UAE sovereign wealth funds signal billionaire investments and partnerships with companies from São Paulo
Investe São Paulo shows the opportunities available in the state at the Annual Investment MeetingInveste São Paulo
Investors from the United Arab Emirates, whose sovereign wealth funds in the public and private sectors have investment potential that could reach US$ 20 billion, are interested in entering into partnerships with companies from São Paulo. According to the president of Investe SP, Juan Quirós, who attended the event representing the state government of São Paulo, from April 10 to 14, the Annual Investment Meeting, a meeting that brought together the largest investment funds on the planet, which account for contributions from various sectors of the economy in all continents.
“In a scenario in which the country needs to create jobs, the mission given to us by Governor Geraldo Alckmin was to bring investments that create jobs in the state. The results were very positive, with signs of future investments, especially in the health, food and service sectors in São Paulo. The estimate is that there should be at least US$ 5 billion from the sovereign wealth funds for the purchase of products from São Paulo and incentives for the companies within the state to establish offices in the Emirates,” said Juan Quirós.
The president of Investe São Paulo, the investment attraction agency of the state government, structured a broad agenda in partnership with Apex-Brazil, a federal agency in which he was president, strengthening relationships with investors from the United Arab Emirates.
Meetings were held with sovereign wealth funds and investment agencies from 40 countries attending the event in the United Arab Emirates. The vocations, characteristics, and infrastructure of the state were highlighted to major global investors. Private projects and public service utilities from the Government Secretariat were also presented.
Among the meetings held, special mention to the Dubai FDI (Dubai Foreign Direct Investment Agency). The president of Investe SP also met with Dnata, a company of Emirates Group, one of the world’s largest company of airport services. Dnata landed in the Brazilian aviation market with the acquisition of RM Ground Services, the largest airport service provider in the country.
According to the president of Investe SP, the mission was also important to open business opportunities with other Middle Eastern countries, such as Iran:
“With the opening of Iran to the market, the companies from São Paulo have access to a large buyer of potential products. Companies that settle in the Emirates will benefit if they use the region as a bridge to export,” said Quirós.
Juan Quirós also met with DP World, which operates 70 terminals in 31 countries and managed the Port of Dubai and Jebel Ali Free Zone, the largest free zone in the region of Middle East and North Africa.
The mission was also intended to detect potential buyers of products from São Paulo, since Investe SP created the SP Export program to encourage and increase exports in the state.
For November this year, there is a mission scheduled with buyers from UAE to the state of São Paulo, coordinated by Investe SP. In May, Investe SP will welcome technicians from the country to structure the event.
In December, Investe SP will welcome another mission in the country, this time with investors from Dubai. According to Juan Quirós, in the second half, there will be the opening of the first office in Latin America of the Dubai Chamber of Commerce in São Paulo.
Another positive aspect of the agenda was the presentation of the potential of São Paulo to the ADIA (Abu Dhabi Investment Authority), the sovereign wealth fund of Abu Dhabi Emirate. The fund is responsible for the investment of the surplus of oil revenues of the Emirate. ADIA recently confirmed an investment of R$ 400 million in the construction of the Four Seasons Hotel São Paulo, at Avenida Nações Unidas, a project led by the Brazilian company Iron House, to be opened in 2017.