$5 billion of UAE investments in Brazil, says minister of economy

The UAE is Brazil's top trading partner in the Arab region, highlighted Abdullah bin Touq Al Marri, Minister of Economy, while adding that country's investment in Brazil has touched $5 billion.

"The UAE is among the largest international investors in Brazil, with an estimated worth of $5 billion, with the presence of major Emirati companies such as Mubadala, the largest Emirati investor in Brazil, DP World, Emirates Airlines, First Abu Dhabi Bank, Yahsat, and others," he added.

Meanwhile, Brazil is one of the Emirates' most important and recognised partners in Latin America, the minister noted.

"The total non-oil foreign trade for the year 2022 between the UAE and Brazil crossed the $4 billion mark, a growth of 32 per cent from more than US$3 billion in 2021," the minister added.

Al Marri's comments come on the sidelines of Brazilian leader Luiz Inácio Lula da Silva's state visit to the UAE.

‘’The bilateral relations between the two countries have experienced real development in a variety of political and economic spheres," he told national news agency WAM.

Over the past years, the two countries have enhanced cooperation across many vital sectors such as shipping, construction, ports, energy, mining, financial and banking sector, real estate activities, and others.

"We feel the moment has come to explore opportunities for more cooperation in new economic areas that suit both countries' sustainable development agendas over the coming period,'' the minister concluded.