Brazil set to capitalize on Saudi-UAE competition as investments take shape
South America’s largest economy has been actively engaging with the UAE and Saudi Arabia under newly reelected President Luiz Inácio Lula da Silva.
Al-Monitor Pro members
Samuel Wendel
Senior Market Research Analyst, Al-Monitor
Aug. 31, 2023
Much has been made in 2023 about China’s growing clout in the Middle East and Turkey’s efforts to revive ties with former Gulf rivals, but don’t let that overshadow another player revving up regional relationships this year: Brazil. South America’s largest economy — and the 11th largest by GDP globally — has been actively engaging with the UAE and Saudi Arabia under newly reelected President Luiz Inácio Lula da Silva, known as Lula. That’s already produced numerous high-level state visits and deals worth billions this year. Alongside a broader strategic realignment — with Egypt, Saudi Arabia, the UAE and Iran recently invited to join BRICS alongside Brazil — this trend is being fueled by growing Gulf competition. That's setting the stage for these relationships to evolve further as more investments take shape, particularly around renewables and energy transition.