Brazil and the United Arab Emirates have agreed to expand trade between the two nations and foster investment fund partnerships in sectors such as agribusiness, infrastructure, energy, and defense, according to a joint statement released on Sunday.
Brazilian President Jair Bolsonaro is in the UAE as part of a 10-day trip across Asia and the Middle East to attract investment to Brazil. He signed the accord with Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.
“Both leaders underscored the excellent economic cooperation between Brazil and the United Arab Emirates and expressed their determination to strengthen it further,” the statement said, adding that they also signed accords in the fields of artificial intelligence, the environment, defense, trade, and customs.
According to the Dubai Chamber of Commerce and Industry, bilateral UAE-Brazil trade last year was $2.7 billion. Fernando Luis Lemos Igreja, Brazil’s ambassador to the UAE, told the Emirates News Agency WAM this weekend that it will be higher this year, having reached $2 billion by August.
Also Read
-
UAE central bank proposes new lending rules for real estate sector
The United Arab Emirates’ central bank proposed on Thursday a new regulatory framework to prevent banks from becoming overly-exposed to the ... Economy -
UAE’s Masdar wins bid to develop Uzbekistan solar project
UAE’s Masdar, a subsidiary of Mubadala Investment Company, said on Tuesday it had won a bid to develop Uzbekistan’s first public-private ... Business -
UAE banks consider property lending caps amid flat loan growth: Mashreq Chairman
The United Arab Emirates’ bank lobby is proposing limits on bank lending to the real estate sector to protect them from being overexposed to the ... Business -
UAE’s ADNOC inks cooperation deals with Russia’s Gazprom, LUKOIL
Russian oil company PJSC LUKOIL and the UAE’s state oil producer Abu Dhabi National Oil Company (ADNOC) signed a deal on Tuesday to explore ... Energy
