*Writing by Ikram Kouachi
Africa-Press – Kenya. The United Arab Emirates’ (UAE) accession to the BRICS group of emerging economies will not harm relations with the West, the country’s economy minister said Monday.
Abdulla Bin Touq Al-Marri told Bloomberg that Abu Dhabi considers its membership in the organization as an opportunity to develop trade.
The minister said that his country plans to allocate more capital to the New Development Bank, which was established by the BRICS two years ago.
The Shanghai-based bank has an authorized capital of $100 billion, according to its website. Since its founding, the bank has approved projects with a cumulative value of nearly $32 billion.
Al-Marri stressed that BRICS membership would not represent a pivot against the United States, noting that the bloc will add to the support for pluralism that the UAE provides to the world.
Established in 2006, BRICS comprises China, Brazil, Russia, India and South Africa. Last week, the bloc invited six new countries — Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the UAE — to become full members as of January 2024.
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