Posted 10/29/2023, 2:05:52 PM
Saudi Arabia Seeks to Diversify Economy and Reduce Reliance on Oil by Expanding Trade Deals in Local Currencies
- Saudi Arabia seeking to expand trade deals beyond oil and gas after joining BRICS in 2024
- Wants to reduce dependence on oil and boost other forms of trade and investment
- Open to accepting local currencies instead of US dollar for oil payments
- Looking to expand economy in areas like global supply chain, new industries, EVs, and pharmaceuticals
- More trade options in local currencies poses threat to dominance of US dollar