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Broadcast Documentary film «Dostoevsky Intercontinental»
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09:35 Documentary film «Dostoevsky Intercontinental»
09:35 Documentary film «Dostoevsky Intercontinental»
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Documentary film «Dostoevsky Intercontinental»

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Brazil Saudi Arabia
01.12.23 12:56
Economics

A Saudi sovereign fund plans to invest US$10 billion in Brazils

It was announced during a meeting between Brazilian President Luiz Inacio Lula da Silva and Saudi Crown Prince and Prime Minister Mohammed Bin Salman

This historic meeting was the first commitment of a Brazilian president to the Middle East. The main objective of the meeting was to strengthen bilateral relations between Brazil and Saudi Arabia, as well as to create investment opportunities for Brazilian companies in the Arab country.

US$9 billion will be invested over the next seven years. Projects range from clean energy and green hydrogen to defence, science and technology, agriculture and infrastructure related to the new growth acceleration programme. This is reported by Brasil 247, a partner of TV BRICS.

Mohammed bin Salman highlighted the international importance of Brazil and the economic importance that both countries have for their regions. The Saudi Prime Minister also expressed his country's interest in becoming an active member of the BRICS Bank.

Apart from huge investments, the leaders foresee a significant growth in commercial relations between the two countries, which have already been in partnership for 50 years. Commercial transactions between Brazil and Saudi Arabia currently stand at US$8 billion, a figure that is expected to rise to US$20 billion by 2030.

The meeting also discussed the energy transition and combating the climate crisis. Saudi Arabia aims to produce 90 gigawatts of clean energy at home and abroad by 2030. Brazil, with its huge potential for renewable energy sources such as green hydrogen, could benefit from these plans.

Both sides have expressed interest in establishing a bilateral ministerial-level council with regular meetings aimed at deepening economic and political relations between the two countries.

Photo: IStock

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