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.
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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.
For the free trade agreement between Mercosur and the United Arab Emirates to progress, online meetings are set to occur in July and August, as well as an in-person negotiation in September. Finalization and signing of the deal are scheduled to November, during the G20 summit in Rio.
Oil giant netted USD 1 billion more than expected from a secondary share sale in response to demand from investors.
Real estate sales in June amounted to USD 298 million, with 285 transactions, and Al Dhaayen, Al Rayyan and Doha municipalities topping the most active transactions.
Central Bank expects inflation to fall below year-on-year 7% in the second half of 2024 and continue to gradually ease.
Mubadala Capital is the controlling company of ATG, which will manage the venture in Brazil’s Rio de Janeiro. Early trials are planned for later this year.
This is part of the previously approved program size of USD 1.2 billion to help the country face medium-term balance of payments problems.
First bloc to be auctioned this year will include port areas in the states of Pernambuco, Rio de Janeiro, and Rio Grande do Sul. Auction was postponed to August 21 following the loods in southernmost state Rio Grande do Sul.
