Presidential Visit To Three GCC Countries

Author:Mr Fábio Figueira
Profession:Veirano e Advogados Associados
 
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Brazilian President Jair Bolsonaro visited three GCC countries in October — Saudi Arabia, Qatar and the UAE.

In Saudi Arabia, it was announced that the Saudi Public Investment Fund would be willing to invest up to US$10 billion in Brazil. Brazil would be the sixth country to receive investments from this fund, which has a portfolio of US$320 billion. Although the sectors to receive the investments are not yet defined, it is said that the investments would be made within three years.

Moreover, Brazil and Saudi Arabia should soon be signing an accord that would facilitate the granting of visas. The validity of the visas would no longer be one year, but rather five years and with multiple entries. It is also intended that the fee related to the issuance of the visas would decrease.

The Brazilian president mentioned via social media that the Abu Dhabi sovereign fund, Mubadala, which already has a relevant presence in Brazil, intends to make more investments in Brazil in sectors like ports, highways, mining, real estate and entertainment.

BRF, a Brazilian company that has been exporting Halal food for decades, is constructing a plant in Saudi Arabia to produce Halal chicken. The investment would reach the amount of US$120 million and the intention is to have the plant...

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