Following its inclusion into the BRICS Alliance, Saudi Arabia is preparing to invest $16 billion from its foreign reserves
watcher.guru
As the country joins the BRICS economic alliance, Saudi Arabia is preparing to invest a remarkable $16 billion from its foreign reserves. Indeed, the country set aside a portion of its capital from its central bank, driving the reserves to their lowest level since 2009.
The action showcases the prioritization of investment by the new BRICS member. Moreover, it has joined the bloc alongside Argentina, Iran, Egypt, the United Arab Emirates (UAE), and Ethiopia. Conversely, an important part of its inclusion is its ability to provide financial backing to the bloc’s ongoing initiatives.