Iran and Saudi Arabia are among six countries that will join the BRICS bloc of developing economies as new members from 2024, South African President Cyril Ramaphosa said on Thursday. United Arab Emirates, Argentina, Egypt and Ethiopia are also set to join the bloc that is currently made up of Brazil, Russia, India, China and South Africa.

The five members agreed at this week’s summit to expand the bloc. Ramaphosa said the idea of expansion had been worked on for over a year.