Brics' New Development Bank elects Thuraiya Alhashmi as a board member

She will become the first Emirati and Arab woman to assume a director’s position at the Shanghai based bank

Thuraiya Alhashmi was involved in managing the UAE’s relationship with the World Bank, the International Monetary Fund, the European Bank for Reconstruction and Development and others. Photo: Ministry of FinanceShow less

New Development Bank (NDB) has elected Thuraiya Alhashmi, director of the international financial relations and organisations department at the UAE Ministry of Finance, as a member of its board of directors and a constituency director.

Ms Alhashmi will become the first Emirati and Arab woman to assume a director’s position at the NDB, which was established by Brazil, Russia, India, China and South Africa (Brics) in 2015 to support infrastructure projects in Brics countries and other emerging economies.

She was appointed following an internal voting process during NDB’s eighth annual meeting held in Shanghai recently, the Ministry of Finance said in a statement on Monday.

“She is a role model for Emirati women and I’m proud of her and all our Emirati calibres who represent our country globally,” Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, said in a tweet.

Ms Alhashmi holds a bachelor’s degree in business administration from the American University of Sharjah, and a master’s degree in international business from Tufts University in the US. She has been working at the Ministry of Finance since March 2020 as director of the international financial relations and organisations department, managing a team that addresses issues related to government investments, treaties, bilateral negotiations and the exchange of information for tax purposes.

She was also involved in managing the UAE’s relationship with international financial organisations, including the World Bank, the International Monetary Fund, the European Bank for Reconstruction and Development, NDB, the Opec Fund for International Development, the Islamic Development Bank, and the G20 Finance Track.

“In her new role, Thuraiya Alhashmi will be able to serve the UAE and its global contributions across financial areas, becoming an outstanding example of Emirati women leaders who have established renowned standing and capabilities, and distinguished themselves on the global field and in the largest economic institutions,” the Ministry of Finance said.

Ms Alhashmi’s “expertise will enrich the UAE’s contribution to NDB, which plays a key global role in realising sustainable development goals and stimulating international collaboration on infrastructure and sustainable development across various emerging and developing economies.”

A view of the headquarters buildings of New Development Bank in Shanghai. Feature China/Future Publishing via Getty Images

Based in Shanghai, with regional offices in South Africa and India, NDB mobilises resources through loans, securities, and equity participation to finance infrastructure projects and sustainable development projects.

Since its establishment, it approved more than 90 projects for a total amount of $32 billion, supporting transport, water and sanitation, digital and social infrastructures, and clean energy.

The UAE joined NDB in 2021 following a cabinet resolution in the same year. The UAE is represented on NDB’s board of governors by Mohamed Al Hussaini, Minister of State for Financial Affairs, as governor, and Younis Al Khoori, undersecretary at the Ministry of Finance, as alternate governor.

The UAE engages in NDB’s regular meetings, as well as in the seminars, workshops, and discussions that take place on sidelines of these meetings, which focus on topics including deploying innovation to advance development policies, funding solutions and advanced digital infrastructure.

The UAE also participated in building a new structure for global partnerships in international development based on mutual interest, to support economic growth and achieve comprehensive, sustainable, and green development, the Ministry of Finance said.