De-Dollarization Deepens: UAE and Zimbabwe Strengthen Ties in BRICS Push
BRICS member United Arab Emirates (UAE) has met with and boosted trade talks with a prospective new bloc member. Indeed, Zimbabwe and the UAE have met to discuss investment opportunities and trade. The meeting was held at the Zimbabwe capital of Harare, in the Zimbabwe-UAE Business Forum.
Several UAE companies from various sectors traveled to the African country to seek new potential investment opportunities. Trade between Zimbabwe and the UAE has been growing over the past few years. Exports to the UAE have increased from US$96 million in 2024 to US$1.9 billion. Now that the UAE is a member of BRICS, Zimbabwe will be wise to continue the upward trend in trade with the former to boost its chances of joining the alliance.
Why Does Zimbabwe Need BRICS, and How Can The UAE Help?
One significant reason why Zimbabwe is vying to join the BRICS alliance is due to its struggling economy. Zimbabwe is in dire need of the US dollar to survive in a dysfunctional economy. Citizens are avoiding their local currency due to hyperinflation that’s engulfed the country for a decade. Zimbabweans have taken refuge by hoarding US dollars to beat inflation which helps them survive financially.
With Zimbabwe looking for a currency savior, the nation has shown strong interest in the alliance to become a haven. To boost their chances of joining BRICS, Zimbabwe is bolstering its support for new BRICS member UAE. “We stand ready to support your business interests and provide any necessary assistance as you take advantage of the bountiful trade and investment opportunities available in Zimbabwe,” said Permanent Secretary in the Ministry of Foreign Affairs and International Trade, Albert Chimbindi.”
UAE Ambassador to Zimbabwe, Jassim Mohamed Al Qasimi, also spoke at the meeting, saying that both countries will benefit from the trade agreements. “The Zimbabwean-UAE forum is a testimony of shared commitment to mutual growth and prosperity between the two countries, to develop and strengthen the bilateral business relations and explore new avenues of economic cooperation. These are the commitments which are essential for sustaining fruitful exchanges between the two countries,” the ambassador said.
Zimbabwe is one of multiple African countries that is in a strong position to be invited to the bloc at this year’s summit.
This article originally appeared on Watcher Guru.
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