INSUBCONTINENT EXCLUSIVE:
(Analysis) Saudi Arabia is making significant investments in Brazil, solidifying a strategic partnership that benefits both nations.This
Yasir Al-Rumayyan.Saudi Arabia aims to diversify its investments
(Photo Internet reproduction)Moreover, BRF, a Brazilian chicken supplier, plans to open a factory in Saudi Arabia, boosting local production
despite higher costs.Brazilian food exports to Saudi Arabia reached a ten-year high in 2023, totaling $3.2 billion
Food products account for 90% of this trade.Last year, Salic, a Saudi agricultural investment company, acquired over 10% of BRF
Salman, seeks to transform the kingdom into a diversified economy.The plan includes tourism, manufacturing, electric vehicles, and sports
Saudi Arabia needs $100 billion in annual foreign investments to realize this vision, triple its current rate.In recent months, Saudi
officials have promoted the kingdom as an investment destination across New York, Japan, and Hong Kong.The Rio conference shifts focus to
Organization of Islamic Cooperation, exported $23.4 billion in products last year.Salic also holds a 30% stake in meat producer Minerva,
plans to re-enter the fertilizer market.President Lula has proposed a potential Saudi partnership, aligning with his industrial policy goals
Early-stage talks are ongoing.In aerospace, Brazil and Saudi Arabia signed a five-year defense cooperation agreement
Embraer is negotiating the sale of 33 aircraft to Saudi Arabia and considering a new production center.eB Capital, with former SoftBank COO
a major Latin American asset manager, also seeks to increase investments in Saudi Arabia.Currently, Saudi Arabia invests more in Brazil than
In 2022, Brazil received $1 billion from the kingdom, while it invested $300 million in Saudi Arabia.Experts foresee more Brazilian foreign
direct investment in Saudi Arabia in the long term.
