Both countries are among the leaders in terms of per capita income and are home to the world's largest sovereign wealth funds, which create growth opportunities through investment, trade and commerce.

Saudi Arabia's economy grew by 8.7 per cent in 2022, outpacing all 20 of the world's largest economies with the highest annual growth rates among them. The International Monetary Fund expects further growth of another 0.8 per cent in 2023. The Kingdom prioritises the growth of its non-oil economy in line with its 2030 diversification goals.

The UAE economy grew at an estimated 3.4 per cent last year, with non-oil GDP growth of 4.5 per cent and oil GDP growth of 0.7 per cent. It is growing on a strong foundation of tourism, real estate, construction, transport, manufacturing and increased capital expenditure, as mentioned in the World Bank report.

Saudi Arabia and the UAE have recorded economic growth despite global challenges of rising interest rates, inflation, recession fears, slowing demand and geopolitical tensions amid diversification of their economies.
The new BRICS members will have access to new economic alternatives and the benefits of diversification, which will further help reduce their dependence on crude oil revenues.

Source: https://incona.org/news/region/s-1-yanvarya-obedinennye-arabskie-emiraty-i-saudovskaya-araviya-oficzialno-vstupili-v-briks/