The United Arab Emirates is looking to position itself as the gold hub of BRICS, taking advantage of its gold trade center to serve the new economic corridor being formed under leadership from China and Russia. The UAE's gold trade is valued at over $129 billion. The country believes that Western sanctions and the resulting backlash against the US dollar have caused historic shifts in the precious metals market, leading to increased gold purchasing activities by central banks and a diversification away from the dollar. The UAE joined BRICS earlier this year, along with several other new members.