São Paulo – Brazilian retail giant Magalu‘s CEO, Frederico Trajano (pictured above), participated on Monday (13) in an event held by the Public Investment Fund (PIF), the sovereign fund of Saudi Arabia. The information was confirmed by the company to ANBA. The Brazilian executive presented the company’s strategy to 250 representatives and CEOs of companies the fund invests in.
PIF owns assets worth USD 620 billion. Magalu was the only Latin American company invited to participate in the event that took place in the Saudi capital Riyadh.
According to Magalu, Saudi Arabia’s sovereign wealth fund annually brings together global executives, investment heads, and the CEOs of invested companies. Also at the Magalu presentation panel were the CEOs of Arab retailer Noon and Indian agtech UPL.
On its website, the PFI stated it is geographically expanding its investments to regions such as North America, Europe, Asia, Latin America, and Africa. Among the sectors where it seeks to diversify its reach, the fund cites health, technology, real estate, infrastructure, consumer services, transportation, and other strategic industries. In the same statement, the PIF lists international investment pools, including an Investment Program in Brazil. However, the institution points out the list does not necessarily represent its aimed portfolio and current investments.
Translated by Elúsio Brasileiro
