His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, headed a team from the United Arab Emirates that attended the 17th BRICS Summit, which finished on a high note. The President of the Federative Republic of Brazil, Luiz Inácio Lula da Silva, met with His Highness during the summit to discuss strengthening bilateral ties and building on the two countries’ long-standing and deep-rooted relations, which provide a strong basis for growing cooperation across critical sectors in support of shared interests and sustainable development goals.
At the 17th BRICS Summit, the UAE and Brazil signed the largest economic Memorandum of Understanding to establish a development investment fund worth over $100 billion, demonstrating their continued collaboration. Banco do Brasil S.A., the biggest bank in Brazil and Latin America with a history spanning more than 200 years, and Abu Dhabi Investment Group (ADIG), which founded one-third of the banking industry in the United Arab Emirates, inked the deal. Ms Tarciana Medeiros, President of Banco do Brasil S.A., and Zayed Bin Rashid Bin Aweidha Al Qubaisi, CEO of ADIG, were present for the signing.
The signing is the first official action after President Lula da Silva and Zayed Bin Aweidha decided to create this investment fund, which would have a value of over $100 billion, during the G20 Summit in Rio de Janeiro.
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