The UAE, represented by its Ministry of Finance and Central Bank, participated in the second BRICS Finance Ministers and Central Bank Governors meeting held in Moscow, reinforcing the nation’s commitment to strengthening economic partnerships with emerging economies. The high-level delegation from the UAE included HE Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, HE Ibrahim Obaid Al Zaabi, Assistant Governor of the Monetary Policy at the UAE Central Bank, and Thuraya Hamed Al Hashimi, Director of the International Financial Relations and Organisations Department.
During the meeting, HE Al Hussaini emphasized the UAE’s dedication to enhancing South-South cooperation. “Developing robust infrastructure to manage global economic flows is essential for integrating these countries into the international financial system,” he said. Al Hussaini also highlighted the importance of creating innovative payment mechanisms and promoting financing in local currencies to help stabilize reserves and mitigate currency fluctuation risks.
He acknowledged the progress made under the BRICS Presidency, expressing the UAE’s appreciation for the outcomes achieved during the discussions in Moscow.
Bilateral Financial Dialogue with Russia
On the sidelines of the BRICS meeting, HE Younis Haji Al Khoori led a bilateral financial dialogue with HE Ivan Chebeskov, Russia’s Deputy Minister of Finance, to further explore avenues of public finance cooperation between the two countries. The meeting provided a platform to deepen financial collaboration and address mutual economic interests.
The BRICS Finance and Economic Meetings, held in Moscow from October 9 to 11, featured various events, including a high-level panel discussion on improving the international financial and monetary system. Participants also attended a brainstorming session and the unveiling of the fifth edition of the BRICS Economic Bulletin, titled “BRICS Economies in a Higher Economic Rate Environment”, which drew finance ministry and central bank delegates from the group.
UAE’s Active Role in BRICS
Having officially joined BRICS in January 2024, the UAE continues to solidify its position as a key economic player within the group, fostering stronger ties with the founding members—Brazil, Russia, India, China, and South Africa. This move, ratified during the 15th BRICS Summit in Johannesburg in August 2023, aligns with the UAE’s strategic objective of promoting multilateral cooperation and expanding its influence on the global economic stage.
As part of its commitment to BRICS, the UAE aims to strengthen economic partnerships that will boost growth and sustainable development among member states. Its diversified economy serves as a beacon of progress, particularly for emerging nations, as it continues to advocate for their interests on the international platform.
Over the past five decades, the UAE has focused on deepening its global partnerships, working to enhance the competitiveness and sustainability of its economy while capitalizing on new opportunities. Foreign policy efforts have increasingly centered on long-term economic prosperity.
UAE and the BRICS New Development Bank
In addition to its role within BRICS, the UAE joined the BRICS New Development Bank in October 2021, a multilateral financial institution established to support infrastructure and sustainable development projects across BRICS and other developing nations. The UAE’s active participation in the bank reflects its commitment to contributing to global development efforts.
HE Mohamed bin Hadi Al Hussaini represents the UAE as a Governor on the Board of Governors, with HE Younis Haji Al Khoori serving as the Alternate Governor. Thuraya Hamed Al Hashimi also serves as a Board member, further solidifying the UAE’s influential presence within the BRICS financial framework.
