Page 32 - MOE ENGLISH PR REPORT - JANUARY 2024

Press Release

He continued: "The UAE is joining BRICS as it believes in the importance of strengthening
multilateral economic cooperation. It reflects our nation’s commitment to creating new opportunities

for exporters, manufacturers, and investors not just within BRICS, but also globally. This supports
global trade and market access, facilitating traders’ integration into global value chains and

increasing investment flows, especially since economic clusters play increasingly bigger roles in
shaping the current and future economic landscape."

BRICS membership to promote UAE’s economic diversification

H.E. Bin Touq continued: “The UAE shall benefit from its BRICS membership as it would diversify
its national economy and boost its competitiveness at both regional and global levels, increasing

national non-oil exports and new partnerships across different economic sectors including the new
economy, leading to increased FDI inflows. BRICS is an important source of foreign investment in

various future areas such as transportation, financial services, technology, and green power,
generating more job opportunities, and mutual investments between members.”

“On the other hand, the UAE offers its BRICS partners a strategic location teeming with many
economic possibilities and an ideal ecosystem for establishing and developing businesses. The

UAE’s business environment is characterized by flexibility, continuous improvement, and
attractiveness for leading projects in a diverse array of economic activities, especially new economic

sectors such as tourism, entrepreneurship, and technology,” H.E. added. The Minister of Economy
explained that BRICS has significant economic importance as it accounts for 23 per cent of the global

GDP, 42 per cent of the world’s population, and more than 16 per cent of global trade.

Review of UAE’s economic performance indicators

In the same context, H.E. noted that the UAE economy is growing and diversifying at a fast pace,

thanks to the country’s pioneering economic initiatives, policies, and strategies. The Minister of
Economy then reviewed some national economic performance indicators such as the country’s GDP

growth of 7.9 per cent in 2022, non-oil national product growth of 5.9 per cent during the first half

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