UAE enters new economic era, officially joins Brics alliance alongside four other nations

6

The UAE officially joined the Brics alliance on January 1, along with Saudi Arabia, Egypt, Iran, and Ethiopia, doubling the alliance and creating an economic force with a combined GDP of $28.5 trillion.

The decision to join reflects the UAE’s commitment to multilateralism and aims to enhance its international partnership portfolio, implement development plans, and empower its economic model. Analysts believe that the membership will allow the UAE to diversify its strategic options, partnerships, and trade portfolios, positioning it to engage dynamically with emerging economies.

The move underscores the UAE’s belief in the importance of strong multilateral partnerships for global security and prosperity.

The UAE had previously joined the New Development Bank in October 2021 and actively participated in the Friends of the Brics forum in June 2023.

Source: Dubai Vibes Magazine