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TME Services

BRICS Welcomes the Middle East5 min read

Author: Uwe Hohmann
Managing Partner, MBA Tax Law / Commercial- & Tax Consultant

There’s big news in the world of international alliances – the BRICS group, known for its five key members (Brazil, Russia, India, China, and South Africa), has welcomed new countries into its fold. Continuing our previous article, we’re excited to provide a more detailed update on the recent expansion of the BRICS alliance.

Effective 01.01.2024, five countries – Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia – have joined BRICS, a significant shift in the alliance’s composition. Argentina was initially invited but has decided not to join following a regime change.

The UAE and KSA are already well-known as economic leaders in their region. Joining BRICS could open new doors for them, offering fresh opportunities for trade and investment on a global stage.

The expansion has generated substantial global interest, with nearly 30 countries wanting to join BRICS. Ongoing efforts indicate that six more countries are expected to join the alliance during the upcoming annual summit in Russia.

How Can TME Services Support Your Business?

As these global shifts unfold, TME Services is here to help make sense of it all. Our team, with its deep experience in the Middle East and expertise in legal, tax, accounting, and compliance, is well-equipped to help your business navigate and take advantage of these new developments.

At TME Services, our team of 45 experts is ready to help your business make the most of these opportunities. With over 18 years of experience in the UAE and the Middle East, we specialize in legal, tax, accounting, and compliance matters. Visit our services page to learn more about everything we do.


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