Saudi Arabia invests in number of Brazilian industries

According to a senior official, Saudi Arabia's sovereign wealth fund is considering making investments in Brazil in a number of industries, including mining, renewable energy, and technology. This is reported by Arab News.

Yasir Al-Rumayyan, Saudi Arabian governor of the Public Investment Fund, announced during the opening ceremony of the Future Investment Initiative Priority Summit in Rio de Janeiro that the Kingdom will also be searching for chances to invest in football.

Brazilian President Luiz Inacio Lula da Silva stated in his speech that his nation's relations with Saudi Arabia have always been solid and will remain so in the future.

“My visit to Riyadh last November and the recent visit of my vice president show that we are giving tremendous impetus to the collaboration between Saudi Arabia and Brazil. I see great potential in the relationship with Saudi Arabia. I wanted to be a role model for South-South relations, which we all want to promote,” said the president.

He also added that, due to positive regulatory changes and steady economic conditions, Brazil is fast becoming a preferred location for investors.

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