Dubai’s DFSA reports a record number of licensed firms in 2023

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Among all the registered firms, the authority observed an increase in Asset Managers and Hedge Fund Managers establishing a presence in DIFC

117 new firms licensed and registered in 2023.

The Dubai Financial Services Authority (DFSA) has announced a record-breaking number of firms licensed and registered since its establishment, achieving remarkable growth in 2023. 117 firms were registered during the year, marking an increase of 25 percent from the year prior.

Among all the registered firms, the authority noted an increase in Asset Managers and Hedge Fund Managers establishing a presence in the Dubai International Financial Centre (DIFC).

As of November 2023, the DIFC exchange, NASDAQ held the world’s largest listed ESG sukuk market valued at $27 billion.

Fadel Al Ali, Chairman of the DFSA, said: “The remarkable achievements of 2023 are a testament to our dedication to not only regulate the present but to also shape and govern the future. Our aim is to become a global benchmark as an international regulatory body, delivering excellence in tandem with the government’s strategic vision – including Dubai Economic Agenda D33.”

Publish January 23, 2024

Source: https://www.arabianbusiness.com/industries/banking-finance/dubais-dfsa-reports-record-number-of-licensed-firms-in-2023

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Exploring Business Opportunities in Dubai’s Sustainable Landscape

The Dubai Clean Energy Strategy 2050 aims to increase the share of clean energy in the total energy mix, with the goal of making Dubai a global hub for clean energy and green economy. The strategy includes targets such as achieving 75% of Dubai’s total power output from clean energy sources by 2050.

The Dubai Green Mobility Initiative focuses on promoting sustainable transportation solutions to reduce the environmental impact of transportation in the city. This initiative involves integrating electric and hybrid vehicles into the transportation system, as well as improving public transportation infrastructure.

These initiatives have indeed created opportunities for businesses in various sectors related to sustainability:

Renewable Energy:

Solar Power: Dubai’s abundant sunlight makes it an ideal location for solar power projects. Businesses can engage in the development and implementation of solar farms, rooftop solar installations, and solar energy storage solutions.
Wind Power: Exploring wind energy projects, especially in coastal areas, can be another avenue. Wind farms and wind turbine technology can contribute to the diversification of Dubai’s energy mix.

Waste Management:

Recycling Solutions: Businesses can focus on developing efficient recycling processes for various materials, including plastics, paper, and electronic waste. Implementing advanced sorting and recycling technologies can contribute to Dubai’s waste reduction goals.
Waste-to-Energy: Companies involved in waste-to-energy technologies can explore partnerships with local authorities to convert waste into electricity. This aligns with Dubai’s commitment to reducing landfill dependency and harnessing energy from waste.

Sustainable Construction:

Green Building Materials: Manufacturers and suppliers of eco-friendly construction materials, such as recycled steel, sustainable concrete, and energy-efficient insulation, can find a growing market in Dubai.
Smart Building Technologies: Integrating smart technologies for energy management, water conservation, and overall sustainability in construction projects aligns with Dubai’s vision for smart and green buildings.

Green Technology and Innovation:

Smart Grid Solutions: Developing and implementing smart grid technologies can enhance energy efficiency and grid management, aligning with Dubai‘s goal of a smart and sustainable city.
Environmental Monitoring Systems: Businesses involved in creating systems for real-time monitoring of air and water quality, waste levels, and other environmental parameters can contribute to Dubai’s efforts in maintaining a clean and sustainable environment.

Green Mobility:

Electric and Hybrid Vehicles: Companies manufacturing or providing infrastructure for electric and hybrid vehicles can tap into the growing demand for sustainable transportation options.
Public Transportation Solutions: Developing and improving public transportation infrastructure, such as electric buses and smart transportation systems, aligns with Dubai’s Green Mobility Initiative.

Government Incentives and Collaborations:

Businesses should stay informed about government incentives, grants, and policies supporting sustainable initiatives. Collaborating with government bodies and participating in public-private partnerships can open doors for businesses looking to contribute to Dubai’s sustainability goals.

Education and Awareness:

There are opportunities for businesses involved in sustainability education and awareness campaigns. Promoting sustainable practices and educating the public can contribute to a culture of environmental responsibility.

Planning to Start your sustainable business venture in Dubai? Let Smart Zones^® UAE Business Setup Consultants be your guide. Specializing in Dubai business setup, they provide expertise in navigating local regulations, obtaining permits, and offering strategic advice on sustainable practices. Align your business goals with Dubai’s vision for a green city with the assistance of Smart Zones^® UAE, ensuring a smooth and efficient setup process.

COP28 in UAE: Dubai Fintech for ESG Transformation

COP28 in UAE: A new Dubai fintech platform poised to revolutionize environmental, social, and corporate governance. Major partnerships with some of the leading names in the industry will be announced soon.

Before COP28, the fintech platform Fils was launched in Dubai on Monday to assist global businesses in translating their intent into action when integrating sustainable values into the core of digital payments.

The homegrown platform will pave the way for trust and safety in carbon markets, bringing together buyers with capital and suppliers with high-integrity carbon credits, at the rate and scale required to rebalance the planet, as stated by Nameer Khan, the founder of Fils and chairman of the Mena Fintech Association (MFTA).

Designed as a holistic, enterprise-grade B2B2C product offering, Fils leverages the power of leading technologies for its end-to-end infrastructure to transform various industries, including financial services, hospitality, and e-commerce. This makes it easier for businesses to act on the core values of environmental, social, and corporate governance (ESG), said Khan, adding that major partnerships with some of the leading names in the industry will be announced soon.

Speaking at the launch, Khan stated that Fils is poised to transform the world of ESG through an API-first digital payment infrastructure that makes sustainability a lifestyle and can be easily embedded into platforms across sectors.

“Fils is a catalyst for the evolution of ESG enforcement and has the right team, technology, experience, and expertise to lead the market. With our robust infrastructure, it spells the end of greenwashing and clears a path towards greater accountability and implementation of actionable outcomes that can improve the sustainability of the world we live in.”

He said Fils aims to address ESG implementation challenges head-on, making it easier for businesses to play a vital role in driving a more sustainable future — one that is not only climate-neutral but also one that supports the most vulnerable in society, including the financially excluded and those most impacted by global disasters.

Companies across all industries are increasingly looking to align their ambitions with ESG principles and pursue opportunities that offer long-term societal benefits and business growth.

By taking a technology-first approach to sustainable action, Fils has created a game-changing digital ecosystem connecting payment infrastructure, organizations, impact makers, and consumers. It is a best-of-breed fintech that enables organizations to increase the scalability of their sustainability practices and provides projects across 17 UN Sustainable Development Goals (UN SDGs) with the ability to receive digital payments faster, easier, more securely, and with greater transparency, as explained by Khan.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Sheikh Al Mualla bin Ahmed Al Mualla were among several industry leaders who attended the launch.

Source: https://www.khaleejtimes.com/cop/cop28-in-uae-new-dubai-fintech-platform-to-transform-environmental-social-corporate-governance

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Dubai has achieved a customer happiness rate of 93% – Reports says

Dubai’s customer happiness rate reached an impressive 93%, while the employee happiness index in the emirate achieved a notable 88%, according to the 2023 Dubai Government Customer and Employee Happiness Indices released on Thursday.

Last year, Dubai government entities reported an average customer happiness rate of 93%, with the Mohammed bin Rashid Housing Establishment leading the way with a remarkable 97.7%. Other entities that excelled in customer happiness included the Dubai Electricity and Water Authority (96.7%) and the Dubai Corporation for Ambulance Services (96.1%).

The Employee Happiness Index, as per the report by the Dubai Government Excellence Program (DGEP), stood at an average of 88% for the year 2023. The General Directorate of Residency and Foreigners Affairs led in employee happiness with a score of 95.17%, followed by the Mohammed bin Rashid Housing Establishment (94.91%) and the Endowment and Minors Trust Foundation (Awqaf Dubai) (94.51%).

On Thursday, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, expressed appreciation for the exceptional efforts, saying, “Your exceptional efforts are appreciated and are a source of tremendous pride for Dubai. By giving your best to the people of this emirate, you are enhancing Dubai’s leadership in the field of exceptional government services.”

“I am proud of all Dubai’s government entities for achieving customer happiness levels above 90% and raising the average to 93%. The Dubai Government works tirelessly to improve its services, driven by the vision of Sheikh Mohammed bin Rashid Al Maktoum, and we are entirely committed to continuous development,” he added.

The results of the mystery shopper study revealed an impressive average happiness level of 94.8% with government entities.

CUSTOMER HAPPINESS INDEX

Mohammed bin Rashid Housing Establishment: 97.7%
Dubai Electricity and Water Authority: 96.7%
Dubai Corporation for Ambulance Services: 96.1%

EMPLOYEE HAPPINESS INDEX

General Directorate of Residency and Foreigners Affairs: 95.17%
Mohammed bin Rashid Housing Establishment: 94.91%
Endowment and Minors Trust Foundation (Awqaf Dubai): 94.51%

Publish January 19, 2024

Source: https://www.zawya.com/en/business/retail-and-consumer/dubai-records-customer-happiness-rate-of-93-w8bq55cy

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iFX EXPO Dubai 2024 – MENA’s Largest Online Trading Expo at the Dubai World Trade Centre

Initiating the Countdown for iFX EXPO Dubai 2024

Anticipated as the largest online trading expo in the MENA region, the iFX EXPO Dubai 2024 will showcase the newly launched Traders Arena and more.

Dubai, United Arab Emirates: The eagerly awaited iFX EXPO Dubai 2024 is imminent, marking the commencement of the leading online trading expo in the MENA region! This significant event aims to bridge the gap between brokers and traders, providing an ideal platform for collaboration. Scheduled from January 16-18 at the Dubai World Trade Centre, this year’s edition features an enhanced content lineup across three key stages: the Speaker Hall, the Idea Hub, and the inaugural Traders Arena.

Each year witnesses the iFX EXPO series expanding both in scale and scope, attracting a larger and more diverse audience. With all eyes focused on iFX EXPO Dubai 2024, prospective attendees can anticipate an even more extensive gathering of prominent brands, brokers, and experts from the financial services industry. With diverse talent and potential in attendance, it serves as an excellent way to kickstart the New Year.

What to Anticipate at iFX EXPO Dubai 2024

Open to all attendees, Traders Arena will specifically cater to a growing demographic at the iFX EXPO series, delving deep into the online trading space. This stage will also function as an interactive hub aimed at shaping and strengthening new and existing relationships, while facilitating networking between traders and brokers.

Whether you are embarking on your trading journey or are a seasoned veteran, Traders Arena is your go-to destination. Join leading experts and prop trading specialists who will deliver educational and informative content and investment strategies for all types of traders.

Moreover, Traders Arena is introducing the Know-How Series for IBs, offering guidelines on successfully starting one’s own brokerage. The newly launched iFX EXPO Know-How Series will feature industry experts and pioneers guiding individuals through key decision points.

Reasons to Attend iFX EXPO Dubai 2024 This January

Participating in iFX EXPO Dubai 2024 provides numerous benefits for all participants, including unique opportunities for one-on-one networking and engagement with industry leaders. These experiences are crucial for forming valuable and lasting connections with top-tier decision-makers, collaborators, and potential partners. Attendees can also connect directly with brokers and fellow traders from across the globe.

For the first time ever, attendees will be able to benefit from key insights from industry experts across three dynamic content stages. Stay updated on trending and pressing topics and engage directly with the industry’s elite.

This includes notable sessions and panels capturing the latest buzz surrounding the prop trading revolution, the rise of cybersecurity in the MENA region, and Dubai’s growth into a fintech hub. The event promises a wealth of insights with notable speakers from diverse backgrounds, including Ahmed Allam from H.H. The Ruler’s Court of Dubai, Otakar Suffner, CEO of FTMO, Ayad Butt from Zodia Markets, and many more. Explore the event’s full agenda today.

Look for iFX EXPO Dubai 2024 to also provide a few surprises along the way, as the MENA region is no stranger to innovation and potential. The event provides the perfect atmosphere to showcase the latest fintech and online trading solutions, where anything can happen on the expo floor.

With the industry’s top brands and names in attendance, including Exness, ATFX, and more, iFX EXPO Dubai 2024 is one event you cannot afford to miss. Discover all of the event’s sponsors and exhibitors and find out who to meet in Dubai.

Starting a Online Trading or Fintech Business in Dubai, UAE

Are you planning to establish an online trading or fintech business in Dubai? Now is the perfect moment to seize this opportunity with iFX EXPO Dubai 2024. This prestigious event provides an ideal platform for entrepreneurs looking to delve into the world of online trading and fintech.

To further enhance your journey, consider partnering with Smart Zones^® UAE, a leading business setup consultant in Dubai. Their expertise and guidance will prove invaluable as you navigate the intricacies of establishing your venture. Take advantage of iFX EXPO Dubai 2024 and capitalize on the insights, networking, and industry trends presented at this event to propel your online trading or fintech business to new heights. Trust in Smart Zones^® UAE to assist you in realizing your business goals and ensuring a seamless setup process in the dynamic business landscape of Dubai.

Publish 15 Jan 2024

Source: https://www.zawya.com/en/press-release/events-and-conferences/countdown-begins-for-ifx-expo-dubai-2024-uldca9bs

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49th Arab Health Medical Expo 2024 at Dubai World Trade Centre from 29 Jan – 1 Feb 2024

Exploring the Intersection of Healthcare

Now in its 49th year, Arab Health stands as the paramount event in the healthcare industry, 29th Arab Health Medical Expo 2024 playing a pivotal role in uniting regional and international policy drivers, thought leaders, and healthcare professionals through trade and innovation.

Mark your calendars: January 29 – February 1, 2024, at the Dubai World Trade Centre and Fairmont Dubai.

Embark on a journey into the future of healthcare, where collaborative efforts, patient-centered care, and technology converge to create a sustainable, next-gen healthcare experience.

Arab Health sets the standard as the premier event for the global healthcare industry. It not only serves as a robust platform to address global healthcare challenges but also offers attendees opportunities to network with industry leaders worldwide and allows companies to showcase their progress and achievements. Moreover, it carries significant commercial impact, as demonstrated last year when Arab Health facilitated companies in generating US$1.81bn of business on its show floor.

The event now attracts over 3450 exhibitors from 70+ countries, along with a diverse audience of influential leaders from healthcare and government, hospital and clinic managers, clinicians, dealers and distributors, technologists, and investors.

This year, the trade show will be structured around nine key sectors: medical equipment and devices; disposables and consumer goods; orthopaedics and physiotherapy; imaging and diagnostics, healthcare and general services; IT systems and solutions; infrastructure and assets; wellness and prevention; transformation.

Similarly, the ever-popular conference will feature 10 thematic tracks, covering areas from diabetes to emergency medicine and critical care, infection control, and quality management. All these tracks have received approval for AMA PRA Category 1 Credits, enhancing their value as a professional development opportunity.

What to Anticipate in Arab Health Exhibition 2024?

110,000+ professional visits
3,450+ exhibiting companies
180+ participating countries
3,600+ conference delegates

Reasons to Attend Arab Health Exhibition 2024

Immerse yourself in the world of healthcare and cultivate new and existing partnerships
Glimpse into the future of healthcare through the event’s curated features and live sessions
Explore fresh innovations and groundbreaking solutions showcased by 3,450+ manufacturers
Engage in live demonstrations and interact directly with global innovators

Arab Health Congress 2024

At the Arab Health Congress, seize the opportunity to acquire knowledge and connect with influential figures and visionary leaders worldwide driving significant advancements in the healthcare sector. Take advantage of the three new tracks on Diabetes, Infection Control, and CSSD!

Attain Healthcare Excellence through Empowering Knowledge and Connections

Expand your knowledge and build valuable connections at the 49th Arab Health Congress, where you can engage with influential healthcare professionals and industry leaders shaping the future of healthcare.

10 CME conferences
330+ Speakers
165+ Sessions
3,600+ Delegates

Starting a Healthcare Business in Dubai, UAE

Are you seeking to establish your presence in the healthcare sector? Seize unparalleled opportunities by participating in the Arab Health Care Expo. This prestigious event serves as a gateway for businesses aspiring to enter the healthcare industry, offering a platform that connects entrepreneurs, innovators, and industry leaders. Consider the advantages of setting up your healthcare business in Dubai with Smart Zones^® UAE, providing strategic support and a conducive environment for growth.

Dubai’s vibrant and globally positioned business landscape, coupled with Smart Zones^® UAE’s expertise, ensures a seamless process for establishing and expanding your healthcare venture. Capitalize on the thriving healthcare ecosystem and position your business for success at the intersection of innovation and entrepreneurship. Arab Health Care Expo, in collaboration with Smart Zones^® UAE, is your gateway to realizing your ambitions in the dynamic healthcare market.

Source: https://www.arabhealthonline.com/en/Home.html

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UAE’s Fintech Sector Ranks 6th place in global ranking with a remarkable 92% surge

In the face of a global downturn in financial technology investments in 2023, the UAE’s fintech sector defied the trend, securing a sixth-place global ranking and experiencing a remarkable 92% surge. This growth was attributed to the region’s fintech-friendly regulations and the increasing adoption of digital banking and related tools, as reported by Innovate Finance.

While global investments in financial technology companies plummeted by 48% to $51.2 billion in 2023 from the previous year’s $99 billion, the UAE exhibited a contrasting trajectory, with fintech funding nearly doubling over the past year.

Despite economic challenges affecting major fintech hubs like the UK and the US, leading to concerns about inflation, tight monetary policies, and potential recession impacting spending and deals, early-stage fintech investment remained resilient, attracting over $4 billion in seed funding, according to Innovate Finance.

On a global scale, the fintech industry approached 2023 cautiously. Larger deals exceeding $100 million slowed, signaling a shift in growth-stage valuations and increased caution in capital issuance. The average deal size decreased to $12.9 million from $15.5 million in 2022 but surpassed the 2012-2020 average of $10.3 million. Notably, for the first time, Asian countries in the Top 10 outpaced their European counterparts in fintech investment trends. In 2023, the UAE made its debut in the top 10 list of the most well-funded fintech hubs, according to Innovate Finance.

With the Middle East, particularly the UAE, becoming increasingly attractive to financial sector companies, including cryptocurrency exchanges and FX/CFD brokers, the UAE’s efforts to position itself as a crypto and financial hub are evident. The country offers more business-friendly regulations to companies entering this market compared to other major jurisdictions.

According to the ranking, the US claimed the top spot with 1,530 deals valued at $24.2 billion, followed by the UK with 409 deals totaling $5.1 billion. Other countries in the top 10 included India, Singapore, China, France, Germany, Hong Kong, and Canada.

Innovate Finance highlighted that the UK, the second-largest fintech investment hub in 2023, experienced a significant decline, with total funding for the country’s financial technology industry reaching $5.1 billion, down 63% from $13.9 billion in 2022.

The top five biggest global deals in 2023, with a combined value of over $9 billion (approximately 18% of total global investment in the sector), were led by Stripe, which secured $6.9 billion. Rapyd, Xpansiv, BharatPe, and Ledger followed with the second to fifth-largest investment deals, respectively.

Publish 11 Jan 2024

Source: https://www.khaleejtimes.com/business/uaes-fintech-sector-ranks-6th-bucks-global-funding-downturn

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Dubai SME has partnered with AI fintech CXDA to enhance support for small businesses

Operating under the Dubai Department of Economy and Tourism (DET), the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) has collaborated with Chi-X Digital Assets (CXDA), a leading AI-based fintech platform. CXDA specializes in providing short-term debt products that enhance liquidity, facilitate investment, maximize economic growth, and enable SMEs to become more bankable.

With backing from the $7 billion private equity firm JC Flowers Co, CXDA offers market solutions that allow investors, originators, and borrowers to transact in a compliant and transparent marketplace.

Dubai SME-CXDA Business Boost

This strategic partnership outlines a comprehensive roadmap that focuses on crucial elements such as financial awareness, building business capacity, and attracting global investment into the emirate through Dubai’s SME industry.

Marking a significant milestone in the region, this collaboration introduces the use of AI to provide innovative financial solutions to SMEs, showcasing the government’s commitment to embracing new fintech solutions and positioning Dubai as a major innovation hub.

Abdul Baset Al Janahi, CEO of Dubai SME, expressed the organization’s commitment to enhancing SMEs within the emirate, acknowledging their vital role in society and economic growth. He highlighted that the partnership with CXDA could contribute to growth on a larger scale by emphasizing market solutions, improving liquidity in the SME sector, and streamlining the industry.

Thierry Porte, Chairman and CEO of CXDA, commended Dubai SME’s leadership in elevating the SME sector in Dubai, expressing confidence that the partnership would bring about a new era of liquidity and growth in the sector.

Dubai’s focus on pivotal sectors, attracting investment, and fostering a conducive business atmosphere aligns with the collaboration’s goal of reshaping and revolutionizing the city’s economy and the SME finance landscape. The partnership aims to standardize key information for SMEs, facilitate easy loan applications, provide instant credit assessment, offer financial analysis tools, and provide a suite of business support tools.

Publish 9 Jan 2024

Source: https://www.arabianbusiness.com/industries/banking-finance/dubai-sme-and-joins-forces-with-ai-fintech-cxda-to-boost-business

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Indian Crypto Firms Move to Dubai Over Stringent Laws

Seeking refuge from stringent regulations at home, an increasing number of Indian crypto companies are making the move to Dubai, enticed by the welcoming regulatory landscape of the United Arab Emirates (UAE). This migration is a direct reaction to India’s rigid tax policies and the uncertain legal framework surrounding digital currencies.

The 2021 RBI Remittance Survey disclosed that India’s expatriate community in the UAE contributes a substantial 18% to the nation’s $110 billion global remittance inflow.

UAE Embraces Relocating Indian Crypto Entities

This connection extends to the blockchain and web3 sectors, indicating a strong financial tie between the two nations. Trade between India and the UAE reached $85 billion last year, underscoring the increasing importance of their economic relationship.

A significant factor driving Indian crypto companies towards Dubai is the marked disparity in regulatory environments. Sumit Gupta, CEO of CoinDCX, voiced his concerns, stating,

“Many Web3 founders prefer Dubai or Singapore as their hub because of the clarity and certainty around regulations and greater community support.”

Recently, the Indian government imposed a 30% tax on profits from cryptocurrency trading, coupled with a 1% tax deducted at source on transactions exceeding 10,000 rupees. These updated regulations have led to a sharp decline in the local crypto market.

Gupta added,

“India remains at the forefront of grassroots cryptocurrency adoption, but a significant portion of this activity is shifting to alternative channels due to high tax rates.”

Dubai Emerging as a Flourishing Crypto Hub

On the contrary, Dubai offers low taxes, streamlined business setup processes, and a dedicated regulatory framework for digital assets, making it an appealing destination for crypto firms. The Dubai Multi Commodities Centre (DMCC), a major commercial hub, hosts over 23,000 companies, with a substantial portion originating from India.

Belal Jassoma, head of business development at DMCC, highlighted Dubai’s role as a global hub, attracting diverse international businesses.

This shift aligns with the broader crypto trend, where regions like the Middle East and North Africa (MENA) are emerging as significant players. The MENA region recorded a substantial $400 billion in cryptocurrency transactions, underscoring its growing importance in the digital currency realm.

Indian cryptocurrency firms will continue to grapple with regulatory challenges, while Dubai’s progressive stance and strategic global positioning provide a viable alternative. The emirate also nurtures a conducive environment for the growth and innovation of the crypto industry.

Publish 8 Jan 2024

Source: https://beincrypto.com/indian-crypto-companies-dubai-laws-home/

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UAE Officially Joins BRICS: A New Economic Chapter Unfolds – Smart Zones® UAE – Business Setup in Dubai

The UAE has entered a new phase in its multilateral economic collaboration by officially joining the Brics alliance, along with Saudi Arabia, Egypt, Iran, and Ethiopia, effective January 1. This move allows the UAE to expand its presence in global markets significantly.

The UAE’s inclusion in the alliance, following the ratification of its membership by the founding nations (Brazil, Russia, India, China, and South Africa) at the 15th Brics summit in Johannesburg in August, has doubled the alliance’s size. Together, the ten member countries now constitute a formidable economic force, representing a combined GDP of $28.5 trillion, equivalent to about 28% of the global economy. The alliance also boasts a collective population of approximately 3.5 billion, constituting 45% of the world’s population, and is anticipated to produce about 44% of the world’s crude oil.

For the second-largest economy in the Arab World, joining Brics reflects the UAE’s commitment to promoting multilateralism. Analysts believe that this membership will enhance the nation’s outreach, flexibility in international partnerships, implementation of major development plans, and empowerment of its economic model.

According to Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, “This development forms part of the UAE’s commitment to promoting constructive dialogue through active platforms that represent developing and emerging economies. The UAE has consistently championed the value of multilateralism in supporting peace, security, and development globally.”

Entering this influential group coincides with discussions about a BRICS currency potentially replacing the US dollar as a global reserve currency. Economists argue that the alliance will enable the UAE to diversify its strategic options, explore alternatives, form partnerships, and broaden its investment and trade portfolios, fostering dynamic engagement with emerging economies for mutual growth and cooperation.

“The UAE believes in championing multilateralism and actively contributing to important international arenas. This includes, apart from engaging with BRICS, participating regularly in the G20 process and hosting the Conference of the Parties to the UN Framework Convention on Climate Change (COP28) climate conference in November,” emphasizing the UAE’s commitment to global security, prosperity, and shared stability and development.

The UAE’s entry into Brics marks the culmination of an ongoing partnership, with the country having joined the group’s New Development Bank in October 2021. In June 2023, the UAE actively participated in the Friends of the Brics forum in Cape Town, presided over by South Africa during its BRICS presidency.

Publish 2 Jan 2024

Source: https://www.khaleejtimes.com/world/uae-marks-a-new-chapter-officially-joins-brics-to-boost-outreach

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