Regional News

Brazilians eye $32bn Gulf bonanza

October 2017

More business opportunities in the GCC have opened up for Brazilian investors with $32 billion worth of large-scale urban construction projects now being tendered in the region, the Arab-Brazilian Chamber of Commerce (ABCC) said.

The ABCC said that the report recently released by Dubai-based market research firm BNC Network is strong proof that the GCC remains a promising market for Brazilian businessmen.

The report reveals that a total of 801 urban construction projects with a combined value of $32 billion are currently being tendered in the region. The same report also forecasts that the value of regional construction contracts will hit the $50.9 billion mark by the end of 2017.

“2017 is proving to be an exciting time for vibrant and robust Arab-Brazilian ties. The urban construction projects as reported by BNC are another opportunity worth exploring by investors from the vast South American country,” remarked Dr Michel Alaby, the secretary-general and chief executive of the ABCC.

“We are closely co-ordinating with our partners to see how we can further facilitate the flow of information and knowledge between interested parties to maximize new prospects in the rapidly increasing construction activities in the region,” he added.

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