and sports, in addition to mining, industry and other industries such as 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 stated 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.