The Brics group of nations has invited the UAE, Saudi Arabia, Egypt, Iran, Ethiopia and Argentina to join the bloc, South African President Cyril Ramaphosa said on Thursday.
The debate over expanding the membership of the bloc, comprising Brazil, Russia, India, China and South Africa, has topped the agenda at a three-day summit in Johannesburg, which concludes on Thursday.
While all Brics members have expressed support for expanding the bloc, leaders are divided over procedures for expansion and how quickly membership should be enlarged.
We respect the vision of the Brics leadership and appreciate the inclusion of the UAE as a member to this important group
President Sheikh Mohamed
“Brics has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous,” Mr Ramaphosa said.
He said the new members would be formally admitted on January 1.
President Sheikh Mohamed has praised the move.
“We respect the vision of the Brics leadership and appreciate the inclusion of the UAE as a member to this important group,” he wrote on X, formerly known as Twitter.
“We look forward to a continued commitment of co-operation for the prosperity, dignity and benefit of all nations and people around the world.”
Indian Prime Minister Narendra Modi said his country had “always fully supported the expansion of Brics”.
“India has always believed the addition of new members will further strengthen Brics as an organisation and give our shared efforts a new impetus.
“This will also strengthen the belief of many countries in the world in a multipolar world order. I am pleased our teams have together agreed on guiding principles, standards, criteria and procedures for the expansion.”
Saudi Arabia’s Foreign Minister told Al Arabiya TV on Thursday that the kingdom appreciated the invitation by Brics to join the group and would study the details before the proposed January 1 joining date and take “the appropriate decision”.
Prince Faisal bin Farhan said Brics was “a beneficial and important channel” to strengthen economic co-operation.
Earlier in the day, Prince Faisal said the kingdom was looking forward to closer co-operation with Brics member states.
“The kingdom is keen to exercise its responsibilities to sustain international co-operation,” he said.
Riyadh is “moving forward achieving the goals of sustainable development” and working to stabilise energy markets, he added.
Egypt's Ministry of Foreign Affairs said the invitation confirmed the country's “growing role in the global economy” and in a more inclusive system that “takes into account the interests of emerging economies in the global south”, the ministry's spokesman Ahmed Abu Zeid said on X.
An expanded Brics, which was formed in 2009, would add more major oil producers to the bloc and boost its economic clout.
China and Russia have also pushed for its expansion in an effort to counter western powers.
The addition of its more members may also give it more sway in world affairs and may lead to a different type of global economy.
Iranian President Ebrahim Raisi's deputy chief of staff for political affairs, Mohammed Jamshidi, said the decision was a “strategic success” and a historic development for Iranian foreign policy.
Mr Raisi is in South Africa for the summit but has yet to comment on the decision. South Africa is an ally of Iran and is its largest trading partner on the continent.
Mr Raisi has recently undertaken trips to other African nations to forge closer ties.
A report from Iran's state-run Irna outlet voiced hopes the decision may benefit sanction-hit Tehran through access to the New Development Bank, which offers an alternative to the Swift payment system.
Chinese President Xi Jinping said the decision to admit the six nations had been unanimous.
“Brics countries are all countries with important influence and shoulder important responsibilities for world peace and development,” he said.
“This membership expansion is historic. It shows the determination of Brics countries for unity and co-operation with the broader developing countries.”
The expansion is a “new starting point” for Brics co-operation and will bring new vigour to the bloc, the Chinese leader said.
“I am confident, as long as we work with a common purpose, there is a lot Brics co-operation can achieve and the future will be bright for Brics countries.”
Egypt's President Abdel Fattah El Sisi said Cairo looked forward to “raising the voices” of countries in the Global South.
“I appreciate Egypt being invited to join Brics and look forward to coordinating with the group to achieve its goals in supporting economic co-operation,” he said.
Ethiopia hailed the decision as a “great move” for the country while Brazilian President Luiz Inacio Lula da Silva said Brics needed to increase co-operation amid the threat of nuclear conflict.
“It is time to revitalise co-operation with developing countries as there is a risk of nuclear war,” he said after the announcement.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
More on animal trafficking
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
