First Emirati and Arab woman to hold a high-profile global post within BRICS.
Dubai, UAE:BRICS’ New Development Bank (NDB) has elected Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations Department at the UAE Ministry of Finance, as a member of its Board of Directors and a Constituency Director. She was appointed following an internal voting process during NDB’s 8th Annual Meeting, held recently in Shanghai, China.
Thuraiya Hamid Alhashmi will become the first Emirati and Arab woman to assume a Director’s position at the New Development Bank, which was established in July 2015 by Brazil, Russia, India, China and South Africa (BRICS).
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 UAE’s national talents have supported infrastructure projects and sustainable development goals (SDGs), and Alhashmi’s expertise will enrich the UAE’s contribution to NDB, which plays a key global role in realizing SDGs and stimulating international collaboration on infrastructure and sustainable development across various emerging and developing economies.
The UAE joined BRICS’ NDB in October 2021 following Cabinet Resolution No. (19)/3 of 2021. The UAE is represented on NDB’s Board of Governors by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, as Governor, and His Excellency Younis Haji Al Khoori, Undersecretary at the Ministry of Finance, in his capacity as Alternate Governor.
The UAE actively 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. This new structure also targets enhancing innovation in pioneering sustainable development and addressing global challenges – namely, those resulting from climate change – while working on reshaping global supply chains and higher interest rates. It also encourages open data initiatives to strengthen digital platforms that provide solutions for exchanging ideas, and public-private cooperation and partnership.
The New Development Bank was established by BRICS countries following an agreement that was signed by the leaders during the sixth BRICS Summit in Fortaleza in 2014. It’s headquartered in Shanghai, China, with regional offices in South Africa and India. It mobilizes resources through loans, securities, and equity participation to finance infrastructure projects and sustainable development projects in BRICS nations and other emerging economies as well as developing countries. It complements efforts of multilateral financial institutions for global development, while supporting collective commitments to attaining robust, sustainable, and balanced growth. NDB’s operations focus on a range of key areas, including financing infrastructure projects and achieving sustainable development. Since its establishment, it approved over 90 projects for a total amount around US$32 billion, supporting transport, water and sanitation, digital and social infrastructures, and clean energy.
Thuraiya Hamid 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, USA. She has been working at the Ministry of Finance since March 2020 as Director of International Financial Relations and Organizations Department, where she manages a team that addresses issues related to government investments, treaties, bilateral negotiations, and exchange of information for tax purposes. Alhashmi was involved in managing the UAE’s relationship with international financial organizations, including the World Bank, the International Monetary Fund (IMF), the European Bank for Reconstruction and Development (EBRD), NDB, the OPEC Fund for International Development, the Islamic Development Bank (IsDB), and the G20 Finance Track. She has also represented the UAE in numerous international meetings and forums. Alhashmi also sits on the boards of multiple international institutions.
About the Ministry of Finance:
The Ministry of Finance of the United Arab Emirates was established as a sovereign ministry under Federal Decree No. (2) of 1971 to assume responsibility for implementing all financial policies related to economic development in the country, foremost of which is preparing and allocating the federal budget, managing the government’s financial situation, and providing services to the government and business sectors, as well as individuals. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, serves as Minister of Finance, heading the UAE’s economic and financial interests. His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, aims to achieve the Ministry’s strategic objectives.
The Ministry of Finance operates in accordance with a realistic yet ambitious strategic plan to perform its tasks and services in line with international best practices. The Ministry strives to achieve six key strategic goals, namely, enhancing financial planning in the Federal Government and the sustainability of public finances; raising the efficiency and effectiveness of budget execution, while managing the Federal Government’s financial position and cash flows; overseeing the UAE’s financial and economic interests at the international level; boosting the country’s competitiveness in financial and economic fields; providing all administrative services in accordance with the highest standards of quality, efficiency, and transparency; and finally, promoting a culture of innovation in the corporate work environment.
The Ministry includes five main sectors: the government budget and revenue sector, tax legislation sector, government financial management sector, international financial relations sector, and support services sector. It also includes the Federal Debt Management Office, General Budget Committee, Government Financial Policy Coordination Council, and the Financial Restructuring Committee.