‘Important Group’ — What UAE’s inclusion into BRICS means

 

During a three-day summit in Johannesburg, an invitation was extended to six countries — Iran, Ethiopia, Egypt, Argentina, Saudi Arabia, and the UAE — to join the BRICS group of nations. South African President Cyril Ramaphosa shared the official announcement on the platform formerly known as Twitter (X), stating that these nations have been invited to become full members starting from January 1, 2024. This development raises questions about the potential benefits of this expansion for both the bloc and the newly invited countries, particularly for the UAE.

The UAE had already expressed its interest in becoming a part of this grouping of emerging economies, aligning with other nations seeking alternatives to organizations dominated by traditional global powers. This invitation reflects the increasing influence of the ‘Global South’ on the international stage.

BRICS, which currently includes Brazil, Russia, India, China, and South Africa, has swiftly transformed into a significant economic bloc that could significantly alter global power dynamics. The invitation has the potential to enable the UAE to diversify its economic alliances.

Renowned for its robust economy, well-established financial sector, substantial investments across various domains like energy and infrastructure, and strategic geographic location, the UAE stands to gain from BRICS membership. This inclusion could open doors to expanded trade and investment prospects.

Moreover, joining the bloc might provide the UAE with access to development financing, crucial for backing distinct projects and initiatives aimed at broadening its economic base. Ultimately, this invitation could contribute to the UAE’s efforts to reduce reliance on fossil fuels.