Middle East investment in Brazil attracting attention
|Friday, 15 August 2008|
Brazil is attracting the attention of a number of leading Arab property investors and developers according to finance experts.
Even though the share of Arab capital is still small compared with the total volume of foreign funds currently flowing into the Brazilian market, there is growing interest.
Large sovereign funds, such as the Abu Dhabi Investment Authority, the Kuwait Investment Authority, the Saudi Arabian Monetary Agency, the Dubai International Capital and the State General Reserve Fund, based in Oman have been speaking to major organisations.
‘We are being contacted by different customers interested in the Brazilian market,’ said Angela Martins, international director at the ABC Brazil bank which is run by the Arab Banking Corporation based in Bahrain.
Experts also report an increased visibility of Brazil in the Arab world, and vice-versa, aided by direct flights between Dubai and São Paulo and the growing availability of funds generated by petroleum in the Arab world.
More and more Brazilian companies are also looking to the Middle East for capital. Banco do Brasil has recently opened an office in Dubai, and Itaú, will soon own premises in Dubai and Abu Dhabi