What will
the BRICS benefit the UAE, Saudi Arabia and Egypt
**********************
The UAE’s
accession to BRICS comes at a time when it has been able to strengthen its
economic partnerships with countries around the world, as it has signed several
comprehensive economic partnership agreements, which contributed to enhancing
its non-oil trade globally and reaching historic levels.
Joining the
BRICS will attract more foreign investment into its economy and work to
strengthen it.
The UAE and
Saudi Arabia are two of the largest trading partners in the region, and the
accession of the two countries to BRICS group supports their strategy of
openness and diversity and enhances their access to a strong network of
economic partners in light of the ongoing global transformations taking place
in the world amid geopolitical tensions and mutual sanctions between Moscow on
the one hand, and Washington and the capitals of European countries on the
other.
As for
Egypt’s accession, it carries many opportunities and advantages, especially in
terms of development, trade and investment, as the volume of trade exchange
between Egypt and BRICS group exceeds $ 31 billion, and the accession gives it
a wider outlet to break free from the grip of the dollar by expanding its
commercial transactions in local currencies.
The
accession of Arab countries to the BRICKS group represents an important
milestone in the transformation of the balance of global economic forces
The UAE,
Saudi Arabia and Egypt are candidates to be leading countries in the production
and export of clean energies in the next few decades, such as green hydrogen
and green ammonia, which are expected to compete with fossil fuels.