The $320 billion sovereign wealth fund is mandated with making the kingdom’s economy less dependent on oil.
WEDNESDAY 30, OCTOBER 2019 BY KUDAKWASHE MUZORIWA
The Brazilian government said that Saudi Arabia’s Public Investment Fund will invest $10 billion in Brazil and plans to use the country as a gateway to the rest of Latin America, reported Bloomberg.
Onyx Lorenzoni, the Brazilian President’s Chief of Staff said that the two governments will form a council over the next two weeks, which will define the sectors and the timing of the investments.
Lorenzoni said the Saudis expressed interest in the construction of a 600-mile railroad from the agricultural heartland Mato Grosso to Para in the far north of the country. The railway is expected to cost about $3 billion.
Earlier this week, Waleed Al Mokarrab Al Muhairi, the Deputy Chief Executive Officer of Abu Dhabi’s Mubadala Investment Company said that his fund is extremely excited about upcoming privatisations in Brazil.
Brazil expects to raise BRL 1.3 trillion ($325 billion) over the next years through auctions of licences to operate airports, oil wells, and ports and also through the privatisation of state-owned companies such as the postal service.
Additionally, the Brazilian food processor BRF announced that it signed an agreement to invest around $120 million to build its first chicken processing plant in Saudi Arabia in a bid to strengthen its position in a key growth market.
The company, the largest food exporter in the Gulf region, has four production facilities in the Middle East, where increasing populations will lift demand for food.
TAGS:
Mubadala Investment Company
Public Investment Fund
BRF
Loading More post