Mubadala Capital plans to invest R$12 billion ($2.4 billion) over 10 years to build a sustainable aviation diesel and kerosene plant in the northeastern Brazilian state of Bahia.
The Abu Dhabi-based company announced Saturday evening that the investment will be made through Acelen, its unit in Brazil, and it expects the plant to start production in the first quarter of 2026.
The memorandum of understanding came within the framework of many other agreements that were signed during the state visit of Brazilian President Luiz Inacio Lula da Silva to Abu Dhabi, where he was received by Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, at a Ramadan iftar banquet.
The Brazilian President tweeted: I return to the UAE after 20 years to strengthen the relationship between the two countries, adding that the UAE is the first investor in Brazil among the countries in the region. It will host the Climate Summit (COP-28) this year, and will expand its investments in biofuels and renewable energies.
Members of the Brazilian delegation also signed agreements with their Emirati counterparts covering trade, sports and artificial intelligence, according to the Brazilian government's Twitter account.
Ambassador Andre Correa de Lago signed a memorandum on climate action, while Ambassador Carlos Sergio Duarte signed a cooperation document between the Rio Branco Institute and the Dr. Anwar Gargash Diplomatic Academy.
President Lula's visit to Abu Dhabi came after a three-day official trip to China. The Brazilian president will leave this Sunday morning for his country, where the flight will stop for two hours in the Portuguese city of Lisbon before heading to Brasilia, arriving at 9:20 pm in the Brazilian capital, according to the official government agenda.
