BRICS Announces Massive $13.5 Oil Investment

According to the Financial Times, the BRICS economic bloc intends to invest $13.5 billion in oil. Indeed, the investment will include the United Arab Emirates (UAE), one of five countries that joined the bloc’s expansion efforts last year.

The money will be invested in Brazil, with the majority going towards biofuels. However, this event is expected to be part of a much more comprehensive investment strategy. Indeed, preparations are underway to establish a new stock exchange in the country.

BRICS to Plan $13.5 Billion Oil Investing

For much of the past year, the BRICS economic bloc has worked to establish itself. Specifically, the bloc has expressed its ambition and ability to create a multipolar world. Furthermore, it has sought new ways to boost its significance and importance in recent months.

This has resulted chiefly from its de-dollarization programs and ongoing expansion. The latter has proved to be highly successful. The alliance invited five states to attend its 2023 annual meeting. These included Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Ethiopia.

One of those countries is now at the vanguard of a new investment strategy. Precisely, BRICS is planning a $13.5 billion oil investment, which will be critical to boosting its most fortified sector.

The UAE intends to invest its assets in Brazil, focusing on the biofuels business. Furthermore, the study states that it marks the start of a developing investment plan between the two countries.

According to the article, the relationship could establish a new stock market in Brazil. In contrast, the continued connection will be based on both countries’ strengths, with Brazil’s agricultural prowess helping the UAE’s oil and vice versa.

Overall, this should only help the BRICS’ ongoing efforts and highlight the benefits of expansion. The group hailed the UAE’s first expansion effort since 2001. This trend is expected to continue in 2024, with several countries lining up to join the collective.