gulfindependentnews

  Last year, BRICS expanded by inviting six new countries, leading to the UAE officially joining the economic bloc in 2024 . The UAE’s diverse economy and expertise in sectors such as energy and infrastructure align well with the goals of the existing BRICS members. The UAE’s membership in BRICS underscores its long-standing strategy of building global partnerships to enhance the competitiveness and sustainability of its economy while exploring new opportunities for growth. This expansion in 2024 has bolstered BRICS’ economic influence. The UAE Under-Secretary of the Ministry of Finance highlighted that the country’s accession to BRICS will strengthen efforts to build balanced economic relations and solidify its presence in emerging and developing markets. He emphasized that the UAE’s leadership in international trade cooperation has enabled it to address critical global challenges, leading to numerous comprehensive economic partnership agreements that reinforce its role in global ...

 The United Arab Emirates and Saudi Arabia, along with Iran, Ethiopia, and Egypt, have joined the BRICS grouping, doubling its membership to 10. The expansion to include the Gulf Cooperation Council nations is expected to provide new investment opportunities for the region's two largest economies and boost the bloc's international influence.  Despite global uncertainties, the two Gulf states have continued to post economic growth, with Saudi Arabia's economy growing by 8.7 in 2022 and expected to expand by 0.8% in 2023. The UAE is expected to grow 3.4%, with oil GDP growth projected at 0.7% and non-oil GDP at 4.5%. The country is also expected to record strong performance in tourism, construction, real estate, transport, manufacturing, and capital expenditure.  The joining of two major oil exporters is expected to reinforce the BRICS group's bargaining power and influence in OPEC+, which has been playing a crucial role in balancing oil markets. As the prominent groupin...