As the UAE forges ahead as a BRICS member, several sectors are poised to reap the benefits of this association, as highlighted by Omar Al Busaidy, Founder of Global Possibilities Consulting Works.
Energy: As a significant exporter of oil and gas, the UAE’s integration into BRICS offers the potential for expanded energy exports to the member nations, who are among the world’s largest energy consumers.
Renewable Energy: The UAE’s substantial investments in renewable energy align with the renewable energy needs of BRICS countries. This synergy opens doors for UAE-based renewable energy companies to tap into opportunities within BRICS nations.
Infrastructure: The UAE’s expertise in infrastructure development positions it as a valuable contributor to meeting the substantial infrastructure requirements of BRICS nations. Potential avenues for involvement include investment through entities such as the Abu Dhabi Development Fund and Emirates Development Bank to support the BRICS New Development Bank.
Tourism: Given the UAE’s status as a global tourist hotspot and the burgeoning middle classes in BRICS countries, the UAE could witness increased tourism from BRICS nations. Initiatives like visa-on-arrival entry for BRICS citizens further facilitate this potential growth.
Financial Services: As a prominent financial centre, the UAE stands to address the substantial financial services’ demands of BRICS countries, opening doors for its financial firms to engage in these dynamic markets. Notably, the recent agreement between UAE and India to trade oil using Rupee-Dirham is a testament to the evolving financial collaborations.
Real Estate: With a mature real estate market, the UAE could experience heightened investment from BRICS nations in its real estate sector following its BRICS membership.
Logistics: Leveraging its status as a global logistics hub, the UAE is poised to address the logistical needs of BRICS countries. This entails increased opportunities for UAE-based logistics companies, including entities like AD Ports and DP World, to participate in building and operating ports within BRICS member nations.
