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The UAE Expands its Horizons by Officially Joining BRICS

 The UAE Expands its Horizons by Officially Joining BRICS

The UAE expands its horizons as it officially joins the BRICS which is considered a start of a new international partnership to further implement bilateral trade across many regions for the UAE.

The BRICS bloc is an informal group, founded in 2009, to provide a platform for its members to develop deeper connections among its members and cooperate on economic growth. The word itself is an acronym which initially comprised of five prominent national economies: Brazil, Russia, India, China, and South Africa. Members engage in unofficial discussions, which allows more flexibility in decision-making. The goal is to strengthen geopolitical impact, promote economic expansion, and cooperatively address global obstacles. According to the bloc, “BRICS overtook the G7’s global GDP contribution, with the group accounting for almost one-third of worldwide economic activity.” Moreover, BRICS leaders meet annually for a summit. They Invited six countries during their fifteenth summit in 2023, resulting in UAE officially joining BRICS.

The UAE’s diverse economy and expertise in many sectors such as infrastructure and energy smoothly align with the strengths and goals of the existing BRICS members. Additionally, this alliance offers opportunities for economic growth in the UAE, cultivating collaborations in trade and investment, and strengthening international partnerships. As it did with the UAE hosting WORLD EXPO 2020 and COP28, we foresee that the UAE’s membership in the BRICS shall present prospects to host additional international gatherings.

Since BRICS nations are inherently diverse in terms of policies, economic structures and priorities, navigating this diversity could be demanding. The UAE would require an intense amount of diplomatic and negotiation to align its economic policies with its new partners.

 As we know, the UAE joining BRICS opens further doors for the UAE for economic opportunities, boosting trade, securing a stronger global foothold, and increasing flexibility through building more international alliances. The UAE has always been the flagbearer of being progressive and rising to the occasion, we look ahead to see what this new partnership holds for the future of the UAE.

The authors of this Galadari Insight are Manish Narayan & Aqsa Adil.

Manish is Partner and also heads the Real Estate practice at the firm in addition to advising on various corporate, commercial and real estate matters in the region. He brings a substantial experience as a transactional lawyer serving clients in a broad spectrum of UAE business law and regulations. With over a decade of experience in the UAE he has had the opportunity of handling high value contract enforcement and settlements, particularly through the Dubai Courts and through DIAC Arbitration.

Aqsa is a Trainee Lawyer at Galadari Advocates & Legal Consultants, based in the firms’ Dubai office, she is a member of the Litigation and Corporate Team dealing with Commercial, Corporate, Property and Real Estate Matters.

For more information, please contact them directly.

Manish Narayan
Partner
manish@galadarilaw.com
Aqsa Adel
Trainee Lawyer
aqsa@galadarilaw.com