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New UAE investment in Brazil announced

Monday, April 17th 2023 - 09:24 UTC
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It was a hasty encounter, probably due to Ramadan limitations It was a hasty encounter, probably due to Ramadan limitations

Brazilian President Luiz Inácio Lula Da Silva and his entourage reached an agreement with the United Arab Emirates which foresees investments worth R$ 12 billion (around US$ 2.45 billion) in Bahia, Agencia Brasil reported.

 Negotiations took place during Lula's stopover in Abu Dhabi, on his way back home from China, where he was welcomed by Shaikh Mohammed bin Zayed Al Nahyan.

In a hasty encounter probably due to the fact that the Muslim world is going through Ramadan and therefore fasting between sunrise and sunset, the visit served to meet a country that has many investments in Brazil and announced yet another one

Bahia Governor Jeronimo Rodrigues was the happiest one to leave this visit: “I just signed a term of commitment for investment in the production of green diesel from carnauba and palm oil. One more positive balance for the generation of jobs and income,” he said in a video posted on Twitter.

Rodrigues, who is part of Lula's entourage, signed a memorandum of understanding between the state and the Abu Dhabi financial fund Mubadala Capital, controller of the Mataripe refinery, privatized in 2021. The business fund has committed to invest R$ 12 billion over 10 years in the construction of a green diesel and sustainable aviation kerosene plant.

Lula was to visit a mosque Sunday before resuming his flight to Brazil. (Source: Agencia Brasil)

Categories: Politics, Brazil, International.

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