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Latin America

Workers at Cano Limon oil field in eastern Colombia. Oil is one of the country's largest exports

UAE strikes Colombia deal to strengthen Latin American links

The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the Central American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

Biomethane is renewable natural gas

Atvos in deal to build biomethane plant in Brazil

Brazilian ethanol producer Atvos has signed an agreement to build a biomethane factory in the state of Mato Grosso do Sul, with investments seen at more than 350 million reais ($69.4 million), it said in a statement on Wednesday. The biomethane plant is expected to have a 28-million cubic meter capacity per crop and will […]

In association with
Rumo predicts the port expansion with DP World will cost $500 million

DP World teams up with Rumo for new Brazilian port terminal

DP World and the Brazilian railway operator Rumo are to build a new terminal at the port of Santos in São Paulo, to handle 12.5 million tonnes of grain and fertiliser a year. The project is intended to make the port Brazil’s primary gateway, and central to trade for South America. Rumo estimates the total […]

In this photo illustration, the MSCI Inc. logo is displayed on a smartphone screen. (Photo by Rafael Henrique / SOPA Images/Sipa USA) No Use Germany.

Gulf weightings increase on MSCI Emerging Markets

The MSCI Emerging Markets Index has increased the weightings of Gulf countries since their inclusion on the benchmark, as regulators loosened rules and companies ease foreign ownership restrictions to make it easier to invest. According to MSCI, more than $1.3 trillion in assets under management (AuM) was benchmarked against its emerging markets indexes as of […]

Brazil exports many of the foods served at Iftar, the meal eaten after sunset during Ramadan

Brazilian exports to Kuwait rise in readiness for Ramadan

With Ramadan around the corner, trade between Kuwait and Brazil has been brisk – the Latin American country plays an important role in supplying the food needed for Iftar, the fast-breaking evening meal that Muslims enjoy during the holy month. Brazilian exports to the Gulf country spiked in November as Muslim importers began to prepare […]

UAE minister of state for foreign trade Dr. Thani bin Ahmed Al Zeyoudi confirms the successful Cepa negotiations with Costa Rica

UAE and Costa Rica finalise trade pact terms

The UAE and Costa Rica have concluded negotiations on the final terms of a comprehensive economic partnership agreement (Cepa) between the two countries. Once implemented, the Cepa will eliminate or lower tariffs, reduce trade barriers, promote private-sector collaboration and develop pathways for investment, the UAE state-run Wam news agency reported. The UAE’s minister of state […]

A worker cycles past Aramco oil tanks in Abqaiq, Saudi Arabia

Opec set for tricky new year: US booms and demand slows

Opec+ has struggled to maintain high oil prices this year and 2023 is ending with Brent trading 10 percent lower year on year and below the crucial $80 break-even mark of GCC countries. 2024 looks likely to be another challenging year for the oil alliance, analysts have told AGBI. Oil demand rose by more than […]

A worker checks a shipment of copper in Valparaiso, Chile, the world's largest copper producer; rising prices and tighter supply may encourage the Middle East to ramp up its own production

Middle East craves a copper-bottomed future

While recent weeks have seen some major ups and downs in the price of copper, for many old hands in the sector this is nothing new. “The one sure thing in copper,” Carlos Risopatron, director of economics and environment at the International Copper Study Group, tells AGBI, “is that you can always rely on volatility.” […]

A Colombian grower picks coffee fruits at a plantation in Pueblorrico. Only Brazil and Vietnam produce more coffee

Coffee fuels growth plans for UAE-Colombia trade

The UAE finalised the terms of a trade deal with Colombia on Saturday as a Dubai free zone is also targeting growth with the commodities-rich nation. The comprehensive economic partnership agreement (Cepa) is the first bilateral trade deal between the Gulf and South America. Dubai Multi-Commodities Centre (DMCC) brought its Made for Trade Live roadshow […]

Fire, Forest Fire, Outdoors

Brazil plans mega fund to conserve forests at Cop28  

Brazil plans to propose a “huge” fund to pay for the conservation of tropical forests at the United Nations Cop28 climate change summit, which begins later this month in Dubai, the country’s top climate negotiator said on Thursday. That fund, not previously reported, would be the latest in a proliferation of multilateral environmental funds. Countries […]

Oil tankers and other vessels moored off Singapore. An area further off Singapore is favoured by Iran's dark fleet for ship-to-ship transfers

Growing ‘dark fleet’ carries sanctioned oil to China

More than 600 ships, often old tankers which are unsafe and whose ownership is obscure, are transporting Iranian and Venezuelan crude around the world. The numbers of vessels and cargoes are growing, industry experts told AGBI.  The ships turn off their transponders – a vessel’s automatic identification system or AIS – to go ‘dark’. They […]

Workers inspect equipment at a hydropower plant in Zhangye, northern China. About 41% of renewables jobs are in China

Renewables workforce nearly doubles in a decade

Employment in the renewable energy sector has almost doubled over the past decade, the International Renewable Energy Agency and International Labour Organization have found. There were 13.7 million jobs in the global industry in 2022, up from 7.3 million in 2012, the agencies said in the report Renewable Energy and Jobs: Annual Review. Employment growth […]

A Brazilian delegation headed by Alexandre Cordeiro Macedo (third from left), president of the Administrative Council for Economic Defence, visited the UAE this week

UAE and Brazil boost non-oil trade with partnership

The UAE and Brazil have launched a partnership to exchange economic expertise and build on non-oil bilateral trade of $4.3 billion in 2022. The initiative is part the UAE’s Government Experience Exchange Programme that welcomed a Brazilian delegation to the Emirates earlier this week. Abdullah bin Touq Al Marri, the UAE’s minister of economy, said […]

Beyond One Virgin Mobile Latin America

Dubai tech company buys Virgin Mobile Latin America

A Dubai technology investment company has bought Virgin Mobile Latin America, a mobile virtual network operator with operations in Mexico and Colombia. The acquisition by Beyond One follows its buyout in February of Virgin Mobile Middle East and Africa, which serves Saudi Arabia, the UAE, Oman and Kuwait.   A mobile virtual network operator is a provider […]

Mubadala Atvos sugar cane processor

Mubadala to buy 31.5% stake in Brazilian cane processor

Abu Dhabi investment fund Mubadala Capital will take an opposite direction from most of its peers in the Brazilian sugar and ethanol industry, which it plans to enter by early next year, betting on expanding output of the biofuel and looking only marginally to sugar. Bruno Serapiao, CEO of Atvos, one of the country’s largest […]

Al Suwaidi climate pledge

Al Suwaidi: time to deliver on $100bn climate pledge

Developed countries must stump up their agreed $100 billion a year to tackle climate change as the world is a long way off from meeting the targets set in the Paris Agreement, Cop28’s director general said in Brazil this week. “We need to invest across the board in every kind of solution that is going […]

Argentina Qatar loan IMF

Argentina agrees $775m loan with Qatar to repay IMF

Argentina agreed a $775 million loan with Qatar on Friday, which will be used to make an immediate International Monetary Fund repayment. The country’s government is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves while facing IMF repayments. Its economy minister Sergio Massa said on Monday Argentina would not […]

Russia Brics expansion

Russia says expansion will strengthen Brics

Russia said on Thursday that the Brics group of countries would be strengthened by adding new members, in its most explicit endorsement yet of the idea of expansion. The Brics group of emerging economies currently comprises Brazil, Russia, India, China and South Africa. Moscow sees the group as an increasingly important and influential counterweight in […]