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The first thing that comes to your mind when someone mentions Saudi Arabia is oil. The Kingdom built massive wealth on the back of oil but is now diversifying its economy. The Prime Minister of the Kingdom, Mohammed bin Salman Al Saud (MBS), realized that revenue from oil can no longer run the country. Therefore, began investments in various sectors and plans to make the Vision 2030 a reality. Also Read: China Buys 2 Cargoes of US Soybeans in a First This Season Half of Saudi Arabia’s Economy Moves Beyond the Oil Sector, Embraces Technology and Tourism Source: CNBC Saudi Arabia’s Minister for Investment Khalid Al Falih said during the Future Investment Initiative (FII) in Riyadh that the Kingdom “completely decoupled” from oil and does not fully rely on it to run the economy. The other 50% “have nothing to do with oil,” he said. “This percentage is growing,” Al Falih told CNBC’s Dan Murphy at the conference. The Minister revealed that Saudi Arabia wants to further diversify thei...

Saudi Arabia is dipping its toes on both sides of the aisle by blowing hot and cold with the US and BRICS. The Kingdom of Saudi Arabia had paused the BRICS invitation by not providing a straightforward answer about joining the bloc. It is maintaining a friendly stance with both the US and the alliance and leveraging various trade deals to its benefit. The Kingdom wants the help of both to keep its Vision 2030 target afloat. Also Read: BRICS: Only 33% of Trade Settled in US Dollars The nation is diplomatically sitting on the fence and pausing BRICS membership to seal trade deals with the US. The Mohammed bin Salman-led government sees more value in the US but also wants the support of the alliance. They are weighing the pros and cons of the bloc before giving out a final decision and are hedging the invite to their advantage. This gives the kingdom ample room to initiate deals and gain the upper hand in trade policies. Also Read: BRICS Alliance: 2 New Countries Apply to Join Before 2025...

The US dollar becomes the first casualty when trade between BRICS countries rises. BRICS members China and Saudi Arabia have reached a new high in trade surplus this year in 2023. The Communist nation has maintained its position as the prime trading partner with the Kingdom of Saudi Arabia . Saudi Arabia ’s trade surplus with China rose by 257% in September 2023 reaching a new high of $1.78 billion. That’s a 257% surge compared to the previous month of August. The trade surplus is a positive indicator of transactions between two countries where exports exceed imports. Also Read: BRICS : 15 Countries to Ditch US Dollar for Oil Trade? Just recently, BRICS members China and Saudi Arabia signed a currency swap agreement for cross-border transactions. The trade deal favors their local currency the Saudi Riyal and the Chinese Yuan ahead of the US dollar. The three-year agreement allows trade to be settled in local currency with a cap of 50 billion yuan or 26 billion r...

The new BRICS member Saudi Arabia is seeking to expand its trade deals beyond the traditional oil and gas markets. Saudi Arabia is lining up more bilateral trade agreements to diversify its $1.1 trillion economy in the coming years. The Kingdom now wants to reduce dependence on oil and boost other forms of trade and investment deals. The diversification of its economy comes on the heels of Saudi Arabia joining the BRICS alliance in 2024. Also Read: BRICS: Global Power Dynamics Shifting From the West The Middle Eastern country also announced that it is open to accepting local currencies for oil instead of the US dollar. Read here to know how many sectors in the US will collapse if BRICS stops using the dollar for trade. Therefore, the countries that want to pay in local currencies for Oil , can freely pay without depending on the US dollar. BRICS looks to control the Oil sector with local currencies and is convincing developing countries to ditch the US dollar. Also Read: B...

Reuters has reported that Saudi Arabia is buying record levels of Russian Oil and laundering it into the European market to evade various US sanctions. Moreover, ship tracking data showed traders are stocking the fuel at the Fujairah hub in the UAE and in Saudi Arabia. The report notes that the Middle East is rapidly positioning itself as a prominent supplier of industrial fuel to both Europe and Asia. Moreover, they are adding stocks to Asia, as Russian oil only adds to the output of refineries in Saudi Arabia and Kuwait. Saudi Arabia is buying Russia n oil at record levels and laundering it onto the European market to evade US sanctions. pic.twitter.com/0uj8wSIpDE — Watcher.Guru (@WatcherGuru) April 11, 2023 Russian Oil Bought at Record Levels According to a new report from Reuters, Saudi Arabia has been purchasing Russia n oil at record levels and laundering it onto the European market. Specifically, this action is avoiding various US sanctions. The report n...