INSEAD Day 4 - 728x90

Alpha Dhabi profit jumps 48%

AI and technology investments boost earnings.

Agthia profit, dividend jump

Transformation lifts earnings, cash generation.

2PointZero reports strong H1

Expansion drives earnings, revenue growth.

Borouge profit climbs 23%

Prices, recovery boost quarterly earnings

e& posts 11.6% revenue growth

The H1 net profit hits $1.63 billion.

Brazil president reaches UAE to enhance bilateral ties

Brazilian President Luiz Inacio Lula da Silva. (AFP)
  • The UAE is Brazil's second-largest trading partner in the Middle East, according to reports.
  • Trade between the two trade excluding petrol totaled over US$4 million in 2022 - a 32 percent rise from 2021.

ABU DHABI, UAE – Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to strengthen economic and diplomatic ties.

The UAE’s energy and infrastructure minister, Suhail bin Mohammed al-Mazrouei, welcomed the Brazilian leader at Abu Dhabi airport, local media reported.

Lula, who in January returned to power in the South American country after two terms as president between 2003 and 2010, is expected to meet Emirati President Sheikh Mohamed bin Zayed Al Nahyan.

In Beijing, where Lula sought to consolidate economic ties with Brazil’s main trading partner, he said his country was “back on the international stage” and ready to mediate an end to Russia’s war in Ukraine.

Both China and Brazil have refused to join Western nations in imposing sanctions on Moscow for its invasion, and there are concerns in the West that both potential mediators are overly cozy with Russian President Vladimir Putin.

The UAE has maintained a neutral stance in the conflict.

Its financial hub Dubai has attracted Russian professionals and businesspeople fleeing the impact of Western sanctions since the invasion in February 2022.

The oil-rich Gulf monarchy is Brazil’s second-largest trading partner in the Middle East, according to reports.

It said bilateral trade excluding petrol totaled more than four million dollars last year, representing a 32-percent rise from 2021.