Saudi Arabia is negotiating to join the New BRICS Development Bank as its new member, the Financial Times newspaper reports, citing a statement from the organization.
"In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them," the New Development Bank told the media.
A key, noteworthy point is that the entry of Saudi Arabia into the organization would strengthen ties between members of the bank, created by the world's largest developing economies as an alternative to the current Western-led global financial institutions.
BRICS unites Brazil, Russia, India, China and South Africa. A number of other countries intend to join the economic bloc, including Argentina, Iran, as well as, according to the Chinese Foreign Ministry, Indonesia, Turkey, Saudi Arabia, Egypt.