The BRICS group of emerging economies has welcomed 2024 by officially adding five developing nations.

Specifically, the bloc introduced Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to kick off the new year.

These countries are set to officially join after receiving an initial invitation at the bloc’s 2023 annual summit, watcher.guru.com reported.

Last year, the BRICS economic alliance has flourished. In what was undoubtedly a year of growth, the bloc fast-tracked a host of initiatives. Those range from its de-dollarization plans to its first-ever expansion bid. The latter of which is finally set to be made official.

Indeed, the BRICS alliance has welcomed 2024 by officially adding five expansion nations to its ranks. Specifically, it introduced Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia to be the first countries to constitute expansion since South Africa was added more than a decade ago.

The expansion is set to have massive geopolitical ramifications, as they could be hugely important to its multipolar goals.