While in Rio de Janeiro for the inaugural BRICS foreign ministers’ meeting with the UAE as a permanent member, she commended the growing partnership with Brazil and emphasized the opportunities for additional investment.

The minister said she believes in the vision of President Lula and cited examples of joint projects in other countries to show that the relationship is neither occasional nor limited to bilateral ties.

“We firmly believe that not only is the potential [of the partnership] very high, but we also believe in Lula, in his vision, and in his support for institutions,” she said during a conversation with journalists on the sidelines of the BRICS meeting.

UAE Vice Minister Saeed Al Hajeri emphasized that Brazil could serve as the gateway for UAE operations in Latin America and highlighted the investments made by UAE companies and sovereign wealth funds in Brazil. “Brazil could be the gateway to Latin America for the United Arab Emirates. We have a history of joint investments,” he said.

One example cited was Mubadala, Abu Dhabi’s sovereign fund, which is “very well positioned in different sectors of the Brazilian economy,” according to Mr. Al Hajeri. Mubadala has investments in concessions such as the Rio de Janeiro Metro; in financial assets such as Americas Trading Group (ATG), which is leading the project for a new stock exchange in Rio; and in education, with investments in medical training courses.

Sectors such as food security, renewable energy, infrastructure and logistics, technology, and artificial intelligence were cited by UAE representatives as areas of interest for new investments in Brazil.

In 2023, bilateral trade—excluding oil—exceeded $4 billion. For Mr. Al Hajeri, this is “only the beginning.” “Our goal is to significantly expand trade volumes, investment flows, and sectoral collaboration,” he said.

In an era of uncertainty, Ms. Al Hashimy said international cooperation is the way to face challenges. Currently, the UAE has 27 trade agreements and is negotiating others.

“We are in the final stage of negotiations with Mercosur. We are keen to conclude the deal soon, and I believe it will happen this year,” the minister said, revealing that conversations have also begun with Mexico and the European Union.

The UAE minister stressed that BRICS should be a bloc “for cooperation, not confrontation,” aligning with the view expressed by Brazilian Foreign Affairs Minister Mauro Vieira during the opening of the meeting in Rio.

In Ms. Al Hashimy’s view, BRICS is a “vital platform for economic collaboration” and enables an “open-door policy,” creating a safe environment for companies and nations to collaborate and access new markets.