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Saudi To Take "Appropriate Decision" On BRICS Invitation

GLOBAL POLITICAL RISK

Comments from Saudi Foreign Minister, Faisal bin Farhan Al-Saud, hitting wires stating, "we appreciate BRICS invitation," adding that Riyadh would study the invitation and "take theappropriate decision."

  • The comments suggest a level of ambiguity about the accession process which has been largely absence from much reporting on today's decision by BRICS to invite six countries to formally join the bloc in January.
  • The group of invited countries is set to bring several complex bilateral disputes into the group which may prompt invitees to reconsider their membership. For example, Egypt and Ethiopia are involved in a multi-year dispute over water rights in the Nile and the inclusion of Iran is likely to concern Riyadh despite recent overtures towards the normalisation of relations.
  • Invitees may also be following a rand selloff in South Africa which may been led by fears that the alliance tilting towards illiberal states, like Iran, may spook western investment.
  • Riyadh may also seek to delay their decision until after next month's G20 summit in India where de-facto leader Mohammad bin Salman is tipped to meet with US President Joe Biden.
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