BRICS+ 2024: Leaders discuss doing business in large scale environment

The second edition of the BRICS+ forum in Dubai addressed pressing challenges and solutions in the macroeconomic environment. The high-profile event discussed doing business in the GCC, global expansion, legal mechanisms for foreign investment, trade and dispute resolution, and current problems of legal regulation of cross-border businesses and economic sanctions.

BRICS+ New Economy Legal Forum is a part of the New Economy Legal Forum series that is organised in different parts of the world by BRICS+ new economy and legal infrastructure center (BRICS+).

The BRICS+ new economy and legal infrastructure center (BRICS+) is an organisation dedicated to promoting economic and legal cooperation among BRICS+ member states and beyond. BRICS+ facilitates dialogue, knowledge sharing, and collaboration among businesses, legal professionals, and government institutions.

The Dubai event received over 200 top executives, vice-presidents and heads of legal departments of Russian and BRICS+ member state companies, owners of the leading legal and consulting companies, heads of law firms who relocated to Dubai and BRICS+ member states; representatives of Russian and international consulting companies from the CIS and neighbouring countries.

Abdulla Baqer, regional director of Middle East and Eurasia, Dubai Chamber, UAE, stated: "I am delighted to welcome large businesses, exporters, investors, financial institutions, and leading legal advisors who are able to contribute to the development of international trade and investment in new macroeconomic conditions.” He added: "The forum will serve as a key global platform for discussing current legal and economic issues related to the development of the economy and the creation of legal infrastructure in the BRICS+ regions."

GCC Doing Business

The panel titled 'GCC Doing Business' shared valuable information on business development prospects in the UAE, Saudi Arabia, Kuwait, Bahrain, Egypt, Iran, Oman and Qatar. It explored legal landscapes for team relocation in the GCC, current issues of doing business in GCC in the new realities as well as the UAE and GCC legal systems and the role of Islamic Sharia. The discussion also encompassed the current direction of the UAE regulatory system, choice mainland or free zone business jurisdictions and the key differences between free zones. Speakers discussed taxes in GCC countries and what factors should be considered when choosing a jurisdiction to conduct business.

The session was led by Dr Abdulrahim Yousif Alawadhi, an expert in legal matters on the GCC, former minister of Justice UAE, and former ambassador of the UAE in Poland. Other speakers include Alexander Kukuev, managing partner of Uppercase Legal Advisory UAE; Alexandra Kurdyumova, senior partner, Versus Legal; Andrey Timchuk, partner, co-head of the Sanctions Practice, Delcredere Russia; Richard Briggs, president, Inter-Pacific Bar Association (IPBA) and board member of Dubai International Arbitration Centre (DIAC) UAE; Abdulla Ziad Galadari, senior partner, Galadari Advocates & Legal Consultants UAE; Anastasia Speranskaya, counsel of Corporate / M&A, Russia; Maria Nikonova, partner and head of the UAE Office of PGP Tax Consultancy, Middle East Desk of Pepeliaev Group Russia.

Global Expansion

The panel about global expansion discussed the BRICS+ as a zone for the development of international economic relations. The large companies involved in global expansion in emerging markets deliberated on the directions of international development, its mechanisms and business needs. The industries for investment discussed were energy, metallurgy, agriculture, IT, media and content production, mining and processing of minerals, finance and investment.

The UAE, Saudi Arabia, Egypt, Iran and Ethiopia joined BRICS on January 1, 2024, doubling its membership to 10, with Brazil, Russia, India, China and South Africa the original members, naming it as BRICS+, on the model of Opec+. With two top oil producers — UAE and Saudi Arabia, the bloc gained power and influence in the world for multilateral trade developments.