UAE trade with BRICS countries hits $93.2 billion

This accounts for 21 per cent of the country’s total, including that of the free zones, during 2014

The UAE’s non-oil trade with BRICS countries (Russia, Brazil, India, China and South Africa) during 2014 is estimated at $93.2 billion. This accounts for 21 per cent of the UAE’s total foreign non-oil trade, including the free zones’ trade during 2014, according to the UAE Ministry of Economy statistics. UAE officials, diplomats representing BRICS countries in the UAE and the chairmen of Business Councils of BRICS countries stressed that governments, companies and BRICS investors attached great importance to the opportunities in Dubai and UAE markets, UAE based Al Bayan reports. They emphasised that companies and BRICS investors are interested in the UAE due to the adequacy of its legislative system to business, the stability of its political and economic system and opportunities in various sectors. However, despite the financial crisis and the large decline in the currencies of some BRICS countries, it is not possible to underestimated their strength, which accounts for a quarter of the land area and nearly 41 per cent of the earth’s population. Meanwhile it is expected that BRICS’ contribution percentage in global GDP will rise to 40 per cent by 2050. ($1 = AED3.67, at the time of publishing)