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Brazil Property News: Brazil vies for Arab investment
10th October 2007 02:15
Construction companies in the north-eastern region of Brazil want to attract more Arab investment, according to reports today.
As part of an initiative run by the Association for the Development of Real Estate and Tourism in north-eastern Brazil (Adit), firms in the area want to visit the United Arab Emirates States in order to attract investors for real estate and tourist projects.
Felipe Cavalcante, president of Adit, highlighted Abu Dhabi’s recent visit to the Latin American country for similar purposes.
Vice-president for Adit, Roberto Carlos Monteiro Lopes, told Brazilian-Arab news agency Anba: "Some Arab funds have raised large sums of money and they are seeking business opportunities in resorts and in the real estate market.
"We already have a strong presence of European investors here, but not yet Arabs and they have a lot of capital for investing."
Mr Lopes also said that initiatives currently in progress in the region totalled around 3 billion reais (£0.8 billion) with more projects still in development stages.
The first direct flights from the Middle East to South America began this month, operated by Emirates airlines from Dubai to Sao Paulo.
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