In order to construct a green diesel and sustainable aviation kerosene factory in Bahia, Brazil’s northeastern state, Abu Dhabi’s Mubadala Capital wants to invest $2.4B (BRL12B) over ten years.
According to Mubadala’s statement on Saturday, the investment will be made through its Brazilian subsidiary Acelen, and production is anticipated to begin in the first quarter of 2026.
The memorandum of understanding was one of many contracts signed during Brazilian President Luiz Inacio Lula da Silva’s state visit to Abu Dhabi. He was welcomed for an iftar, a meal enjoyed after dusk during Ramadan, by His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE.
“I return to the country 20 years later to reinforce the relationship between Brazil and the UAE,” On Twitter, Lulu posted. “The Emirates is the country in the region that invests the most in Brazil, will host the COP28 this year and will expand investments in biofuels and renewable energies.”
The Brazilian government announced on Twitter that members of the Brazilian delegation and the UAE government had inked agreements pertaining to trade, sports, and artificial intelligence. The Dr. Anwar Gargash Diplomatic Academy and the Rio Branco Institute signed a treaty of collaboration, and Ambassador Carlos Sergio Duarte signed a memorandum on climate action.
