Brazil, UAE Enter Into Investment Agreement

11/18/2024 2:13:23 PM

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – Brazil and the United Arab Emirates (UAE) reached two memorandums of understanding on Sunday (17) in Rio de Janeiro providing for UAE investments into infrastructure in Brazil and for mutual cooperation in projects in Africa. The deals were entered into during a meeting of Abu Dhabi's crown prince, Khaled bin Mohamed bin Zayed Al Nahyan, who's leading the UAE delegation to the G20 Summit, and Brazil's president, Luiz Inácio Lula da Silva, the host of the Summit taking place this Monday (18) and Tuesday (19) in Rio.

Brazil's federal government said one of the memorandums of understanding (MoUs) provides for UAE investment into strategic projects in Brazil in fields including infrastructure and energy. The UAE's state-run government agency (WAM) said the MoU was signed by Brazil's chief of staff Rui Costa and the UAE's minister of Investment Mohamed Hassan Alsuwaidi.

Lula and Al Nahyan discussed topics such as advancing the Brazil-UAE partnership, mutually supporting sustainable development, and an agreement between customs authorities on both sides to enhance cooperation in this regard. Lula complimented the UAE on its effort alongside Al Foah Company, a date manufacturer, to plant 10,000 palm trees in Bahia.

Besides investments, cooperation in Africa

The Brazilian delegation at the meeting included the ministers of Foreign Affairs, Mauro Vieira; of Finance, Fernando Haddad; of Mines and Energy, Alexandre Silveira; of Science, Technology, and Innovation, Luciana Santos; the Brazilian Central Bank's Monetary Policy director, Gabriel Galípolo; the special advisor to the president, Celso Amorim; as well as Lula and Rui Costa.

At the meeting, Mauro Vieira and the UAE's minister of International Cooperation, Reem Al Hashimy, signed another MoU towards mutual cooperation in Africa. A global governance reform was also discussed at the meeting. The G20 is a group of the world's biggest economies, and Brazil is presiding over the group this year. The UAE have joined the G20 Summit as a guest country.

Read more:
Dates to be grown in Bahia with UAE support

Ricardo Stuckert/PR

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