UAE participates the second BRICS Finance Ministers’ meeting

UAE Participates in Second Meeting of BRICS Finance Ministers and Central Bank Governors in Moscow

The UAE participated as a representative of the Ministry of Finance and the Central Bank at the second BRICS Finance Ministers and Central Bank Governors meeting held in Moscow recently.

The country’s delegation included Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs; Younis Haji Al Hhoori, Deputy Secretary of the Ministry of Finance; Ibrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy of the CBUAE; and Thuraya Hamad Al Hashimi, Director of International Financial Relations and Institutions Department. Mohammed bin Hadi Al Hussaini said the BRICS countries are committed to strengthening South-South cooperation. Building a strong infrastructure to manage global economic flows is essential to integrating these countries.

The International Monetary Fund,’ he noted.

He called for innovative initiatives in payment mechanisms and financing in local currencies to help stabilize reserves and reduce the risk of currency fluctuations.

He commended the BRICS Presidency for taking forward the results of this year’s meetings, expressing the UAE’s appreciation for the progress.”

Undersecretary of the Ministry of Finance, Younis Haji Al Hhoori, represented the UAE at the Fourth Meeting of BRICS Financial and Central Banks. In addition to the meeting, Al Khoori presided over a bilateral financial discussion about general financial cooperation between the two nations with Ivan Chebeskov, the deputy minister of finance for Russia.

As part of the BRICS Financial and Economic Meetings held in Moscow from October 9 to 11, participants engaged in various events, including the High-Level Panel on Improving the International Financial and Monetary System and a brainstorming session on the same topic.
The meetings also included a presentation of the fifth edition of the BRICS Economic Report titled “BRICS Economies in a High Inflation Environment”, attended by Finance Ministry and Central Bank representatives.

After receiving the permission of the five original members of the BRICS group—Brazil, Russia, India, China, and South Africa—the United Arab Emirates formally joined the group in January 2024. The decision was made public during the August 22–24, 2023, 15th BRICS Summit in Johannesburg. The UAE wants to foster alliances and economic cooperation among its fellow BRICS members.

Positioned as a significant economic player within the BRICS, the UAE supports the interests of emerging and developing countries on the international stage. Its strong economy serves as a model for progress and innovation, furthering collective aspirations for prosperity and sustainable development.

Over the past five decades, the UAE has strengthened its global partnerships, accelerated its efforts to raise the competitiveness and sustainability of its economy and seized new opportunities, its foreign policy prioritizing long-term economic prosperity.

Also, in October 2021, the UAE joined the BRICS New Development Bank, established in 2015 to finance infrastructure and sustainable development projects in BRICS and other developing countries.

The UAE is represented on the Board of Governors by Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs as Governor; Younis Haji Al Ghuri as Alternate Governor; and Durai Hamad Al Hashimi, Director of the Department of International Financial Relations and Institutions, is a panel member.