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The UAE Ministry of Finance issued a statement outlining the country’s participation in the second meeting of BRICS Finance Ministers and Central Bank Governors together with the Special Meeting of the Board of Governors of the New Development Bank held in Mumbai, India. A delegation led by Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini supported the adoption of a joint statement that coordinates positions on economic issues affecting emerging markets. The gatherings also produced the launch of the BRICS-NDB Knowledge Portal designed to promote the sharing of expertise and best practices in development finance.
“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,” Al Hussaini said in the ministry statement. The minister further detailed the UAE’s backing for continued collaboration on financial stability and sustainable growth initiatives. Such steps build directly on the UAE’s full membership in BRICS that took effect in January 2024.
Discussions during the Mumbai sessions covered the New Development Bank’s General Strategy for 2027-2031, which received UAE endorsement according to the released statement. The knowledge portal initiative aims to compile case studies and technical resources that member countries can apply to infrastructure and climate-related projects. Officials from participating nations reviewed progress on existing working groups that address capital market development and cross-border payment systems.
The UAE welcomed the creation of the BRICS Task Force on Growth and Development during 2026 and urged its continuation in future years, the ministry statement reported. Among the priority topics are digital transformation coupled with innovation as well as growth-enhancing reforms that encompass labour mobility and skills development. These areas reflect shared interests among BRICS members in adapting to evolving global economic conditions.
UAE official statistics placed non-oil foreign trade with BRICS nations above 312 billion dollars in 2025, marking a 28.5 percent rise from the prior year and illustrating expanding commercial ties that complement the financial engagements. A recent assessment referenced in UAE government communications estimated the country’s sovereign wealth assets at more than 2.9 trillion dollars, enhancing its capacity to contribute to development financing across the bloc. The Central Bank of the UAE issued a parallel statement on its involvement in the same meetings under Assistant Governor Ebrahim Obaid Ebrahim Al Zaabi.
The central bank delegation reviewed objectives of the BRICS financial track and approved both the joint statement and the establishment of the BRICS Centre for Central Bank Capacity Building. This new centre focuses on training programmes and knowledge exchange to bolster monetary policy coordination among member institutions. The dual participation by finance and central bank representatives underscores the breadth of the UAE’s contributions to the day’s proceedings.
