Brazil’s President Luiz Inácio Lula da Silva met with the CEO of the Abu Dhabi Investment Group, Zayed Bin Aweidha, on Wednesday (27) in Brasília. The meeting primarily focused on discussions about investments.
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After challenges in recent olive harvests in major producing countries, expectations for a better harvest this season are opening up prospects for a larger global availability of olive oil. Tunisia is one of the countries expected to increase its production volumes. The country’s embassy in Brazil is taking steps to boost exports to the Latin American giant.
Sugar and mate round off the list of leading products sold by Brazil to the Arab country. Year-to-date exports surpassed the 2023 results by nearly 400%.
The president of the North African country, Mohamed Ould Cheikh El-Ghazouani, has announced a project funded by the Islamic Development Bank. This initiative aims to clean up the waterway and support vulnerable groups in agriculture.
The Brazilian state-run oil firm has approved a business plan for 2025-2029, with projected investments of USD 77 billion in exploration and production, USD 20 billion in refining, transportation, and marketing, and USD 11 billion in gas and low-carbon energy.
After meetings to review the financing program for Egypt, the International Monetary Fund issued a statement on the country’s economy. There has been progress with the implemented reforms, reflecting on the balance of exchange rates and inflation, but the regional environment, with the conflict in Gaza and attacks in the Red Sea, impacts the economic landscape.
The United Arab Emirates is in talks for a free trade agreement with the South American customs union. Minister Ahmed Al Sayegh discussed the topic at a press conference during the G20 Summit in Rio de Janeiro.
Economic activity picked up by nearly 1% month-on-month and by 5.1% year-over-year in September as per Brazilian Central Bank figures.
The government has reduced or lifted tariffs on items including cancer drugs, wind turbine blades, tires, and pesticides.
The Brazilian aircraft manufacturer reported USD 22.7 billion in orders in its Q3 2024 results. Deliveries saw a sharp increase from July to September, and both revenue and profit went up.
The Arab country signed a contract that will allow the production of 300 cubic meters of gas per day at the Mansouriya field. The minister of oil said new licensing rounds will enable the production of an additional 850 cubic meters of gas and 750,000 barrels of oil.
The finance minister of the Arab country said the goal is for women to make up 40% of the workforce by the end of the decade.
Results are better than in September 2023 due to the recovery of various sectors of the economy. Tourism revenues are increasing, but prices in the country still need to fall.
The Brazilian company saw a decline in oil production in the third quarter but posted a record high in the share of pre-salt oil in refineries and an increase in the production of oil products. In September, it achieved the best monthly result for the utilization factor of its refining capacity.
