Inflation is declining, while the country cuts subsidies in a bid to battle a budget deficit.
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The mining giant sold half of its distribution operation in the Arab country, the VODC, to a company from the United States for USD 600 million.
Brazilian oncology chain announced a joint venture with a subsidiary of the Saudi Al Faisaliah Group to implement an oncology facility in Riyadh. Potential revenue at year five of the joint venture is estimated at USD 550 million.
The top destination in Africa of Brazilian agribusiness goods in the first half of the year, Egypt has dramatically stepped up its purchases of sugar and soybean from the Latin American giant. On the other hand, Egypt supplies a significant volume of fruits to Brazil.
IBSA Fund, which brings together India, Brazil, and South Africa, works in cooperation with the United Nations Office for South-South Cooperation in microfunding program.
Brazil-based non-lethal arm manufacturer owned by a group from the United Arab Emirates signed a USD 10 million deal.
Brazil grossed USD 11.2 billion from sales to the Middle East and North Africa countries from January to June. Beef and sugar exports saw relevant increases.
Iron ore, chicken, beef, sugars, and coffee were the top export from Brazil to the North African country in the first half of the year.
Investments in the north of the country are made for the construction of a recycling plant and an industrial city, with factories, workforce houses, and logistics centers.
Brazilian multinational firm sold its assets in the Arab country to China’s Sinoma Cement. The value of the deal was not disclosed. Votorantim reports that the divestment aims at optimizing the risk management of its portfolio.
Olive production in the Arab country is estimated to reach nearly 740,300 tons, and olive production is estimated at nearly 94,800 tons. Mediterranean climate and mountain soil are beneficial to olive growing.
Egypt announced a 15% in petrol prices ahead of an IMF meeting to review the payout package. Egypt suffers with inflation and devaluations of the currency. Attacks around the Red Sea hit revenues from the Suez Canal.
Al Buraimi Industrial City received new investments during the first half of 2024, with 15 projects being implemented. On the borderline with the UAE, the city has grown as a destination for companies.
Palestine’s ambassador to Brazil Ibrahim Alzeben said Brazil’s ratification of the Mercosur-Palestine free trade agreement encourages other countries in the bloc to do the same and aids in the process of peace. He highlights the political relevance of the Brazilian action.
