Media ININ Economy We Trust
Aug 28
Abdullah bin Touq Al-Marri, Minister of Economy, expected the UAE economy to grow at a rate higher than the expectations of international institutions, indicating that the expected growth in the coming years will be in the range of 7% annually. Bin Touq said, in an interview with Bloomberg TV, on Monday, that the UAE, which received an invitation to join the BRICS, is seeking to inject money into the capital of the Development Bank of the bloc. He pointed out that joining the group does not represent a change in the country’s relations based on partnerships with countries of the world, including the United States and other Western countries.
On the main benefits of entering the BRICS Club despite the country’s strong trade relations with China and India, Bin Touq said: “It will be a major change for the UAE, which has relied for 50 years on pluralism in dealing with the world. We want peace and prosperity, and through them, to boost the economy and trade.” He added, “The UAE’s accession to the BRICS group will add a lot of momentum as a result of the multilateral support for it and the world. We are constantly focusing on global trade, of which the country has always been a vital center.”
The minister said that we aim in the UAE for an annual growth in the gross domestic product of 7%, and we focus on doubling the volume of trade exchanges, which is of utmost importance to us.
Growing relations with America
Bin Touq referred to the growing relations with the United States, as trade between the two countries grew by 20% in 2022, and “there is a lot to be done with it and with European countries as well,” noting that the UAE is invited annually to attend the G-20 summit. He added: “The UAE’s accession to the BRICS group will add a lot of multilateral support to it and to the world. We are constantly focusing on peace and prosperity and on global trade, of which the country has always been a vital center.”
Regarding the UAE’s support for the new digital currency that is being talked about in “BRICS”, Bin Touq said: There is a difference between reserve currencies and commercial currencies… We in the UAE focus on removing obstacles and making trade easier globally. He continued, “We also look forward to the UAE, which is one of the fastest growing countries in the world, to play an important role in the new patterns of emerging markets.”
Regarding non-oil business dealings in the yuan currency, Bin Touq said: “The UAE looks primarily at the dollar because the local currency is backed by it. Look at the huge number of global commercial transactions denominated in dollars. What we focus on is how to make trade easier, and banking transactions as well.. So we specialize in dealing with global trade markets instead of separating from them.”
Development Bank
In response to a question about pumping money into the BRICS Development Bank, the minister replied, “The truth is that the UAE joined the bank’s membership in October 2021.. There are $23 billion that have been pumped into financing 200 projects so far. We bet on pumping more in the future, and this is an important and strong factor in enhancing economic activity at the group level.” The Shanghai-based New Development 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.
Regarding the incentives that give rise to optimism to achieve a gross product of about 3 trillion dirhams in 2030 and an annual growth rate of 7%, the minister said, “We are betting on what has been achieved during the past few years, as 275,000 new companies were established within one year, and on comprehensive economic partnership agreements.” , which raised the volume of trade exchanges to more than two trillion dollars for the first time in the history of the Emirates, and on the policy of rational leadership that provides facilities starting with the right of foreign ownership to 100% and granting golden visas to investors and non-investors of qualifications and talents with the aim of enhancing the existing diversification in economic activity from By promoting competitiveness, freedom and innovation.
The UAE was among six countries, namely the UAE, Saudi Arabia, Egypt, Iran, Ethiopia and Argentina, that received invitations last week to join China, Russia, India, Brazil and South Africa in the group, which is the first expansion of the group since South Africa joined in 2010.
