UAE Participates In Key BRICS Finance Summit In São Paulo

The United Arab Emirates (UAE) recently marked its presence at the first BRICS Finance Ministers and Central Bank Governors meeting of 2024, held on February 27 in São Paulo, Brazil. This significant event saw participation from key UAE officials, including Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE (CBUAE), among others.

On the sidelines of this gathering, Mohamed Al Hussaini shared insights into the UAE's ambitions within the BRICS group, which has been expanding its influence with the inclusion of six new countries, including the UAE. This expansion is seen as a pivotal step towards bolstering BRICS's role in fostering international cooperation and sustainable development. Al Hussaini underscored the UAE's commitment to contributing to sustainable development policies, innovative financing solutions, and a robust digital infrastructure in collaboration with BRICS nations.

The discussions at the meeting revolved around crucial topics such as the development of monetary and financial systems, infrastructure financing, and the role of multilateral financing in enhancing infrastructure investment appeal. These dialogues are integral to addressing some of the most pressing global challenges and advancing collective solutions.

The UAE's strategic partnership with BRICS was further solidified through its participation in the Friends of BRICS forum in June 2023 in Cape Town, South Africa. This engagement underscores the UAE's active role and increasing importance within the group. Additionally, the UAE's accession to the BRICS' New Development Bank in October 2021 as a founding member highlights its commitment to mobilizing resources for infrastructure and sustainable development projects across emerging markets and developing countries.

Mohamed Hadi Al Hussaini serves on the Board of Governors of the New Development Bank representing the UAE, with Younis Haji Al Khoori as an alternate governor. Thuraiya Hamid Alhashmi is also a member of the bank’s Board of Directors. These positions reflect the UAE's influential role in shaping the bank's strategic direction and contributing to its mission.

The UAE's active participation in BRICS meetings and its strategic partnership with the group signify its dedication to fostering global economic cooperation and sustainable development. Through these engagements, the UAE aims to enhance its role on the international stage by working collaboratively with other nations to address global challenges and promote prosperity.

With inputs from WAM