Emirates News Agency – UAE invests $5 billion in Brazil: Economy Minister

ABU DHABI, 15th April, 2023 (WAM) — Abdullah bin Touk Al Mali, Minister of Economy, said that the partnership between the UAE and Brazil is based on strong friendship and respect for common interests.

“Bilateral relations between the two countries have experienced real development in various political and economic fields, strengthened by several official visits by the leaders and senior government officials of the two countries,” said Al Marri, Emirates News Agency (WAM) on the occasion of Brazil. On the occasion of President Luiz Inácio Lula da Silva’s state visit to the UAE.

“The visit of the President of Brazil to the UAE and his meeting with His Highness Sheikh Mohamed bin Zayed Al Nahyan provided new impetus for the expansion of bilateral relations into broader and more diverse areas, Be friendly to the country in a way that serves the development agenda of both countries,” the minister added.

Over the past period of time, the two countries have been involved in industrial, transportation, shipping, warehousing, infrastructure, construction, port management, energy, mining, finance and banking, real estate activities, and others.

He went on to say that the two governments have always been keen to promote trade, investment and tourism exchanges, and trade and investment data are of great significance to the development of bilateral relations.

“The total non-oil foreign trade between the UAE and Brazil crossed the US$4 billion mark in 2022, a 32% increase from US$3 billion in 2021,” the minister added.

According to bin Touq, the UAE is Brazil’s largest trading partner in the Arab region, while Brazil is one of the UAE’s most important and recognized partners in Latin America.

“In terms of investment, the UAE is one of the largest international investors in Brazil, the UAE’s investment in Brazil is estimated at $5 billion, major UAE companies such as Mubadala, the largest UAE investor in Brazil, DP World, Emirates, One Abu Dhabi Bank, Yahsat, etc.”

Al Marri added that despite the significant growth in bilateral relations, huge economic potential, especially in terms of sustainable development, remains untapped.

“We feel that now is the time to explore opportunities for more cooperation in new economic areas that fit into the future sustainable development agendas of both countries,” the minister concluded.