UAE Pledges $5B Crypto Investment in BRICS Alliance Nations

• UAE Announces $5 Billion Investment into BRICS Economic Alliance at UN Climate Summit
• Key Partnerships and Investments
• BRICS Dominates Geopolitical Discourse in 2023
• UAE's $5 Billion Investment To Boost Alliance's Impact
• The Impact on Global South Nations
• Investment Set to Bolster De-Dollarization Efforts

UAE Announces $5 Billion Investment into BRICS Economic Alliance at UN Climate Summit

In the wake of the UN Climate Summit, the United Arab Emirates (UAE), the newly invited member of the BRICS alliance, has declared its plan to invest $5 billion into the economic alliance. This investment forms a significant portion of a larger $30 billion investment revealed during the summit, as reported by the Financial Times.

Key Partnerships and Investments

Reports indicate that the climate-oriented investment fund is set to be created in collaboration with entities such as BlackRock, TPG, and Brookfield. Lunate Captial, an Abu Dhabi-based asset manager with $50 billion in assets, has been confirmed to be managing the $5 billion allocation destined for global south countries.

BRICS Dominates Geopolitical Discourse in 2023

BRICS has been a major topic of discussion throughout much of 2023 and has emerged as a critical player in global political discourse. Founded in 2001, the economic alliance has arguably never experienced such a momentous year. The bloc has not only embarked on significant de-dollarization efforts but has also announced an important six-country expansion. One of these recently invited nations, UAE, is now ready to contribute financially to the alliance.

UAE's $5 Billion Investment To Boost Alliance's Impact

Specifically, UAE, as a new member of the BRICS alliance, has pledged to make a $5 billion investment into the alliance. The commitment was made as part of an overall $30 billion pledge towards climate-related projects during a UN Summit. Notably, the aforementioned $5 billion is set aside for nations in the global south.

The Impact on Global South Nations

The term global south traditionally refers to the nations within the BRICS alliance, specifically Brazil, India, and China. Hence, this latest investment announcement is expected to significantly influence the UAE's financial relations with these countries.

Investment Set to Bolster De-Dollarization Efforts

There are indications that this investment will further bolster the bloc's de-dollarization initiatives. The UAE was among the first countries to abandon the Dollar in bilateral trade relations with BRICS nations and has since embraced similar practices. Ultimately, the injection of this investment could provide a substantial boost to the bloc and its various initiatives.

Edited by Jonathan Stoker