The approval to join the group was lauded by UAE royals…

The United Arab Emirates is one of six countries that have been invited to join BRICS – an organisation that was founded back in 2001. Besides the UAE, Saudi Arabia; Iran; Ethiopia; Egypt; and Argentina will also join the group.

The six new nations will officially join the current five members at the start of 2024 as announced during the Brics grouping summit in Johannesburg on August 24, 2023.

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan took to social media to express his appreciation.

The UAE President stated, ‘We respect the vision of the BRICS leadership and appreciate the inclusion of the UAE as a member to this important group. We look forward to a continued commitment of cooperation for the prosperity, dignity and benefit of all nations and people around the world.’

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai also expressed his gratitude on the social media platform for the approval to join the BRICS group.

The Ruler of Dubai stated, ‘The approval of the UAE joining the BRICS group today represents a success for its balanced international policy led by my brother, His Highness Sheikh Mohammed bin Zayed, President of the State’

He added, ‘The country’s accession to this group also represents an extension of its philosophy based on building positive international multilateral partnerships, and consolidates its international economic and trade position as a reliable partner linking the world’s north with its south and east with west. The UAE will continue its approach based on supporting global peace, security and development.’

So, what is BRICS?

To keep it simple, BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The word was coined by Jim O’Neill – an economist from Goldman Sachs (an American multinational investment bank and financial services company). Initially, it was just BRIC, but when South Africa joined the group in 2010, it became BRICS.

Together, the countries form an organisation that works together to increase their economic and political standing in the world. O’Neill claimed that by 2050, the BRIC economies would dominate the global economy. Together, the countries will depend on each other for growing influence in the world.

The expansion was also described by China’s president, Xi Jinping as ‘historic’. Jinping was a key player in the admission of new members claiming that it was a way for BRICS nations to present ‘a stronger voice in world affairs.’

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