Middle Eastern interest in Brazil is on the up, with the number of passengers being transported by Middle East airlines into Brazil’s São Paulo International Airport jumping 27.7 per cent.
One of the reasons that this growth was of such impressive levels was due to the FIFA World Cup, which was sponsored by central UAE carrier Emirates. As part of this close relationship, Visa Inc. revealed that visitors from the region spent a total of US$2.7 million over the course of the month-long matches, with the UAE the highest spending nation from the region, followed by Saudi Arabia and Qatar.
“In recent years we have certainly noticed more and more Middle Eastern visitors have discovered all that Brazil has to offer, from a fantastic climate to beautiful natural surroundings, stunning beaches to a wonderfully welcoming culture,” comments Luiz Fernandes, CEO of leading Brazilian developer Ritz-G5.
The company recently launched the first Shariah-compliant investment in Brazil. (Previously, Islamic funds in Brazil have primarily been the domain of equity houses and banks such as Banco do Brasil SA.)
Shariah compliance is founded on the principle of “social justice” where companies are required to adhere to Islamic laws, which include prohibition of liquor, pork and vice, as well as fair and responsible trading practices.
Majestic Village is a 75-hectare serviced land plot condominium development in Parnamirim, an up- and-coming residential area in Natal. The project is designed to appeal to the domestic market and Brazil’s rising middle and upper class population of over 90 million.
“Many savvy business people from the region are also recognising the plentiful investment opportunities in the country,” adds Fernandes. “The key is investing with an established company that develops projects of the highest standards and this is precisely what Ritz-G5 prides themselves on.”
Secretary General and CEO of The Arab-Brazilian Chamber of Commerce (ABCC), Dr. Michel Alaby, hopes that the link between the Middle East and South American will only continue to grow: “In the future, we hope to see a large segment of Brazil’s international tourist arrivals coming from the Arab World and vice versa. This is achievable through continuous cooperation and collaboration among concerned authorities and organizations from the region and the country.”