A flag of Saudi Arabia flies at its consulate at Istanbul, Turkey, October 20 2018 (Reuters)

Saudi Arabia seeks to become the ninth member of the New Development Bank (NDB) which is also known as the "BRICS bank", a report by the Financial Times states.

The Bank which was formed as an alternative to Western financial institutions for emerging economies is looking to add other funding sources as one of its founding members Russia faces severe economic sanctions.

"In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them," NBS told the Financial Times.

Saudi's membership in the multilateral development bank would ensure financial inflow from one of the world's leading oil suppliers. This comes after President Xi Jinping proclaimed a "new era" between China and KSA, as China was able to mediate a deal between Tehran and Riyadh in March.

The financial institution is set to meet on Tuesday and Wednesday to evaluate funding options after it was forced to put Russia's $1.7 billion or 6.7% of total assets in order to curb Western sanctions, according to the Financial Times.

The newspaper also interviewed Ashwani Muthoo, the director-general of the NDB's independent evaluation office who said that "the most important thing at the moment" is securing funds for the bank as it is "struggling to mobilize resources."

The NDB is also exploring different currency options for the incoming funds, Muthoo told FT.

The alternative bank was established in 2015 and hosts stakes from Brazil, Russia, India, China, South Africa, the United Arab Emirates, Egypt, and Bangladesh which mainly fund developmental and infrastructural projects in economies of the global south. The NDB has financed over 96 projects valued at more than $33 billion.