São Paulo – Brazilians are taking part in the Future Investment Initiative, a conference held by Saudi Arabia’s Public Investment Fund (PIF) – the national sovereign fund. The event kicked off this Tuesday (23) in Riyadh. Arab Brazilian Chamber of Commerce CEO Michel Alaby, Brazilian Trade and Investment Promotion Agency (Apex-Brasil) Middle East/North Africa office chief Karen Jones, and Paraná Development Agency chairman Adalberto Netto are in attendance.
According to Alaby, over 3,000 people have flocked to the Ritz Carlton in Riyadh for the event. “The goal of the meeting is to find investors for [Saudi government plan] Vision 2030, comprising a number of projects in alternative energies, industrial cities, railway construction, technology laboratories, etc.,” the CEO told ANBA.
He said 65% of participants are Saudi nationals and 35% are from elsewhere, including China, Russia, Japan, the United Arab Emirates, Lebanon, Pakistan, India, African countries and Brazil. In addition to the Arab Brazilian Chamber of Commerce, delegates from Arab chambers of commerce in Germany, Austria and the United States are currently at the conference.
On its first day, the event was visited by Saudi crown prince Mohammed Bin Salman, Jordan king Abdullah II and Pakistan prime minister Imran Khan.
Alaby said the day’s panels revolved around sovereign funds in Saudi Arabia and the UAE. “Saudi Arabia’s sovereign fund invests 90% of its funds locally and 10% abroad, mostly in Pakistan and Sudan,” he said. “The UAE’s Mubadala fund, on the other hand, boasts a more diversified portfolio, with 40% in the UAE and [the remainder] in over 38 countries, Brazil included, to a total of USD 800 billion,” he added.
According to him, these funds seek out partnerships for joint investment in projects, like construction of dams in China or utility company buyouts in Russia. “Projections from the Saudi and UAE funds indicate that they’ll be holding USD 5 trillion in funds between them by 2020,” said Alaby.
The CEO said the conference also covered artificial intelligence, technology, innovation, energy, governance and transparency. The event will continue until Thursday (25).
Translated by Gabriel Pomerancblum
