innovation, is worth exploring

, is telling: with lending volumes far below expectations and project delivery uneven, the institution reflects the broader gap between BRICS’ ambitions and its administrative muscle. As for the Gulf states and other middle powers watching this evolution, caution — not commitment — is the prudent course. Strategic hedging makes sense. Deepening financial links with BRICS, especially through trade settlement, infrastructure finance and digital innovation, is worth exploring. But abandoning the Western-led system is neither practical nor desirable. The future is hybrid. Gulf countries will continue to invest the bulk of their sovereign assets in Western markets, manage reserves in dollars and euros, and rely on Western institutions for legal recourse and financial stability. Take Saudi Arabia’s Public Investment Fund, for instance ดูหนัง24