UAE Set to Join BRICS as Full Member from January 2024
The United Arab Emirates’ (UAE) inclusion in the BRICS consortium of emerging economies will not strain its relations with the West, according to the country’s Minister of Economy.
Abdulla Bin Touq Al-Marri stated in a conversation with Bloomberg that Abu Dhabi views its membership in the organization as an avenue to enhance trade opportunities.
The minister outlined that his nation intends to increase its financial contributions to the New Development Bank, established by the BRICS consortium two years ago.
As stated on its official website, the Shanghai-based bank boasts an authorized capital of $100 billion. Since its inception, the bank has endorsed projects valued at nearly $32 billion.
Al-Marri underscored that BRICS participation should not be interpreted as a shift away from the United States. He emphasized that the consortium will further reinforce the UAE’s commitment to global pluralism.
Formed in 2006, BRICS comprises China, Brazil, Russia, India, and South Africa. In a significant development last week, the consortium extended invitations to six additional nations — Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the UAE — to join as full members starting January 2024.
