In January 2024, the United Arab Emirates (UAE) made a significant step by officially joining the BRICS economic cooperation mechanismThis decision marks a pivotal shift for the UAE as it seeks to enhance its economic partnerships and solidify its role as a global trade hubAs a new member of BRICS, the UAE has been proactive in participating in a variety of activities within the groupRecently, Saeed Mubarak Al Hajeri, the Assistant Minister of Foreign Economic Relations and Coordinator for BRICS Affairs, disclosed that UAE institutions have already attended approximately 150 meetings and over 25 ministerial gatherings under the BRICS framework, leading to impressive advancements on multiple agendas.

The UAE's entry into the BRICS alliance is a reflection of its strategic pursuit of autonomy and increased economic collaborationAbdullah bin Zayed Al Nahyan, the UAE's Foreign Minister, articulated that joining this cooperative mechanism underlines the country’s commitment to fostering constructive dialogue among emerging markets and developing economies

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He emphasized that the UAE envisions long-term economic prosperity and recognizes the significance of multilateralism in bolstering global peace, security, and developmentTo effectively tackle global challenges, coordinated international action and multilateral cooperation are deemed more crucial than ever.

With its diplomatic policy centered on maintaining sustained economic prosperity, the UAE aims to seize new opportunities to expand its global partnerships and enhance its economic competitiveness and sustainabilityYounis Haji Al Khouri, the UAE’s Deputy Minister of Finance, remarked that BRICS membership is instrumental in realizing the “UAE Vision 2031,” reinforcing its pivotal role in global economic cooperationThe UAE is actively collaborating with other BRICS nations to establish balanced economic relationships and seeking ways to strengthen trade, promote financial stability, and support sustainable development, thereby consolidating its position within emerging markets and developing economies.

Al Khouri further elaborated that through its role in BRICS, the UAE aspires to play a leading role in advocating for multilateral initiatives in the economic realm and balancing global policy priorities with the needs of the Global South

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The UAE is dedicated to promoting inclusivity and fairness within the global economic landscape and is committed to ensuring that international policies genuinely address the needs and perspectives of developing countries.

Trade diversification is another key focus for the UAE's economic strategyAl Khouri pointed out that BRICS membership provides the UAE access to vast, expanding markets, which enhances the reach of its goods and servicesBoasting a strategic geographic location and advanced infrastructure, the UAE serves as a vital trade conduit among Asia, Africa, and Europe.

He also emphasized the UAE's role as a critical global trade and logistics hubBy enhancing economic cooperation with BRICS nations, the UAE can unlock new markets, broaden its economic footprint, and maintain its traditional connections with Europe and North AmericaThis trade diversification is essential for the UAE to achieve its ambitious target of doubling its GDP by 2030, reducing dependency on oil and advancing knowledge-based economic development.

One of the UAE’s competitive advantages is its economic diversification and the array of growth opportunities

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To date, the UAE has signed Comprehensive Economic Partnership Agreements (CEPA) with countries such as India, Israel, Indonesia, Turkey, and CambodiaThese agreements, coupled with its status as a BRICS member, will significantly bolster its position as a global trade and logistics centerThani Al Zeyoudi, Minister of State for Foreign Trade, reiterated that as a BRICS member, the UAE is committed to strengthening economic cooperation and partnerships with other member states, aiming to enhance its status as a foremost global trade hub and multifaceted partner.

As a leading oil producer, the UAE regards BRICS as an essential collaborator in the global energy marketIn recent years, the UAE has intensified cooperation with Saudi Arabia, Russia, and other nations to maintain global oil production stability and price equilibriumIts strategic position as a reliable energy supplier further cements the UAE's role as an indispensable energy collaborator within the BRICS framework.

The UAE’s collaboration with BRICS in renewable energy has also been expanding significantly

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Masdar, Abu Dhabi's clean energy company, is actively investing in global renewable energy projects across Europe, Latin America, Central Asia, and North AfricaThe UAE's substantial investments in renewable energy align with the developmental needs of several BRICS membersThrough investments from companies like Masdar, the UAE is synchronizing its energy transition goals with the objectives of BRICS countries to expand renewable energy capacitiesSuch investment initiatives not only strengthen the UAE's bonds with BRICS members but also illustrate a shared commitment to sustainable development and energy security.

Ahmed Al Jaber, Minister of State, highlighted the importance of mobilizing collective climate action and noted the formation of a pivotal "UAE Consensus," marking a new era for climate action achievements, and establishing a global consensus toward clean and equitable energy transitions

Sherif Al Olama, Deputy Minister of Energy and Petroleum Affairs, reiterated the UAE's commitment to promoting collective climate action as a BRICS member, believing that international collaboration is the most effective way to address common energy challenges and embrace innovative energy solutionsThe UAE aims to lead a strong energy transition in line with its climate commitments and the goal of achieving net-zero emissions by 2050.

Additionally, the UAE joined the New Development Bank (NDB) of BRICS in October 2021. This bank is a crucial instrument for promoting the developmental priorities of BRICS nations and aims to advance the development agenda for emerging markets and developing countriesAl Khouri pointed out that UAE’s participation in the BRICS cooperative mechanism represents a significant strategic achievement for its financial sector, opening new avenues for collaboration while creating opportunities for exchange between UAE financial institutions and their BRICS counterparts.

The UAE has been actively involved in a series of BRICS ministerial and technical meetings, engaging in discussions about the development of monetary and financial systems, potential avenues for infrastructure finance, and the role of multilateral financing in attracting infrastructure investment projects

This active participation underscores the UAE's proactive stance in formulating global economic cooperation and financial stability policies"The UAE aims to build bridges of cooperation to achieve common goals, including financial stability, growth, and sustainable development, while also enhancing trade and financial ties to support the economic growth of Global South countries," Al Khouri stated.

Furthermore, Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, expressed the UAE's anticipation for more productive collaboration among BRICS membersThe country seeks collective solutions to pressing challenges, the formulation of sustainable development policies, effective financing solutions, and the establishment of advanced digital infrastructure while enhancing cooperation between emerging and developing economiesBy facilitating knowledge sharing on infrastructure financing expertise, the UAE aspires to contribute to a governance framework on a global level, promoting international collaboration, and coordinating financial and economic policies to support stability, development, and prosperity for all nations.