Joining BRICS will support the UAE’s plans to further diversify its national economy and enhance its regional and global competitiveness, its Minister of Economy said.
Speaking at the World Economic Forum in Davos, Al Marri highlighted the anticipated benefits, including increased non-oil exports, expanded partnerships across economic sectors, and a boost in UAE foreign direct investment (FDI).
“BRICS countries represent a significant source of foreign investment in sectors such as transportation, financial services, technology, and clean energy,” explained Al Marri. This, in turn, provides more job opportunities and enhances mutual investments among member countries. Simultaneously, the UAE offers the BRICS countries multiple benefits due to its strategic location and business-friendly environment.”
The UAE has engaged in over 18 joint economic committees with countries globally, including BRICS members China and Russia, to strengthen economic ties and foster cooperation. Al Marri emphasised the economic significance of the BRICS group, noting that its expansion would encompass 46% of the world’s population and contribute 25% of global exports.
The UAE Minister of Economy said, “Joining BRICS aims to create new global opportunities for exporters and manufacturers. We seek to accelerate international trade, guarantee market access, facilitate the integration of companies into global value chains, and increase investment flows.”
Highlighting the UAE’s robust economic performance, Al Marri cited a 7.9% growth in GDP in 2022, with non-oil GDP expanding by 5.9% in the first half of 2023. The UAE attracted the highest FDI inflows in 2022, totalling Dh84 billion ($23 billion). The minister reaffirmed the UAE’s commitment to economic openness, building partnerships, and strengthening cooperation with strategic markets to solidify its position as a global economic hub.