We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sat 7 May 2011 10:20 AM

Font Size

- Aa +

Top Brazilian official set to fly to UAE for Mubadala talks

Alessandro Teixeira eyes visit next week to discuss possible multi-billion dollar investment

Top Brazilian official set to fly to UAE for Mubadala talks
A senior Brazilian government official is set to travel to the UAE next week to continue talks with Mubadala over a possible multi-billion dollar investment. (Getty Images - for illustrative purposes only)

A senior Brazilian government official is set to travel to the UAE next week to continue talks with Mubadala over a possible multi-billion dollar investment.

Alessandro Teixeira, the executive secretary at the Ministry of Development, Industry and Foreign Trade, is set to meet with officials from Mubadala, Abu Dhabi's investment vehicle, the Arab Brazil News Agency reported.

Although the executive secretary did not disclose the theme of the planned UAE meeting, it follows talks last week in which Mubadala chief operating office Waleed Al Muhairi met  minister Fernando Pimentel in Brasilia.

After that meeting, Pimental said Mubadala was "greatly interested in investing in the productive sector” in Brazil.

According to the ministry, Al Muhairi said that Mubadala has $13bn available to invest in Brazil.

Pimentel added that Mubadala was interested in the mining, aluminium, energy, logistics and other sectors.

“They are not just shareholders [in the enterprises in which they have shares], but also try to participate in management,” said the minister in comments published by ABNA.

It is understood Mubadala is also interested in the areas of aerospace and semiconductors, ABNA added.

Brazil is one of the fastest growing major economies in the world with an average annual GDP growth rate of over five percent.

Mubadala, established in 2002 by the Abu Dhabi government to handle the diversification of the emirate's investments, posted a loss of AED315m ($85.76m) for 2010 due to mark to market writedowns.

Mubadala, which holds stakes in Advanced Micro Devices Inc and Ferrari, as well as General Electric and private equity firm Carlyle, said total assets increased by 14 percent to AED101.5bn in 2010.

Last month, Mubadala said it plans to boost spending to about $16.3bn this year.

The company will deploy a "substantial" portion of capital and investment expenditure over 2011 to 2015 on real-estate, oil and gas, and public-private partnership projects.

Abu Dhabi, home to more than seven percent of the world’s proven crude reserves, is seeking to diversify from oil by investing in industries such as real estate and aerospace.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.