UAE deepens engagement in financial cooperation, development finance at BRICS and New Development Bank meetings in India

Mumbai: The United Arab Emirates, represented by the Ministry of Finance, participated in the second meeting of BRICS Finance Ministers and Central Bank Governors and the Special Meeting of the Board of Governors of the New Development Bank (NDB), held today in Mumbai, India. The Ministry of Finance delegation was headed by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included a number of officials and specialists from the Ministry, alongside representatives of the Central Bank of the UAE. The UAE's participation reflects its commitment to strengthening multilateral financial and economic cooperation and supporting dialogue on priority issues for emerging and developing economies. The second meeting of BRICS Finance Ministers and Central Bank Governors discussed a range of shared priorities for finance ministries and central banks across the group, against the backdrop of challenges facing emerging and developing economies and the growing importance of stronger economic coordination and cooperation among BRICS countries. The meeting also witnessed the launch of the BRICS-NDB Knowledge Portal, alongside the adoption of the joint statement by BRICS Finance Ministers and Central Bank Governors. Mohamed bin Hadi 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 in light of 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 added that the Knowledge Portal marks an important step in consolidating the group's institutional work and capturing its initiatives and technical outputs, while underscoring the UAE's readiness to contribute best practices, case studies and national expertise to the platform. The UAE also welcomed the formation of the BRICS Task Force on Growth and Development in 2026 and stressed the importance of continuing its work in the years ahead, particularly in areas such as digital transformation and innovation, growth-enhancing reforms, labour mobility, and the development of future skills and talent. The UAE further emphasised the importance of stronger coordination between successive BRICS presidencies to ensure the continuity of initiatives and deliver long-term impact. 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 New Development Bank General Strategy for 2027-2031, alongside a number of other items. The strategy discussions were of particular importance given their role 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, as well as the raising of targets for climate action financing and women's representation. 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 and strengthening economic and development partnerships in response to the transformations shaping the global economy. The UAE joined the New Development Bank in October 2021 and 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.