BRICS Banks Supported by Additional Capital From the UAE, as per Abdullah bin Touq Al Marri, the UAE Minister of Economy.
Minister of Economy Abdullah bin Touq Al Marri expressed his hope that the UAE will achieve economic growth of 7% this year.
The Minister of Economy gave an interview to Bloomberg Television in Dubai.
During the interview he touched on a number of issues, including the UAE’s access to the BRICS Bloc.
Which the group officially announced last week.
His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, led the UAE delegation to the 15th BRICS Summit.
Furthermore, the 15th BRICS Summit was at Johannesburg in South Africa from August 22 to 24.
While the delegation to the summit included HE Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State.
HE Reem bint Ibrahim Al Hashimi, Minister of State for International Cooperation.
And also HE Mohsen Saeed Al Hamli, UAE Ambassador to South Africa, and a number of senior officials.
UAE access to BRICS with other countries is a promising step.
BRICS has chosen the six members (UAE, Saudi Arabia, Egypt, Ethiopia, Argentina, and Iran), out of 40 countries.
Most notably Algeria, Cuba, Congo, Kazakhstan, and others of the countries seeking to join BRICS.
As an economic alternative to the current bodies dominated by the Western powers led by the United States.
Before the latest expansion, the member states represented 40% of the world’s population.
In addition to the fact that they form 25% of the global economy.
Which will be doubled with the access of the six countries, led by the United Arab Emirates.
Importance of UAE access to BRICS.
Minister of Economy Abdullah bin Touq Al Marri stressed that the UAE’s access to the BRICS group will provide multifaceted support to the UAE and its economy.
He also said that the UAE will support the BRICS Banks with additional capital which is a strong signal of the UAE’s confidence in emerging economies.
An economic growth of 7% for the UAE is an ambitious goal with the positive factors that support the economy.
Moreover, the UAE’s access to the BRICS group is an important step.
Since it will contribute to the strengthening of trade and economic relations between the UAE and the group’s member countries.