Latest news with #BRICSFinanceMinistersandCentralBankGovernorsMeeting
Arabian Post
09-07-2025
- Business
- Arabian Post
UAE Deepens BRICS Ties at Rio Finance Summit
Arabian Post Staff -Dubai The United Arab Emirates joined the BRICS Finance Ministers and Central Bank Governors Meeting in Rio de Janeiro on 6 July 2025 under Brazil's rotating presidency, with a focus on the global economic outlook and climate finance. Led by H. E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation included key figures from the Ministry of Finance and the Central Bank of the UAE. Al Hussaini opened his remarks by stressing the UAE's commitment to deepening dialogue on the future of the global financial system and strengthening multilateral cooperation frameworks to face development challenges. He asserted that platforms such as BRICS provide 'important opportunity to enhance global economic governance, expand access to innovative financing, and support long‑term financial stability'. ADVERTISEMENT The summit's agenda was structured into three comprehensive sessions: finance ministries, central banks, and a joint forum examining the international economic landscape, climate finance, and policy coordination. Delegates also discussed a proposal by Brazil to pilot a BRICS Multilateral Guarantee fund via the New Development Bank, aiming to mobilise private investment for infrastructure and climate-related initiatives. In a move signalling its growing climate finance role, the UAE, alongside China, expressed intention to invest in Brazil's Tropical Forests Forever Facility — a fund supported by BRICS to safeguard tropical forests. Leaders issued a joint statement underscoring the responsibility of developed nations to contribute to climate mitigation efforts. Further strengthening the bloc's role in global economic governance, BRICS finance ministers advanced a unified proposal for IMF reform. The initiative calls for a restructured quota system that reflects current global economic realities, incorporating output and purchasing power to boost representation for emerging economies. The proposal is slated for presentation at the 2025 IMF Review in December. Discussions included plans for a cross-border payments system to enhance financial integration within BRICS, potentially reducing reliance on Western-controlled mechanisms and promoting monetary coordination among member states. Brazilian President Luiz Inácio Lula da Silva framed BRICS as a beacon of multilateral diplomacy, likening it to the Non‑Aligned Movement, and warned against Western protectionist trends, including carbon border taxes. He emphasised that the bloc represents 40% of global output and over half the world's population, and advocated reform of institutions like the IMF and UN Security Council. The UAE, which joined BRICS in January 2024 and entered the NDB in October 2021, is now actively shaping the bloc's agenda on governance, finance, and sustainability. Its support for key initiatives highlights a strategic effort to elevate its international role in emergent economies and climate action.
Mid East Info
06-07-2025
- Business
- Mid East Info
UAE Participates in BRICS Finance Ministers and Central Bank Governors Meeting under Brazil's Presidency - Middle East Business News and Information
Discussing the global economic outlook and climate finance H.E. Mohamed bin Hadi Al Hussaini: 'We are committed to strengthening dialogue on the future of the global financial system and developing multilateral cooperation frameworks to address development challenges.' The United Arab Emirates, represented by the Ministry of Finance and the Central Bank of the UAE, participated in BRICS Finance Ministers and Central Bank Governors Meeting held in Rio de Janeiro, Brazil, under the 2025 presidency of Brazil. The UAE delegation was led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included H.E. Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at the Ministry of Finance; and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs. Sessions and Key Discussions: The meeting agenda featured three main sessions: one focused on finance ministries, another on central banks, and a joint session that explored the global economic outlook and the role of BRICS in enhancing international economic governance. Additional topics included climate finance and coordination of economic policies. H.E. Mohamed bin Hadi Al Hussaini stressed during his intervention that the UAE's participation in BRICS stems from its commitment to strengthening international dialogue on the future of the global financial system and developing multilateral cooperation frameworks to address urgent development challenges. Constructive Partnerships: H.E. Al Hussaini added: 'We believe that constructive partnerships among emerging and developing economies, through platforms such as BRICS, offer an important opportunity to enhance global economic governance, expand access to innovative financing, and support long-term financial stability. We also stress the importance of reinforcing financial and monetary coordination among member states to ensure more inclusive and sustainable growth.' He emphasised that the UAE's contribution to drafting the joint communiqué reflects its active commitment to collaborative efforts within BRICS, aimed at promoting shared interests and aligning with member countries' aspirations for a more balanced and cooperative global economy. The UAE officially joined BRICS in January 2024, following the ratification of its membership request by the group's five founding countries: the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China, and the Republic of South Africa. As a BRICS member, the UAE aims to deepen economic cooperation and partnerships with fellow member states, reinforcing its role as a global economic hub and multilateral partner. The UAE also joined the BRICS New Development Bank in October 2021. Established in 2015, the Bank mobilises resources for infrastructure and sustainable development projects in BRICS nations, as well as in other emerging and developing economies.
Gulf Today
06-07-2025
- Business
- Gulf Today
BRICS offers an opportunity to enhance global economic governance, says UAE
The United Arab Emirates, represented by the Ministry of Finance and the Central Bank of the UAE, participated in BRICS Finance Ministers and Central Bank Governors Meeting held in Rio de Janeiro, Brazil, under the 2025 presidency of Brazil. The UAE delegation was led by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at the Ministry of Finance; and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs. The meeting agenda featured three main sessions: one focused on finance ministries, another on central banks, and a joint session that explored the global economic outlook and the role of BRICS in enhancing international economic governance. Additional topics included climate finance and coordination of economic policies. Mohamed Bin Hadi Al Hussaini stressed during his intervention that the UAE's participation in BRICS stems from its commitment to strengthening international dialogue on the future of the global financial system and developing multilateral cooperation frameworks to address urgent development challenges. 'We are committed to strengthening dialogue on the future of the global financial system and developing multilateral cooperation frameworks to address development challenges.' Al Hussaini added: 'We believe that constructive partnerships among emerging and developing economies, through platforms such as BRICS, offer an important opportunity to enhance global economic governance, expand access to innovative financing, and support long-term financial stability. We also stress the importance of reinforcing financial and monetary coordination among member states to ensure more inclusive and sustainable growth.' He emphasised that the UAE's contribution to drafting the joint communiqué reflects its active commitment to collaborative efforts within BRICS, aimed at promoting shared interests and aligning with member countries' aspirations for a more balanced and cooperative global economy. The UAE officially joined BRICS in January 2024, following the ratification of its membership request by the group's five founding countries: the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China, and the Republic of South Africa. As a BRICS member, the UAE aims to deepen economic cooperation and partnerships with fellow member states, reinforcing its role as a global economic hub and multilateral partner. The UAE also joined the BRICS New Development Bank in October 2021. Established in 2015, the Bank mobilises resources for infrastructure and sustainable development projects in BRICS nations, as well as in other emerging and developing economies. WAM
Al Etihad
06-07-2025
- Business
- Al Etihad
UAE participates in BRICS finance ministers, central bank governors meeting under Brazil's presidency
6 July 2025 17:33 RIO DE JANEIRO, BRAZIL (WAM)The United Arab Emirates, represented by the Ministry of Finance and the Central Bank of the UAE, participated in BRICS Finance Ministers and Central Bank Governors Meeting held in Rio de Janeiro, Brazil, under the 2025 presidency of UAE delegation was led by Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and included Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at the Ministry of Finance; and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial meeting agenda featured three main sessions, with one focused on finance ministries, another on central banks, and a joint session that explored the global economic outlook and the role of BRICS in enhancing international economic governance. Additional topics included climate finance, and coordination of economic bin Hadi Al Hussaini stressed during his intervention that the UAE's participation in BRICS stems from its commitment to strengthen international dialogue on the future of the global financial system, and to develop multilateral cooperation frameworks that address urgent development Hussaini added: 'We believe that constructive partnerships among emerging and developing economies, through platforms such as BRICS, offer an important opportunity to enhance global economic governance, expand access to innovative financing, and support long-term financial stability. We also stress the importance of reinforcing financial and monetary coordination among member states to ensure more inclusive and sustainable growth.'He emphasised that the UAE's contribution to drafting the joint communiqué reflects its active commitment to collaborative efforts within BRICS, which are aimed at promoting shared interests and aligning with member countries' aspirations for a more balanced and cooperative global UAE officially joined BRICS in January 2024, following the ratification of its membership request by the group's five founding countries: the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China, and the Republic of South a BRICS member, the UAE aims to deepen economic cooperation and partnerships with fellow member states, reinforcing its role as a global economic hub and multilateral partner. The UAE also joined the BRICS New Development Bank in October 2021. Established in 2015, the bank mobilises resources for infrastructure and sustainable development projects in BRICS nations, as well as in other emerging and developing economies.
The Print
30-06-2025
- Business
- The Print
FM to embark on 5-day official visit to three nations, to attend meeting of BRICS finance ministers
As part of her visit to Seville, Spain, the Finance Minister will attend the 4th International Conference on Financing for Development (FFD4) organised by the United Nations, and deliver a statement on behalf of India. The minister will be leaving later in the day and will conclude her three-nation visit on July 5. New Delhi, Jun 30 (PTI) Finance Minister Nirmala Sitharaman will lead an Indian delegation to Spain, Portugal and Brazil to attend a host of events including the BRICS Finance Ministers and Central Bank Governors Meeting (FMCBG). She will also participate and deliver a keynote address at the International Business Forum Leadership Summit on 'From FFD4 Outcome to Implementation: Unlocking the Potential of Private Capital for Sustainable Development', in Seville, the finance ministry said in a statement. On the sidelines of the FFD4, she will meet senior ministers from Germany, Peru and New Zealand, and President, European Investment Bank (EIB). In her next leg, she will visit Lisbon, Portugal, where she is expected to have a bilateral meeting with the Minister of Finance, Portugal. Besides, she would interact with prominent investors and members of the Indian diaspora. At Rio de Janeiro, Brazil, the Finance Minister will address the 10th Annual Meeting of New Development Bank (NDB) as India's Governor and also attend the BRICS Finance Ministers and Central Bank Governors Meeting (FMCBG), it said. As part of the NDB meetings, Sitharaman will also deliver an address during the NDB Flagship Governors Seminar on 'Building a Premier Multilateral Development Bank for the Global South'. On the sidelines of the NDB meetings, it said, she will hold bilateral meetings with her counterparts from Brazil, China, Indonesia and Russia. BRICS is a grouping of five major emerging economies — Brazil, Russia, India, China, and South Africa. PTI DP DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
