The Saudi company saw a lower net profit in the first quarter, but the result is still more than three-quarters of the combined first-quarter profits reported by the five oil majors.
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Tripoli-based authorities had meetings last week with Brazil Africa Institute president João Bosco Monte and expressed the desire to revive the relations their country once had with Brazil.
For the first time with a country pavilion at the International Exhibition of Agriculture in Morocco, Brazilian companies stood out with products such as açaí and pepper. Machinery and fertilizers were also showcased.
Three young Arab descendants created the Falafull restaurant in São Paulo, inspired by Lebanese street food. It already has two units in malls and plans to have ten points of sale by the end of 2024.
The tool created by the Arab Brazilian Chamber digitalizes export processes. An agreement for the utilization was signed with the Arab country’s customs authority this Thursday (4) and will come into force in June at the Port of Alexandria.
The Brazilian legislative power approved the Cooperation and Facilitation Investment Agreement (CFIA) signed between the two countries in 2019. The document will now be forwarded to Brazil’s president to sign it into law.
The Arab country in North Africa received USD 224.8 million in international investments in the first quarter. Services were a highlight.
A delegation of the Egyptian Customs Authority is in Brazil for a series of meetings aimed to foster the rapprochement between the two countries’ agencies, as well as fast-tracking the integration of the Ellos Blockchain system with the Egyptian Customs’.
Economies in the region are headed for a slowdown this year, driven by high inflation and the conflict in Sudan. Growth will decrease from last year’s 5.3% to 3.1% in 2023.
The World Bank said in a report that the economic perspectives for the country are bleak. Restrictions imposed by Israel makes the Palestinian economy operate below its potential.
Exports declined by 0.3% last month, but the surplus was up 5.5% as imports fell more.
The Brazilian market imports 7% of the food and beverage it consumes. Arab countries participate as suppliers of sardines, olives, oranges, and other items.
The 15th edition of the International Exhibition of Agriculture in Morocco will occur from May 2 to 7 in Meknes. The Brazilian Ministry of Agriculture and Livestock and the Embassy of Brazil in Rabat will take 11 companies.
High prices seen during the COVID-19 have already returned to pre-pandemic levels, but the sector still faces some challenges like port infrastructure.
