The 17th BRICS Summit concluded yesterday, attended by a delegation from the United Arab Emirates led by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. During the summit, His Highness met with His Excellency Luiz Inácio Lula da Silva, President of the Federative Republic of Brazil, during which they discussed further advancing bilateral relations, building on the deep-rooted and longstanding ties between the two nations, which form a solid foundation for expanding cooperation across vital sectors in support of sustainable development goals and shared interests.
The ongoing cooperation between the UAE and Brazil has led to the signing of the largest economic Memorandum of Understanding at the 17th BRICS Summit to launch a development investment fund valued at over US$100 bn. The agreement was signed between Abu Dhabi Investment Group (ADIG), which established one-third of the banking sector in the UAE, and Banco do Brasil S.A., an institution with a history spanning more than 200 years, and it is the largest bank in Brazil and Latin America. The signing was attended by His Excellency Zayed bin Rashid bin Aweidha Al Qubaisi, CEO of ADIG, and Ms. Tarciana Medeiros, President of Banco do Brasil S.A.
This agreement seeks to set up the largest development investment fund of its kind among BRICS countries to support strategic development projects across sectors such as industry, agriculture, real estate, technology, environment and recycling, energy, retail, infrastructure, healthcare, education and training, transportation, trade, public debt instruments, and more. It reflects both parties’ commitment to foster sustainable development and responsible investment at the international level. The signing marks the first executive step following the agreement reached at the G20 Summit in Rio de Janeiro during the meeting between His Excellency Zayed bin Aweidha and President Lula da Silva, where they agreed to establish this investment fund exceeding USD 100 billion, which will be invested in the Brazilian economy as well as other countries, in line with BRICS’ vision to build strong and sustainable global economic partnerships.
Commenting on the event, His Excellency Zayed bin Aweidha affirmed that the signing of the agreement reflects the UAE’s firm commitment to strengthening international economic cooperation, particularly with BRICS countries. He praised the active role played by the UAE’s wise leadership in consolidating the country as a reliable global economic partner and a key supporter of sustainable development initiatives at the international level.
This agreement is anticipated to open new horizons for UAE-Brazilian cooperation and contribute to supporting the UAE’s efforts in global food security and high-impact investments in line with sustainable development goals, reinforcing the UAE’s presence as a key international partner in molding the future of the global economy.
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