BRICS’ newest members — Iran, Egypt, and the United Arab Emirates — join the bloc’s founding countries in Rio de Janeiro this week for the first full summit outside of Russia since their 2024 entry. With Saudi Arabia still on the fence about joining, the group’s growing Middle Eastern presence adds both opportunity and complexity.

Though officially invited in 2023, Saudi Arabia has held off on formal accession, largely due to its close ties with Washington. In January, President Donald Trump warned that BRICS must commit to not creating a new currency — or supporting any alternative that could replace the US dollar — or otherwise face 100% tariffs. 

BRICS leaders have long used their summits to promote “de-dollarization,” including proposals for local currency trade, BRICS Pay and even a potential bloc-wide currency. But implementation has been limited, with little tangible success. 

Riyadh has remained on the sidelines. It sent its deputy foreign minister, Waleed Al Khuraiji, to the BRICS foreign ministers' meeting in Brazil on April 29, but participants failed to agree on a joint communique.