Continuing our previous article (https://tme-services.com/saudi-arabia/brics-expansion-a-game-changer-for-the-uae-and-ksa/), we’re excited to provide a more detailed update on the recent expansion of the BRICS alliance.
Effective January 1, 2024, five countries – Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia – have joined BRICS, which is a significant shift in the alliance’s composition. Argentina was initially invited but has decided not to join following a regime change.
The inclusion of the UAE and KSA in BRICS opens unprecedented economic opportunities. Both Gulf nations are already economic powerhouses, and this move will provide them with an enhanced platform for global trade and investment.
The expansion has generated substantial global interest, with nearly 30 countries wanting to join BRICS. Ongoing efforts indicate that six more countries are expected to join the alliance during the upcoming annual summit in Russia.
How TME Legal Consultants can Support Your Business
Stay tuned for ongoing coverage of this historic BRICS expansion. Revisit our initial analysis for a closer view of the implications and opportunities. As the alliance evolves, we’ll continue to provide insights into the changing landscape of international cooperation and influence.
TME Legal Consultants is a team of 45 legal, tax, accounting, and compliance professionals with over 18 years of experience in the GCC region. Over the past decade, we have advised a significant number of SMEs in relation to business formation and alignment in Saudi Arabia and the UAE, ensuring that our clients are well-oriented in the new and rapidly evolving legal and tax landscape and reducing the legal liability of managers that can arise in relation to non-compliance.
