On July 31, the Brazilian-Saudi Investment Forum took place in São Paulo. The event resulted in the signing of twenty-five memoranda of understanding (MoUs). The MoUs between the two nations encompass various sectors and industries, such as petrochemicals, food processing, tourism, healthcare, real estate, construction, and aerospace & defense.
The Ministry of Investment of Saudi Arabia (MISA) participated in the forum as part of a tour of Latin America. The Ministry plans to visit Brazil, Chile, Costa Rica, Argentina, Panama, and Paraguay. The visit is being led by Khalid Al-Falih, Minister of Investment for Saudi Arabia.
Brazilian-Saudi Investment Forum
The forum held special significance as both Brazil and Saudi Arabia celebrate 50 years since the opening of the Saudi embassy in Brazil, and their first official bilateral government visit in 1973. Over the years, bilateral and economic ties between the two countries have grown significantly. In 2021, the value of bilateral trade reached approximately $3.62 billion, and the export profiles of the two nations suggest promising potential for growth.
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Among the agreements signed at the forum were MoUs between civil construction company OEC and MISA, aiming to open a regional headquarters in Saudi Arabia and explore construction opportunities in consortium with Saudi construction companies. Additionally, Light Capital signed an MoU with MISA to open a regional headquarters and explore payment systems in the Middle East.
Earlier in the 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, reflecting the establishment of key partnerships between the countries. Another key relationship PIF has established is with Minerva Foods, South America’s largest meat producers. PIF and SALIC (Saudi Agricultural and Livestock Investment Company) hold a 25 percent stake in the company. Under PIF’s Brazilian program, they aim to invest up to $10bn in the nation.
As part of its visit, MISA will showcase unparalleled investment opportunities for Latin American investors in Saudi Arabia. The Kingdom has experienced substantial growth in the non-oil sector and has ambitious plans to unlock over $3 trillion in investment opportunities through its National Investment Strategy.
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