UAE highlights potential of deeper trade, investment collaboration between BRICS nations
Rio de Janeiro [Brazil]: The United Arab Emirates , represented by Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, has participated in the BRICS Business Forum on the sidelines of the 17th BRICS Summit in Rio de Janeiro, Brazil.During the Forum, Al Zeyoudi highlighted the UAE's strong relationships with BRICS nations and the community's role in driving innovation, accelerating trade and creating opportunities for cross-border investment. Al Zeyoudi also promoted closer collaboration in key sectors, including logistics, agriculture, renewable energy, technology and healthcare.The BRICS Business Forum gathered leaders and business representatives from the community's 10 member nations - Brazil, Russia, India, China, South Africa, Indonesia, Ethiopia, Egypt, Iran, and the UAE - to exchange views and ideas on how their public and private sectors can work together to navigate the world's current economic and geopolitical climate.The UAE's participation reflects its belief in constructive collaboration and its commitment to pursuing mutually beneficial global partnerships. The Forum resulted in the endorsement of several initiatives aimed at deepening economic cooperation as well as new private sector partnerships that will enhance trade and investment flows.Al Zeyoudi said the Forum provided an important opportunity to engage with a group of like-minded nations undergoing significant economic transformations: "The BRICS community provides a compelling model for growth in the current economic climate. Each of us are seeking economic growth based on investment, innovation, entrepreneurship and trade relationships free from barriers and bureaucracy. This is how the UAE is building our next chapter of economic development, from attracting FDI and fostering new, technology-driven industries to securing free-trade deals with like-minded nations such as BRICS members India, Indonesia and Russia.We are eager to maximize this relationship to the fullest extent and build upon these strong foundations in vital economic sectors including energy, logistics, technology, healthcare, and food security."Al Zeyoudi was in Brazil, joined by Saleh Ahmad Salem Alzaraim Al Suwaidi, the UAE's Ambassador to Brazil.The UAE and the BRICS nations have been experiencing robust trade growth. In 2024, they shared non-oil trade worth USD 243 billion, a 10.5 per cent increase on 2023. The momentum has accelerated in 2025, with non-oil trade reaching USD 68.3 billion, a year-on-year growth rate of 18.2 per cent, and 2.4 per cent more than Q4, 2024.The UAE's total non-oil exports to BRICS countries grew to USD 39.4 billion in 2024, nearly double the level from 2019, while re-exports reached USD 50.5 billion. The UAE ranks 14th globally among BRICS trading partners and 5th when measuring internal trade among BRICS nations, behind China, Russia, India and Brazil.The BRICS community, which initially comprised of Brazil, Russia, India, China and South Africa before expanding to 10 nations this year, represents a significant portion of the global economy. It accounts for approximately 40% of the world's population and around 25 per cent of global GDP. The UAE became a member of BRICS in 2024, reflecting its strategic focus on expanding diplomatic and economic ties with markets throughout the world to further enhance its role in driving global economic growth and prosperity.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
2 hours ago
- Time of India
GCC GDP 2024: Real and nominal figures differ, but both show non-oil sectors make up over 70%
In 2024, non-oil sectors made up 77.9% of nominal GDP and 70.6% of real GDP across the GCC/ Image: FIle The Gulf Cooperation Council (GCC) economies showed steady growth in 2024, with rising contributions from non-oil sectors offsetting a decline in oil output. Real GDP rose 3.3% in the fourth quarter, backed by strong performance in manufacturing, trade, and construction. This marks a continuing shift away from oil dependence, reinforced by national reform programs and increased investment in non-hydrocarbon industries. Real GDP – Growth despite oil sector contraction In constant price terms, or real GDP, the total output of the six GCC countries rose by 3.3% in Q4 2024, reaching USD 456.3 billion, compared to USD 442.3 billion in Q4 2023. Quarter-on-quarter, the region's economy expanded by 1%, rising from USD 452.2 billion in Q3 2024. The bulk of this real GDP came from non-oil sectors, which made up 70.6% of total real GDP in Q4. In contrast, oil-related activities contributed the remaining 29.4%. Looking at the year as a whole, the overall real GDP across the GCC rose by 2.4%. However, this masks a notable divergence between sectors: Non-oil GDP increased by 3.7%, driven by robust growth in industry and services. Oil GDP declined by 0.9%, primarily due to voluntary production cuts under the OPEC+ framework. Country-wise, Qatar recorded the highest annual increase in real GDP at 4.5%, followed by the UAE at 3.6%, and Saudi Arabia at 2.8%. In Saudi Arabia, non-oil activities grew by 4.6%, while oil activities contracted by 4.5%, indicating a substantial shift in the country's economic composition. Nominal GDP – Growth tempered by market prices In nominal terms (i.e., unadjusted for inflation), the GCC's GDP rose by 1.5% year-on-year, reaching USD 587.8 billion by the end of Q4 2024, up from USD 579 billion in Q4 2023. Unlike real GDP, nominal GDP reflects current market prices, and can be influenced by inflation or deflation. While the overall increase was modest, the non-oil sector's contribution to nominal GDP was higher at 77.9%, showing a broader diversification trend in monetary terms. The remaining 22.1% came from oil activities, a significantly lower share compared to their contribution in real terms. This disparity suggests that while oil remains a large physical output driver, price pressures and production curbs have diminished its monetary weight in the economy. Sector contributions – Manufacturing and trade lead A closer breakdown of nominal GDP reveals the growing role of diverse non-oil industries: Manufacturing: 12.5% Wholesale and Retail Trade: 9.9% Construction: 8.3% Public Administration and Defence: 7.5% Finance and Insurance: 7% Real Estate Activities: 5.7% Other Non-Oil Activities: 27% These sectors have underpinned the GCC's non-oil expansion, with each contributing steadily to national and regional outputs. In Saudi Arabia specifically, the National Industrial Development and Logistics Program (NIDLP) contributed SAR 986 billion (USD 262.8 billion) to non-oil GDP, accounting for 39% of Saudi Arabia's non-oil economic output. Non-oil activities now represent 55% of Saudi Arabia's total GDP. This growth has been supported by government spending, which increased by 2.6% in Saudi Arabia during 2024, enabling momentum in infrastructure, services, and industry. Reform agendas and future outlook The GCC's shift from oil-dependency to broader economic resilience is no longer just policy ambition — it is increasingly reflected in macroeconomic data. Growth in 2024 was driven by sectors aligned with national strategic reforms: Saudi Vision 2030 UAE Economic Vision Qatar National Vision 2030 Oman Vision 2040 These plans emphasize tourism, logistics, manufacturing, finance, and digital infrastructure, backed by regulatory changes and significant public-private investment. The year's data confirms that these structural transformations are not only underway but are starting to deliver tangible economic diversification. Despite setbacks from oil market volatility, the region is expanding in real output, broadening its industrial base, and recalibrating its sources of long-term growth. Real vs. nominal GDP – Simplified To help readers understand the two metrics used: Real GDP adjusts for inflation, showing actual physical output growth or contraction. It's more useful for comparing economic performance over time. Nominal GDP is the economy's total value of goods and services using current prices, reflecting the monetary size of the economy but can be skewed by price changes. In the GCC's case, real GDP growth (3.3%) outpaced nominal GDP growth (1.5%), which suggests that while the region is producing more goods and services, price effects (like lower oil prices) dampened the apparent value increase.
The Print
4 hours ago
- The Print
Gold climbs Rs 400 to Rs 98,020/10 g; silver rises Rs 500
In the national capital, gold of 99.5 per cent purity appreciated by Rs 300 to Rs 97,800 per 10 grams (inclusive of all taxes) on Monday. The yellow metal had settled at Rs 97,500 per 10 grams in the previous market close. On Friday, the precious metal of 99.9 per cent purity had closed at Rs 97,620 per 10 grams. New Delhi, Aug 4 (PTI) Gold prices climbed Rs 400 to Rs 98,020 per 10 grams in the national capital on Monday due to fresh buying by stockists, according to the All India Sarafa Association. In addition, silver prices increased Rs 500 to Rs 1,10,000 per kilogram (inclusive of all taxes) on Monday. The white metal had finished at Rs 1,09,500 per kg on Friday. 'Gold prices traded very strong, driven by a weak rupee and disappointing US macroeconomic data on Friday. The data supported gold prices in the international market, which climbed to USD 3,355 per ounce. 'Tariff-related concerns and rupee depreciation added to the upside momentum. In the week ahead, investors will shift their focus to the upcoming RBI monetary policy meeting and US manufacturing data to provide further guidance on the trajectory of bullion prices in the near-term,' Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities. Meanwhile, spot gold was trading flat at USD 3,363.83 per ounce in New York. 'Spot gold is trading at USD 3,355 per ounce as risk assets are bid on rate cut hopes; however, sharp decline in the Indian rupee on tariff concerns supports the domestic gold prices,' Praveen Singh, Associate Vice President, fundamental currencies and commodities, at Mirae Asset Share Khan, said. However, spot silver rose 0.43 per cent to USD 37.20 per ounce in the overseas markets. PTI HG TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
4 hours ago
- The Print
Internet firm Rediff explores options to raise USD 100 mn
The board of is currently evaluating fundraising options and is expected to finalize the structure in the coming weeks, they said. However, the IPO option has a high chance of being chosen by management for its USD 100 million fundraising, sources said. The company, which is majority owned by financial technology company Infibeam Avenues Ltd, is considering options such as launching an IPO, private placement, or through private equity participation to raise capital, sources privy to the development said. Mumbai, Aug 4 (PTI) Internet company Rediff is exploring options, including an initial public offering, to raise up to USD 100 million (around Rs 875 crore) to accelerate its push into enterprise-grade email, business productivity suite and digital payments, according to sources. When contacted, Rediff Senior Vice-President for Corporate Development, Ashish Mehrota, said, 'Yes, our company explores various fundraising options from time to time. At this stage, we do not have anything specific to share, but we are evaluating options.' Sources said that the company will use the funds to accelerate its push into enterprise-grade email and business productivity suite -RediffOne, and digital payment – RediffPay. Infibeam has been investing aggressively in data centres, AI platforms, and now, sovereign digital services — all areas where Rediff is expected to play a central role, sources said. The firm had launched its AI-powered productivity suite RediffOne last year and looks to offer similar services that global majors like Microsoft, Google, and Zoho are offering, sources said. While almost all major productivity suites — Microsoft 365, Google Workspace, and Zoho — are headquartered in the US or elsewhere in the West, Rediff remains the only large-scale Indian player in this category. The company claims over 20,000 businesses currently use Rediffmail Enterprise, in addition to millions of individual users on its flagship email platform. PTI IAS MR MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
