Dubai: Abu Dhabi state fund Mubadala Development yesterday signalled that it was committed to investments in Brazil despite political protests, economic crisis and a graft probe there.
Mubadala has opened an office in Rio de Janeiro to manage and grow its Brazilian assets after restructuring a $2 billion investment in collapsed EBX Group, the fund said.
The Abu Dhabi fund launched the restructuring in early 2013 as EBX, a group controlled by former Brazilian billionaire Eike Batista, ran into severe financial difficulties.
Mubadala, estimated by the Sovereign Wealth Fund Institute to hold $66bn of assets, said its Brazilian assets now included 48 per cent of the equity in Porto Sudeste, the export terminal for Brazil’s main iron-ore producing region; all of IMM, a sports and entertainment company; and a hotel and an office building in Rio de Janeiro.
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