Saudi Arabia is yet to confirm if it wants to join the BRICS alliance and has kept the decision on hold for over a year. BRICS invited Saudi Arabia to join the bloc during the 2023 summit and the Kingdom is yet to accept the invitation and provide an answer. On the heels of deciding on BRICS, Saudi Arabia’s state-run oil giant Aramco has started issuing US dollar-denominated bonds.
Also Read: 3 Ways BRICS Started the De-Dollarization Process
These bonds are solely aimed at institutional investors. The issuance is managed by leading US banks such as Citi, Goldman Sachs, JP Morgan, HSBC, Morgan Stanley, and SNB Capital, among others. Therefore, Saudi Arabia is working closely with the US institutional banks for the dollar-denominated bonds while pausing the BRICS invitation.
Also Read: BRICS: Russia and Iran to Officially Ditch the US Dollar
BRICS: US Dollar Bonds Issued By Saudi Arabia’s Oil Giant Aramco
Aramco…
