"Saudi Arabia Among Five New Members to Strengthen BRICS Challenge to U.S. in 2024"

The BRICS group, originally consisting of Brazil, Russia, India, China, and South Africa, has expanded to include Saudi Arabia, Egypt, the UAE, Iran, and Ethiopia, effectively doubling its membership. This expansion, which took place at the 15th BRICS summit in Johannesburg, aims to increase the group's influence on the global stage. With a combined population of 3.5 billion and an economy worth over $28.5 trillion, the enlarged BRICS could signify a shift in the geopolitical landscape. While there are concerns about internal differences affecting decision-making, the member countries are looking to enhance the representation of emerging economies and reduce reliance on the US dollar. Russia has assumed the BRICS presidency with plans to bolster the group's role in the international financial system and integrate the new members smoothly.