Discussing international monetary policy and the implementation and development of multilateral financing for infrastructure.

São Paulo, Brazil: 28 February 2024 – The United Arab Emirates, represented by the UAE Ministry of Finance and the Central Bank of the UAE, participated in the first BRICS Finance Ministers and Central Bank Governors meeting held on February 27 in São Paulo.

The UAE delegation included His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, His Excellency Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE, His Excellency Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at the UAE Ministry of Finance, and Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations Department at the UAE Ministry of Finance.

Commenting on the sidelines of the UAE’s participation, His Excellency Mohamed Hadi Al Hussaini emphasised the importance of the first meeting of 2024 under the Russian presidency of the BRICS group. He highlighted the aspirations of the UAE, which is a global hub for trade and economic development, to play an active role within the group. He noted that BRICS has been developing its role since the beginning of the year, following the addition of six new countries, including the UAE. This gives BRICS a strong push towards enhancing its position in achieving the group’s goals and strengthening its role in international cooperation towards sustainable development.

His Excellency said: “We collaborate with the BRICS nations to establish sustainable development policies, effective financing solutions, and an advanced digital infrastructure. We also enhance cooperation across various business sectors between emerging and developing economies, establish governance frameworks on a global level, and exchange expertise in infrastructure financing in partnership between the public and private sectors. This contributes to the promotion of international cooperation and the coordination of financial and economic policies to support stability, development, prosperity, and benefits the world’s nations.”

He added: “We look forward to more fruitful collaboration among the group’s nations, which are increasing in importance and role in international affairs by seeking collective solutions to the most pressing challenges of our time.”

His Excellency reiterated the importance of the discussions at the meeting regarding the financial track priorities framework of the BRICS group, exchanging views on several significant issues, including the development of monetary and financial systems, potential methods for financing, implementing, and developing infrastructure, and the role of multilateral financing in increasing the attractiveness of infrastructure investment projects.

The United Arab Emirates is a strategic partner of the BRICS group, having participated in the Friends of BRICS forum in June 2023 in Cape Town, South Africa, convened as part of the BRICS Foreign Ministers Meeting. The UAE officially joined the BRICS group after a successful application ratified by the five founding nations. In October 2021, the UAE also joined the BRICS’ New Development Bank, established in 2015 mobilise resources for infrastructure and sustainable development projects in emerging markets, developing countries, and BRICS nations.

His Excellency Mohammed Hadi Al Hussaini represents the UAE on the Board of Governors of the New Development Bank as a governor, and His Excellency Younis Haji Al Khoori, Undersecretary of the UAE Ministry of Finance, as an alternate governor. Thuraiya Hamid Alhashmi is a member of the bank’s Board of Directors.