Abdullah bin Touq Al Marri, the Minister of Economy said on 16th of April that the investments in Brazil have touched 5 billion dollars.It was during the visit of the President of Brazil, Luiz Inacio Lula da Silva to the UAE. The two countries have agreed on various pacts and made investment opportunities and plans on continuing to strengthen their trade and economic ties.
UAE and Brazil to work towards common interests
Mr. Bin Touq has shared the two countries’ experiences and benefits from joining hands for various agreements which provided both countries with mutual profits. He said how the bilateral relations between the two countries have been the reason for improvements and real development in a variety of political and economic sectors.
Mr. Bin Touq stated that major Emirati corporations such as Mubadala, DP World, Emirates Airlines, First Abu Dhabi Bank, and Yahshat, from UAE are among the largest foreign investors in Brazil.Mubadala Investment Company or simply Mubadala is owned by the Government of the Emirate that acts as a sovereign wealth fund. Mubadala also holds the mark of being the largest Emirati investor in Brazil.
The Brazilian president was cordially invited by the current President of UAE and the ruler of Abu Dhabi, His Highness Sheikh Mohammed bin Zayed Al Nahyan. He reached UAE on Saturday 15th of April after he visited China. This was Mr. da Silva’s second trip to the United Arab Emirates. The first one occurred in 2003 December, when Luiz Inacio Lula da Silva visited the founding father of UAE His Highness Zayed bin Sultan Al Nahyan.
The current President of UAE, Sheikh Mohammed bin Zayed Al Nahyan welcomed Lulu at the presidential palace at Qasr Al Watan in Abu Dhabi, with a 21-gun artillery salute There was a flypast tribute by the UAE Air Force aerobatics team ‘Al Fursan’ displaying the colors of the National Flag of Brazil.
In addition to that Mr. Lula was also welcomed with a performance of the national anthem of Brazil. The current president of Brazil, Lula has served two terms as President of the country in 2003 and 2010. Mr. Lula returned for a third term this year in January. He was expected to join for an iftar dinner- which is the ritual of breaking the fast during the Muslim holy month of Ramadan. The president visited UAE along with his wife and the First Lady of Brazil, Rosangela Lula da Silva.
The United Arab Emirates is one of the largest trading partners in the Middle East region for Brazil. Mr. Abdullah bin Touq Al Marri said that the total foreign trade for materials other than crude oil between both countries surpassed 4 billion dollars last year marking an increase of about 32 percent. Commodities related to farming, account for the major chunk of Brazilian exports to the United Arab Emirates.
Dr. Thani Al Zeyoudi, the Minister of State for Foreign Trade reported that Brazil is the top trading partner in Latin America and is only second in position to the United States of America, among the UAE’s most significant trading partners in the American continents. He also said that the UAE is in the 23rd position among the most important markets with high merchandise usage for Brazilian imports and 27th among the most important overseas markets for Brazilian exports.
Emirates also accounted for 18 percent of Brazil’s overall dealings with the entire Arabian nations last year. Dr. Al Zeyoudi also used this chance to highlight the advantage and importance of ministerial meetings in improving international relations. He remarked that such high-level official visits help with the progress of the relations to the level of strategic collaboration and inclusive cooperation between the two countries in many dominant fields of common interest.
🔹Sheikh Hamdan Orders Provision Of Dh70 Million Worth Of Social Benefits To Emirati People Of Determination
🔹Dubai Customs Hits A Record Of 7 Million Transactions In The First Quarter Of 2023
In addition to this, the Minister of Economy also said that the government of the United Arab Emirates is looking forward to joining their efforts to encourage trade and investment relations between the two countries during the official visit of the Brazilian President.
Abdullah bin Touq Al Marri claimed that the countries are now focused on joining hands on the major sectors like industry, transport, storage, shipping, mining,, construction, infrastructure, energy, management of ports, the financial and banking sector, and property.
Over the past 20 years emirates have been a constant and major partner of Brazil and they are still planning on continuing the relationship with the sole focus on innovative strategies and developments.
Various strategic investments have been made by the UAE and have blossomed and spread across many Brazilian territories, and, here on the soil of the Emirates there are next to 40 Brazilian companies that have set up branch offices in the Emirates.
Both countries are not limiting their targets to just economic progress but they are all set to expand their cooperation and progress to areas that range from culture to artificial intelligence from space cooperation to modernization of governmental practices, and from sports to defense.