Saudi Arabia to Invest up to US$10 Billion in Projects in Brazil

RIO DE JANEIRO, BRAZIL – The government of Saudi Arabia should invest up to US$10 billion in projects Brazil, about R$40 billion. The announcement should be made on Tuesday, October 29th, during a visit by President Jair Bolsonaro to the country.

In a meeting with the crown prince of Saudi Arabia, Mohammed bin Salman, Bolsonaro discussed opportunities to strengthen investments.

The fund belonging to the Saudi government will be responsible for investments in Brazil. The Brazilian government has committed to working together with the fund to facilitate initiatives, including information on legislation.

The expectation was that Bolsonaro would present to Arab leaders the Investment Partnership Program (PPI), which has 18 projects for concessions and privatizations and could be a guide to investment opportunities.

The trip to Saudi Arabia is the last stretch of Bolsonaro’s trip through Asia. Previously he was in Japan, China, United Arab Emirates, and Qatar.

The presence of Bolsonaro in Riyadh, the capital of Saudi Arabia, is an opportunity for Brazil to strengthen the relationship with the country, one of the main importers of its meat.

For specialists, the trip is also a chance for the president to reduce the mistrust left at the beginning of the year, when Bolsonaro defended the idea of moving the Brazilian embassy in Israel to Jerusalem, which generated criticism from Arab countries.