UAE and Brazil Issue Joint Statement at the G20 Summit in Rio de Janeiro

On the occasion of the G20 Leaders' Summit held in Rio de Janeiro on 18–19 November 2024, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, was received by His Excellency President Luiz Inácio Lula da Silva.

The meeting took place in the context of the 50th anniversary of the establishment of diplomatic relations between the United Arab Emirates and the Federative Republic of Brazil, a milestone that both sides celebrated by reaffirming their dedication to deepening the strategic partnership in the years ahead.

Both governments signed a Memorandum of Understanding to establish a joint mechanism for promoting UAE investments into strategic sectors of Brazil, including technology, innovation, ecological transformation, and infrastructure. Brazil is the UAE's largest trade partner in South America, while the UAE is Brazil's second largest trade partner in the MENA region. In 2024, bilateral trade reached USD 5.4 billion — a 24.3% increase compared to the previous year.

The Crown Prince of Abu Dhabi also reviewed the progress of Mubadala's investments in Brazil, which exceeded USD 5.7 billion in managed assets, including critical infrastructure projects such as toll roads, metro lines, ports, and universities, and underscored Mubadala's plans to expand its presence further with a large-scale biofuel refinery in the state of Bahia.