Bolsonaro visits Middle Eastern countries for investment

Ambassador Kenneth Félix da Nóbrega, secretary for bilateral negotiations of Brazil’s Foreign Ministry, said that later this month President Jair Bolsonaro will unveil to investors in the United Arab Emirates a portfolio of infrastructure projects that may be of interest to Arab countries.

In an interview Thursday (Oct 10), the ambassador—in charge of the ministry departments for the Middle East, Europe, and Africa—said that President Bolsonaro will visit the United Arab Emirates on October 27, Qatar on 29 and 30, and should conclude his visit after spending October 29 and 30 in Saudi Arabia.

Over 120 executives are said to have signed up to be part of the president’s entourage. Eight ministers will follow him.

Brazil, he said, plans to present the program of partnerships and concessions with the private enterprise, which should demand investments adding up to over $290 million.

According to Nóbrega, Brazil needs to participate in the investment program of sovereign funds in the Middle East as a receiving agent. Today, he went on to note, the country receives no more than $5 billion form the Sovereign Fund of the United Arab Emirates, which has a total of investments amounting to $1 trillion. Of Qatar’s sovereign fund and its $540 billion, it receives only $5 billion. Lastly, Brazil is the receiver of an extremely small portion of Saudi Arabia’s $850 billion fund.