October 29, 2019 / 11:29 AM / 18 days ago

Abu Dhabi's Mubadala to increase investment in Brazil - Bolsonaro

BRASILIA, Oct 29 (Reuters) - Brazilian President Jair Bolsonaro said on Tuesday that Abu Dhabi state investor Mubadala Investment Co. will increase investment in Brazil, citing ports, highways, mining, real estate and entertainment as particular targets.

“A billionaire Emirates fund will increase investments in Brazil,” Bolsonaro tweeted. “Mubadala is one of the United Arab Emirates’ two major sovereign wealth funds. The aim is to invest in ports, roads, mining, real estate and entertainment.”

Mubadala, with $229 billion in assets under management, is Abu Dhabi’s sovereign wealth fund. Bolsonaro is currently on the Middle East leg of a 10-day trip through the region and Asia.

On Sunday, Brazil and the United Arab Emirates agreed to expand trade between the two nations and foster investment fund partnerships in sectors such as agribusiness, infrastructure, energy and defense. (Reporting by Jamie McGeever Editing by Louise Heavens)

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