How joining BRICS will boost UAE’s different economic sectors

How joining BRICS will boost UAE’s different economic sectors

Some analysts expect BRICS nations will increasingly trade in their own respective currencies, hence, reducing dependence on the dollar

Published: Sun 27 Aug 2023, 12:19 PM

Joining BRICS group will benefit diverse sectors of the UAE such as trade, investment, space, medicine, finance, and technology and also boost numerous other aspects of the local economy.

Some analysts expect BRICS nations will increasingly trade in their own respective currencies, hence, reducing dependence on the dollar. However, many of them believe that it is still far away before dependence on the US dollar or petrodollars is reduced meaningfully.

Following the 15th annual BRICS (Brazil, Russia, India, China and South Africa) summit last week, the bloc of five major emerging economies announced the admission of Iran, Saudi Arabia, Egypt, Ethiopia, Argentina and the UAE on January 1, 2024, to grow its economic and political clout on the world stage.

The group currently represents around 40 per cent of the world's population and over a quarter of GDP. The size of the BRICS will significantly expand with the joining of the UAE, Saudi Arabia and Iran — three major oil producers.

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Paul Park, regional director of MENAT at Milestone Systems, said the strategic alliance offers immense potential for