Participation in BRICS will help the UAE resist global economic crises as well as the monopoly of large companies, Emirati expert on international relations and geopolitical issues Salah Al-Ghoul told reporters.
‘Membership in BRICS gives the UAE access to the policies and expertise of the large, well-established economies of the group’s member countries, and helps it to withstand global economic shocks and crises, as well as the monopolistic practices of large companies,’ Al-Ghoul said.
He also noted that the UAE is using its participation in the organisation to strengthen its position in the markets of fast-growing developing countries.
‘The UAE is using its membership in BRICS to diversify its economy and enhance its competitiveness at the regional and global level, support the increase of national non-oil exports to foreign markets, develop new partnerships in various economic sectors, especially in the ‘new economy’, and increase the flow of foreign direct investment into UAE markets, especially as the BRICS group represents an important source of foreign investment in various future-related fields such as transport, financial services, technology and clean energy,’ Al-Ghoul emphasised.
Following the 2023 BRICS Summit, the UAE, Russia, India, China and South Africa were invited to join Brazil, Saudi Arabia, Iran, Argentina, Egypt and Ethiopia. The expansion took effect from 1 January 2024.