Moscow, October 12, 2024
The United Arab Emirates, represented by the Ministry of Finance and the Central Bank, recently participated in the second BRICS Finance Ministers and Central Bank Governors meeting in Moscow. The UAE delegation 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 for Monetary Policy at the Central Bank; and Thuraya Hamed Al Hashimi, Director of the International Financial Relations and Organisations Department.
HE Mohamed bin Hadi Al Hussaini reaffirmed the commitment of BRICS nations to strengthening South-South cooperation. He emphasized the importance of developing infrastructure to facilitate global economic flows and integrate lower-income countries into the international financial system. He also highlighted the need for innovative initiatives in payment systems and financing in local currencies to help stabilize reserves and mitigate currency fluctuation risks. Al Hussaini expressed appreciation for the BRICS Presidency’s efforts in advancing this year’s initiatives and acknowledged the progress made.
Bilateral Financial Dialogue
HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, represented the UAE at the fourth meeting of the BRICS Undersecretaries of Finance and Central Banks. Alongside the event, Al Khoori co-chaired a bilateral financial dialogue with HE Ivan Chebeskov, Russia’s Deputy Minister of Finance, to discuss public finance cooperation between the UAE and Russia.
The BRICS financial and economic meetings held from October 9 to 11 included various events, such as a high-level panel discussion and brainstorming sessions on improving the international financial and monetary system. Delegates also reviewed the fifth edition of the BRICS Economic Bulletin, titled “BRICS Economies in a Higher Economic Rate Environment.”
The UAE officially joined BRICS in January 2024, following ratification by the five founding members—Brazil, Russia, India, China, and South Africa. The decision was announced during the 15th BRICS Summit in Johannesburg from August 22 to 24, 2023. As a BRICS member, the UAE aims to strengthen economic collaboration and partnerships, solidifying its role as a global hub and multilateral partner.
The UAE is a key economic player within BRICS, representing emerging and developing nations on the world stage. Its dynamic economy exemplifies progress and innovation, supporting shared goals of prosperity and sustainable development. Over the past five decades, the UAE has built strong international partnerships, bolstered its economic competitiveness, and pursued opportunities aligned with its long-term foreign policy focus on economic growth.
The UAE joined the BRICS New Development Bank in October 2021, a financial institution established in 2015 to support infrastructure and sustainable development projects across BRICS and other developing nations. HE Mohamed bin Hadi Al Hussaini represents the UAE as a Governor on the bank’s Board of Governors, with HE Younis Haji Al Khoori serving as the Alternate Governor, and Thuraya Hamed Al Hashimi as a Board member.
