Experts reveal the significance of the UAE joining BRICS Just days ago, the South African President announced his invitation to the UAE and five other countries to join the international BRICS alliance. This approval of the UAE’s request to join the group came during a meeting of the leaders of the five countries from August 22 to 24 in Johannesburg to attend the 15th BRICS Summit.
The UAE Ministry of Foreign Affairs stated that the country is committed to working within a multilateral framework and constructive dialogue, which is enhanced through effective platforms representing developing and emerging economies at the international level.
UAE’s Minister of Foreign Affairs, Abdullah bin Zayed Al Nahyan, thanked the founding members of the BRICS group for accepting his country’s membership. He stated that joining reflects the approach of partnership and the strong spirit of friendship within BRICS.
Steady Steps towards the Future
The UAE is taking firm steps to enhance the competitiveness and sustainability of its economy and explore new opportunities through strengthening international partnerships. By joining BRICS and being one of the leading economic powers, the UAE’s role helps boost trade between the UAE and BRICS countries, attract foreign investments to the UAE, and enhance cooperation in innovation, research, and development. BRICS countries possess significant scientific and technological foundations, and collaboration in this field can create new opportunities for innovation and the development of new products and services.
Furthermore, the UAE’s membership in BRICS also aids in attracting more foreign investments to the UAE. BRICS countries collectively represent an important source of foreign direct investment. This move can open up new horizons and options for Emirati companies and investors, especially since the UAE’s policy focuses on long-term economic prosperity through an innovative strategy that builds on knowledge, diversity, and advances in science and technology.
Membership in BRICS signifies confidence in the country’s economy
Fahad Al-Shalami, a Kuwaiti political analyst, stated that inviting the UAE and Saudi Arabia to join BRICS indicates confidence in the economies of both countries. It also reflects an expansion of the political maneuvering of part of the economy and security of the UAE, which maintains very strong relations with most of the world’s countries.
Al-Shalami added in exclusive statements that BRICS has a political stance that differs from the West. Inviting the UAE gives momentum and incentive to the BRICS group, which includes moderate countries that maintain good relations with the United States, China, and Russia. This balanced stance constitutes a maneuver in the global political sphere for the UAE, which wears two hats: dealing in dollars and joining the BRICS markets that operate with local currencies, attempting to reduce the role of the dollar in global and local transactions, and supporting the UAE’s role and economy in the political and international balance.
Dr. Tarek Fahmy, Professor of Political Science, stated that there are diverse gains that Arabs can acquire from their membership in the BRICS group. These include enhancing economic cooperation through membership and strengthening economic cooperation with the member states. Additionally, it can increase trade and investment between them.
Fahmy added that the Arab membership in the group can contribute to boosting Egyptian exports to the BRICS member states and providing investment opportunities for companies in these countries. It can also support industrial development. Egypt, the UAE, and Saudi Arabia can benefit from the experience of the member states in areas such as heavy industries, agriculture, and technology.