His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, recently held a meeting with members of Mubadala’s team in Rio de Janeiro, including Waleed Al Mokarrab Al Muhairi, deputy group CEO of Mubadala, during his official visit to Brazil.
In this meeting, His Highness assessed the progress of Mubadala’s investments in Brazil, which have significantly contributed to the country’s socioeconomic development over the last 12 years, Abu Dhabi Media Office (ADMO) reported.
Strengthening economic ties
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan stressed that UAE investments in Brazil are crucial for reinforcing the economic connections between the two nations. He underscored that these investments highlight the UAE’s significant role as a global economic partner.
Future expansion opportunities
Sheikh Khaled also commended Mubadala’s achievements across its various projects and investments in Brazil, emphasizing the need to broaden the company’s initiatives to encompass additional key sectors. This expansion aims to diversify its investment portfolio and make meaningful contributions to Brazil’s sustainable economic and social development.
Advancing key sectors
Al Muhairi expressed his heartfelt appreciation to His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan for his steadfast dedication to enhancing the global standing of UAE investment companies. He noted that it was an honor for their team to present Mubadala’s accomplishments and developments in Brazil since the company entered the market in 2012. He expressed pride in the fact that their investments play a direct role in advancing key sectors within South America’s largest economy, with plans to significantly expand their Brazilian portfolio in the years ahead.
Sustainability initiatives
One potential future initiative discussed during the meeting was Acelen Renewables, the renewable energy company owned by Mubadala Capital, which is committed to constructing five large-scale biofuel refineries in Brazil. This ambitious project, once operational, could create up to 400,000 jobs for local communities, marking a transformative commitment to sustainability in the country.
Details of the first refinery
The first refinery, anticipated to commence production by 2027, will be located in the Brazilian state of Bahia and will require the planting of 80 million macaúba trees on previously degraded land. These trees will then be cultivated, harvested, and processed to produce 20,000 barrels per day of renewable fuels, including sustainable aviation fuel (SAF).
Environmental impact
The macaúba is a native Brazilian plant known for its high energy yield, and the renewable diesel produced through this project is expected to emit up to 80 percent less CO2 compared to fossil diesel. Additionally, planting 200,000 hectares of these trees is projected to capture 60 million tons of CO2 over a span of 20 years.
Mubadala’s investment portfolio
Mubadala has been active in Brazil since 2012, and its subsidiary, Mubadala Capital, currently oversees assets totaling $5.7 billion, which includes $2.5 billion in third-party capital. Through three investment funds, Mubadala’s portfolio encompasses vital infrastructure projects and major enterprises, such as toll roads, ports, metro lines, and medical universities.
