President Lula to visit United Arab Emirates tomorrow

Brazil’s President Luiz Inácio Lula da Silva will visit Arab Emirates capital Abu Dhabi tomorrow (15/4), at the invitation of UAE President, Sheikh Mohammed bin Zayed Al Nahyan. The meeting between the two heads of state marks President Lula’s second official visit to the UAE; the first was in December 2003, during his first term as Brazilian president.

The United Arab Emirates is one of Brazil’s three main trading partners in the Middle East. Last year, bilateral trade rose to USD 5.7 billion, a 74% increase in comparison to 2021, with a surplus of USD 739 million for Brazil. The highlight is agribusiness, which accounts for almost 60% of Brazilian exports to the UAE.

Relations between Brazil and the United Arab Emirates have been intensified over the last decade following various visits and bilateral meetings. In January 2023, the UAE sent a delegation of representatives – headed by Minister of State for International Cooperation Reem bint Ibrahim Al Hashimy – to President Lula’s inauguration.

INVESTMENTS – The United Arab Emirates is currently the Middle East’s main investor in Brazil: around USD 10 billion. Two of the four main UAE sovereign wealth funds – the Mubadala Development Company and the Abu Dhabi Investment Authority (ADIA) – are active in the Brazilian market.
Presently, ventures owned by Mubadala in Brazil include direct investments in infrastructure, mining, real estate, entertainment and education. ADIA, on the other hand, focuses on acquisition of shares, especially in real estate and hotels.

There are around 30 Brazilian companies now in the UAE – such as Vale, Embraer, Tramontina, WEG, Marcopolo, Itaú, BRF, JBS, Odebrecht and Copacol.

COP 28 – Another relevant topic under UAE-Brazil discussion is the environment. The United Arab Emirates will host the 28th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change – COP 28. Brazil has bid to host COP 30 in 2025.

The UAE has also been investing heavily in renewable energy, and has ambitious targets to increase its use of clean energy. It was the first country in the Middle East and North Africa (MENA) to commit to net zero emissions by 2050.

Moreover, the UAE harbors the International Renewable Energy Agency (IRENA) and annually hosts the world’s largest event in the field of sustainability – the Abu Dhabi Sustainability Week.