The research institution TRENDS Research & Advisory from the United Arab Emirates hosted a symposium within the Brazil Africa Forum in São Paulo. In an interview with ANBA, senior researcher AbdulAziz Al Shehhi highlighted the role that Brazil and the UAE play as investors and supporters of Africa.
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Brazil’s year-to-date exports to the Middle East and North Africa grossed USD 17.7 billion through September, up 25% from the same period last year. The performance is on track for a new record.
A World Bank analysis points out that the 26 poorest nations in the world are deeper in debt than at any time since 2006 and have struggled to attract low-cost financing.
The Arab country’s GDP may slow down in 2024, the same as it did in 2023, but an expected reversal of oil production cuts paves the way for 2.8% growth next year, the IMF said.
The Arab country’s GDP grew specially because non-oil activities. The manufacturing sector performed well, as did the financial and insurance sectors, professional, scientific and technical activities, transportation and storage, and information and communication.
Saudi Arabia’s region hosts mining complexes but still has potential in the sector, according to a Ministry of Industry and Mineral Resources’ spokesman.
Mwani Qatar signed a memorandum of understanding with the Qatar Free Zones Authority, through which it will provide support in port and logistics services to companies operating in the country’s free zones.
The National Oil Company confirmed the end of the blockade that hindered the normal production and export of Libyan oil. The insecurity of supply affected international oil prices.
The Import Price Index fell in the second quarter of this year. Oman purchased products from abroad at lower prices, including fuels and lubricants, machinery and equipment, as well as vegetable and animal oils.
The migration of imports to the Single Portal, which will reduce bureaucracy in the process of purchasing goods from abroad, began this Tuesday (1st) and will continue until the end of 2025. Companies will save by reducing the time goods are held up. The overall gains for Brazil will be even greater.
At a forum in Cairo, the head of the Arab-Brazilian Chamber of Commerce Office in Egypt, Micheal Gamal Kaddes, presented the results of the free trade agreement between the Arab country and Mercosur. Egyptian sales increased in revenue, and the range of products diversified.
The Saudi Arabia Social Development Bank received an award at a finance forum in São Paulo for its funding of female entrepreneurship.
Financing for financial institutions reached USD 7.8 billion through July. Amount borrowed by consumers has also increased.
The North African country’s minister of economy said the financial instrument will be released later this week for the purchase of basic items, of which the country still has stocks for three months.
