UAE Participates in BRICS Finance Ministers and Central Bank Governors Meeting
Moscow, The Gulf Observer: The United Arab Emirates, represented by its Ministry of Finance and Central Bank, participated in the second BRICS Finance Ministers and Central Bank Governors meeting, recently held in Moscow. The high-level UAE delegation included Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Younis Haji Al Khoori, Undersecretary of the Ministry of Finance; Ibrahim Obaid Al Zaabi, Assistant Governor of the Central Bank for Monetary Policy; and Thuraya Hamed Al Hashimi, Director of the International Financial Relations and Organisations Department.
Speaking at the event, Mohamed bin Hadi Al Hussaini emphasized the importance of strengthening South-South cooperation among BRICS nations. He highlighted the need for developing robust infrastructure to manage global economic flows, which would facilitate the integration of emerging markets into the international financial system.
Al Hussaini further called for innovative approaches to payment mechanisms and the use of local currencies in financing transactions, aiming to stabilize reserves and mitigate the risks posed by currency fluctuations. He also commended the BRICS presidency for its efforts in advancing the outcomes of the year’s meetings, expressing the UAE’s appreciation for the progress achieved.
Younis Haji Al Khoori, who represented the UAE at the fourth meeting of BRICS Undersecretaries of Finance and Central Banks, also chaired a bilateral financial dialogue with Ivan Chebeskov, Russia’s Deputy Minister of Finance. Their discussions focused on enhancing public finance cooperation between the UAE and Russia, further strengthening the economic ties between the two countries.
The BRICS Financial and Economic Meetings, held from 9th to 11th October, included various high-level events. These featured a panel on enhancing the international financial and monetary system, as well as the presentation of the fifth edition of the BRICS Economic Bulletin, titled “BRICS Economies in a Higher Economic Rate Environment.” Delegates from finance ministries and central banks from BRICS member states participated in the discussions.
The UAE officially became a member of BRICS in January 2024, following the ratification by the group’s founding members—Brazil, Russia, India, China, and South Africa—during the 15th BRICS Summit held in Johannesburg in August 2023. As a member, the UAE seeks to further its economic cooperation with BRICS nations, solidifying its role as a pivotal global hub and multilateral partner.
Over the past five decades, the UAE has bolstered its global partnerships and worked to enhance the competitiveness and sustainability of its economy. The country’s foreign policy continues to prioritize long-term economic prosperity, positioning the UAE as a model of progress and innovation within BRICS.
The UAE also joined the BRICS New Development Bank in October 2021, which finances infrastructure and sustainable development projects across BRICS and other developing nations. Mohamed bin Hadi Al Hussaini serves as the UAE’s representative on the bank’s Board of Governors, with Younis Haji Al Khoori as Alternate Governor and Thuraya Hamed Al Hashimi as a Board member.
