"The addition of the kingdom would reinforce ties between the bank, which was established by the world’s biggest developing economies as an alternative to western-led Bretton Woods institutions, and the world’s second-largest oil producer," the newspaper noted.
“In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,” the Shanghai-based bank told the
Financial Times in a statement.
"Membership would strengthen Riyadh’s bonds with the Brics countries at a time when Saudi Arabia, the world’s largest crude oil exporter, is also pursuing closer relations with China. Chinese President Xi Jinping hailed a 'new era' in the countries’ ties when he visited the kingdom late last year, and Beijing in March brokered an agreement between Saudi Arabia and Iran to resume diplomatic relations," the newspaper explained.
