Discuss environmental action, climate change, renewable energy and food security

Mohamed bin Zayed, Brazilian President discuss strengthening strategic partnership

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President His Highness Sheikh Mohamed bin Zayed Al Nahyan yesterday received President of the Federative Republic of Brazil, Luiz Inácio Lula da Silva, who is on an official visit to the UAE, accompanied by First Lady Ganga Lula da Silva.

His Highness Sheikh Mohamed bin Zayed Al Nahyan escorted the guest president to the podium of honour and played the Brazilian national anthem.

H.H. Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court, H.H. Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, H.H. Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi, H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, Speaker of the Federal National Council Saqr Ghobash, and H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior. H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Sheikh Mohammed bin Hamad bin Tahnoon Al Nahyan, Advisor for Special Affairs at the Presidential Office, Secretary General of the Supreme Council for National Security Ali bin Hammad Al Shamsi, Minister of State for International Cooperation Reem bint Ibrahim Al Hashimy, Minister of Energy and Infrastructure Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Economy Abdullah bin Touq Al Marri, and Minister of Climate Change and Environment Maryam bint Mohammed Al Muhairi, Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Public Education and Advanced Technology Sarah bint Yousef Al Amiri, Minister of State Noura bint Mohammed Al Kaabi, Minister of State Ahmed bin Ali Mohammed Al Sayegh, Chairman of the Executive Affairs Authority and Member of the Executive Council Khaldoon Khalifa Al Mubarak, UAE Ambassador to Brazil Saleh Ahmed Al Suwaidi, and a number of officials.

The Brazilian president was accompanied on his first visit to the UAE after assuming the presidency by a delegation that included the President of the Federal and National Senate, Rodrigo Pacheco, Minister of Agriculture and Livestock Carlos Favre, Governor of Bahia State Aguronimo Rodriguez, Deputy Foreign Minister for Climate, Environment and Energy André Correa, Deputy Foreign Minister for Africa and the Middle East Carlos Duarte, Brazilian Ambassador to the State Eliana Zgheib, and a number of senior officials.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan and President of the Federative Republic of Brazil, Luiz Inácio Lula da Silva, held an official talks session at Qasr Al Watan, which discussed various aspects of bilateral relations and ways to enhance them within the framework of the strategic partnership between the two countries, and their keenness to push them to wider horizons that serve their mutual interests.

His Highness expressed his hope that the visit will be a strong impetus to the growing relations between the two countries in various fields. He pointed out that the visit reflects His Excellency's keenness to enhance cooperation with the region in general and the UAE in particular.

Sheikh Abdullah and the Brazilian President reviewed the paths of cooperation and joint work, especially in the economic, trade and development aspects, in addition to the fields of technology, environmental work, climate change, renewable energy, food security, and other aspects of cooperation that are in line with efforts to achieve sustainable development in the two countries, and are of common interest.

The two sides exchanged views on regional and international issues of common interest and coordination to support peace and stability in the world, especially in light of the current membership of the two countries in the UN Security Council.

The talks touched on the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be hosted by the UAE at the end of this year, and opportunities to enhance cooperation between the two countries in this regard, as well as the need to intensify international collective action and solidarity to confront the threat of climate change.

His Highness Sheikh Mohamed bin Zayed stressed that the UAE attaches great importance to its relations with Brazil as part of its strategy to strengthen its relations with Latin American countries, especially in the fields of development and advancing sustainable development.

His Highness said: "We in the UAE are pleased to continue joint work with you to strengthen bilateral relations and search for exceptional opportunities that serve the interests of both countries."

His Highness stressed that the strategic partnership that has existed between the UAE and Brazil for years reflects the advanced level of their bilateral relations and the common will to develop them and push them forward, noting that the two countries will celebrate next year the 50th anniversary of the establishment of diplomatic relations between them, which began in 1974.

He added that the UAE is keen to strengthen this partnership, especially in the fields of trade, technology and investment, in addition to agriculture, renewable energy, food security, and other vital sectors of importance to achieve sustainable development.

His Highness Sheikh Mohamed bin Zayed stressed that the UAE and the Federative Republic of Brazil have a great interest in the issue of climate change and the joint call to build an international collective position in dealing with it, which enhances cooperation between the two countries in this field.

His Highness pointed out that Brazil was the host country of the "Earth Summit" held in 1992 and is considered the most important station in the history of international dealing with the issue of climate change and its relationship to sustainable development.

AED 18.35 billion in capital investments for Mubadala Capital in Brazil.

AED 111 billion trade in UAE and Brazil in 10 years

The volume of non-oil trade exchange between the UAE and Brazil in 2022 grew by 32.1% to reach four billion and 38 million dollars (equivalent to 14.8 billion dirhams), compared to three billion and 56 million dollars (equivalent to 11.2 billion dirhams) in 2021.

The growth rate of trade exchange between the two countries during the past 10 years (2013-2022) reached 43.6% from $ 2.81 billion (equivalent to AED 10.3 billion) in 2013 to $ 4.038 billion (equivalent to AED 14.8 billion) during 2022, reaching $ 30 billion and 257 million (equivalent to AED 111 billion).

Data from the Ministry of Economy showed that the value of re-exports between the UAE and Brazil during 2022 amounted to $ 478.6 million (equivalent to AED 1.75 billion), a growth of 84.4% over 2021, which amounted to $ 259.5 million (equivalent to AED 952.3 million), while the value of imports amounted to $ 3.45 billion (equivalent to AED 12.66 billion), a growth of 28.7% over 2021, amounting to $ 2.68 billion (equivalent to AED 9.83 billion), while the value of non-oil exports amounted to $ 101.1 million ( equivalent to AED 371.03 million) compared to $109.2 million (equivalent to AED 400.7 million) in 2021. Brazil ranked 23rd among the UAE's import partners in 2022 and 37th among the UAE's trading partners in the total volume of foreign trade in 2022.

Emirates Global Aluminium, Aabar Investments, Mubadala Development Company, Abu Dhabi Investment Fund, Etihad Airways, Emirates Airline, DP World and Drydocks World were among the top UAE investors in Brazil.

Wholesale and retail trade, repair of motor vehicles and motorcycles, construction and building, real estate activities, financial activities, insurance activities and information and communication activities are the most important investment sectors of the UAE in Brazil.

Brazil is among the countries where Mubadala sought early investment opportunities. Today, Mubadala Capital invests in Brazil through Mubadala Capital, its global asset management company, where Mubadala Capital manages more than $17 billion in assets and investments, including $13 billion on behalf of global investors, including four leading private equity funds, three early-stage venture funds, two Brazil-focused special opportunity funds, and a series of co-investment vehicles, special purpose companies and continuing funds.

Mubadala Capital has offices in Abu Dhabi, New York, San Francisco, London and Rio de Janeiro.

Mubadala's efforts began in Brazil in 2012 and opened an office in Rio de Janeiro in 2014, the first outside Abu Dhabi.

Mubadala Capital is one of the largest alternative asset management companies in Brazil with a team of more than 30 experts and specialists from various nationalities with solid local and international expertise.

Today, the company has capital investments of more than $18 billion (AED 35.7 billion), of which $34 billion (AED 2019.25 billion) are investments on behalf of other investors. Since <>, the company has attracted more than <> foreign investors to invest in Brazil.