BRICS to Grow as Saudi, Iran, UAE, Egypt, Ethiopia Join Ranks

BRICS, the grouping of Brazil, Russia, India, China, and South Africa, is set to expand its membership, doubling in size as Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt join on January 1.

Initially coined as "BRIC" in 2001, the alliance highlighted strong economic growth in Brazil, Russia, India, and China. The expansion aims to bring together major energy producers and consumers among developing nations.

The recent participation of the new members in a BRICS sherpa meeting signals their acceptance of the invitation. While some nations express interest, the BRICS face challenges, with sanctions affecting Russia and certain sectors in China.

Nigeria, Africa's most populous nation, plans to seek BRICS membership within the next two years.