Twenty-five memoranda of understanding (MoUs) were signed at the Brazilian – Saudi Investment Forum, held in São Paulo on July 31.

 

The MoUs covered sectors including Petrochemicals, Food Processing, Tourism, Healthcare, Real Estate, Construction and Aerospace & Defense.

 

The Ministry of Investment of Saudi Arabia (MISA) participated in the forum, which comes at the beginning of a broader visit encompassing six countries across Latin America, led by Khalid Al-Falih, Minister of Investment for Saudi Arabia. The visit will span Brazil, Chile, Costa Rica, Argentina, Panama and Paraguay.

 

The forum also came as Brazil and Saudi Arabia mark 50 years since the opening of the Saudi embassy in Brazil and the first official bilateral government visit. Since 1973, bilateral and economic ties have deepened significantly. In 2021, the value bilateral trade amounted to around $3.62 billion and the complementarity of the export profiles of the two countries suggest strong potential for further growth.

 

The agreements signed includes an MoU between civil construction company OEC and MISA for the former to open a regional headquarters (RHQ) in the kingdom to explore construction opportunities in Saudi Arabia in consortium with Saudi construction companies. Light Capital also signed an MoU with MISA to open a RHQ which will explore payment systems in the Middle East.

 

Earlier this month, Manara Minerals, a joint venture between Ma’aden and the Public Investment Fund (PIF), signed an agreement to invest in Vale’s Energy Transition Metals business. 

 

This transaction builds on other key partnerships such as the 25% stake in Minerva Foods, a Brazilian company that is one of the largest meat producers in South America, held by SALIC (The Saudi Agricultural and Livestock Investment Company) and PIF’s Brazilian program, under which it aims to invest up to $10bn in Brazil as part of its wider international investment strategy.

 

MISA will be promoting the unparalleled investment opportunities for Latin American investors in Saudi Arabia during its visit. The Kingdom has seen strong growth in the non-oil sector in recent years and is looking to unlock more than $3 trillion in investment opportunities through its National Investment Strategy, a statement said. - TradeArabia News Service