UAE deepens engagement in financial cooperation at BRICS meetings in India

The UAE, represented by the Ministry of Finance, participated in the second meeting of BRICS Finance Ministers and Central Bank Governors in Mumbai, India, on Thursday, WAM reported. The delegation also took part in the Special Meeting of the Board of Governors of the New Development Bank, held the same day.

Who represented the UAE at the BRICS meetings in India?

The Ministry of Finance delegation was headed by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs. The delegation included officials and specialists from the ministry, along with representatives of the Central Bank of the UAE, reflecting the UAE's commitment to strengthening multilateral financial cooperation.

What did BRICS finance ministers discuss in Mumbai?

The second meeting of BRICS Finance Ministers and Central Bank Governors discussed shared priorities for finance ministries and central banks across the group. The discussions came against the backdrop of challenges facing emerging and developing economies and the growing importance of stronger economic coordination among BRICS countries.

The meeting also saw the launch of the BRICS-NDB Knowledge Portal. Members adopted a joint statement by BRICS Finance Ministers and Central Bank Governors.

Al Hussaini said BRICS is a vital platform for strengthening international economic cooperation and coordinating positions on financial and economic issues of common interest, particularly given the challenges facing emerging and developing economies. "We underscore the importance of continuing this cooperation in support of a more inclusive and balanced global economic and financial system," he said.

He added that the Knowledge Portal marks an important step in consolidating the group's institutional work and capturing its initiatives and technical outputs. He also underscored the UAE's readiness to contribute best practices, case studies and national expertise to the platform.

What role is the UAE playing in the new BRICS task force?

The UAE welcomed the formation of the BRICS Task Force on Growth and Development in 2026. It stressed the importance of continuing the task force's work in the years ahead.

The UAE highlighted areas such as digital transformation and innovation, growth-enhancing reforms, labor mobility, and the development of future skills and talent. It also emphasized the importance of stronger coordination between successive BRICS presidencies to ensure the continuity of initiatives and deliver long-term impact.

What was discussed at the New Development Bank meeting?

As part of the same series of meetings, the Ministry of Finance delegation participated in the Special Meeting of the New Development Bank's Board of Governors. The agenda included discussions on the bank's general strategy for 2027 to 2031, along with other items.

The strategy discussions were significant in shaping the bank's direction and priorities over the next five years. The Ministry of Finance commended the progress made on the strategy and its priorities relating to technology and innovation, the financing of development projects that enable digital transformation, and the raising of targets for climate action financing and women's representation.

What is the UAE's history with BRICS and the New Development Bank?

Through its membership of BRICS and the New Development Bank, the UAE continues to support initiatives that contribute to developing more flexible and efficient financing solutions. It also continues strengthening economic and development partnerships in response to transformations shaping the global economy.

The UAE joined the New Development Bank in October 2021. It formally became a member of BRICS in January 2024, as part of its broader approach to expanding international economic partnerships and strengthening its presence across multilateral economic and financial cooperation platforms.