Dubai: Dubai Multi-Commodities Centre (DMCC) hopes to attract more firms from Brics (Brazil, Russia, India, China and South Africa) nations in addition to already existing Lukoil, Reliance Industries, Sinopec among the other 10,700 firms, its executive chairman said on Wednesday.
Brics nations, which contribute to 20 per cent of the world’s GDP, account for a fourth of total of UAE’s trade, which is valued at $510 billion, signifying the importance of emerging powers outside of developed world. Brics also have impressive financial firepower, especially China, which accounts for $3.3 trillion of the total $4.4 trillion in currency reserves.
“Brics is an emblem of global shift of economic power that has taken place in this century. The Brics nations are also a significant trading partner with the UAE each as important as the other. At DMCC we are constantly creating and innovating increasing trade through Dubai and through UAE, Ahmad Bin Sulayem, executive chairman at DMCC said at the first Brics business forum in Dubai.
DMCC, a free zone with more than 10,700 companies, includes Lukoil, Reliance Industries, Sinopec among others from 170 nations and with 40,000 employees, adds up to 200 companies per month. “We look to adding many more in the future from Brics nations,” Sulayem added.
“As we add more and more new members, we need to create new capacity in coming years. We are planning to have a large tower for large corporations and trading houses. We are planning to built an entire business district called as the Burj 2020, which would be one of the world’s tallest commercial tower,” he added.
Engines of global economic recovery
“UAE is already hosting companies from Brics countries providing necessary conditions for their economic, logistical and technological development,” said Trimur Zabirov, charge d’affaires ad interim, Russian embassy in the UAE.
“This is a brilliant opportunity for Brics members to combine forces for new ambitious project, learn from each other in order to improve the capacity for innovation and competition,” Zabirov said.
“The atmosphere at this forum was very promising and all sides seemed to be open for cooperation, ready for progress and willing to achieve it. The event helps demonstrate Brics as a coherent balanced system and enhances Dubai’s role as an international hub for business,” said Igor Egorov, chairman of the Russian Business Council said.
The next forum will be held on Oct 12, 2016 in Dubai, and also includes the establishment of permanent coordination council specialised in dealing Brics relevant issues for convergence among economies in the Middle East.
