UAE Takes Active Role in Inaugural BRICS Finance Meeting for Global Economic Collaboration

UAE, 04 March, 2024 : The UAE recently participated in the inaugural BRICS Finance Ministers and Central Bank Governors meeting held in São Paulo on February 27. Led by the UAE Ministry of Finance and the Central Bank of the UAE, the delegation included high-ranking officials such as Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and representatives from key departments. The UAE's presence underscores its commitment to engaging with global partners and contributing to international economic discussions and initiatives.

During the meeting, Mohamed Hadi Al Hussaini emphasized the significance of the gathering under the Russian presidency of the BRICS group. He highlighted the UAE's aspirations to play an active role within BRICS, considering its status as a global trade and economic development hub. Al Hussaini stressed the importance of collaborative efforts among BRICS nations to establish sustainable development policies, effective financing solutions, and advanced digital infrastructure to support global stability and prosperity.

Discussions at the meeting centered on BRICS' financial priorities, including the development of monetary and financial systems, infrastructure financing methods, and the role of multilateral financing in supporting infrastructure investments. The UAE reiterated its commitment to enhancing cooperation across various sectors and establishing governance frameworks to foster international collaboration and coordination in financial and economic policies.

As a strategic partner of the BRICS group, the UAE has actively engaged in various forums and initiatives. The country participated in the Friends of BRICS forum in June 2023 in Cape Town, South Africa, and officially joined the BRICS group following a successful application ratified by the founding nations. Additionally, the UAE is a member of BRICS' New Development Bank, which aims to mobilize resources for infrastructure and sustainable development projects in emerging markets, developing countries, and BRICS nations. Through its participation, the UAE aims to contribute to collective solutions to global challenges and promote international cooperation for the benefit of nations worldwide.