Brazilian, Gulf firms sign $65.3m deals

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More than $65m worth of deals have been agreed between major companies in the Gulf and their counterparts in Brazil. (Getty Images - for illustrative purposes only)

More than $65m worth of deals have been agreed between major companies in the Gulf and their counterparts in Brazil. (Getty Images - for illustrative purposes only)

More than $65m worth of deals have been agreed between major companies in the Gulf and their counterparts in Brazil after a recent trade mission to the region.

The trade mission to Middle East was led by the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) in Riyadh, Doha and Dubai.

In a statement published by state news agency WAM, it said it recorded $65.3m in deals either closed during the event or to be finalised in the next 12 months.

The deals with Brazilian companies involve firm from the UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kuwait, Jordan and Lebanon.

The UAE in particular made significant gains, with the signing of key business deals totalling $29.8m, WAM said.

The business meetings in Riyadh and Doha generated business worth $16.5m for Brazilian companies.

In total, the trade mission featured 503 matchmaking meetings involving 232 buyers from the Middle East and Levant regions.

Apex-Brasil also signed memoranda of understanding (MoU) with JAFZA, Dubai Media City, Dubai Export Development Corporation, and Dubai Foreign Direct Investment.

Mauricio Borges, President of Apex-Brasil said: "These landmark agreements strongly demonstrate the dynamic relationship between Brazil and the region, particularly in the area of trade and investment.

"Moreover, it underlines the eagerness of key institutions from both sides to explore new avenues for economic cooperation and mutual growth, which is the main objective of the Brazilian Trade Mission to Middle East."

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