São Paulo – Saudi Arabia will receive a Brazilian business mission organized in partnership between the LIDE group and the Arab-Brazilian Chamber of Commerce (ABCC) in March 2024. At the Brazil-Saudi Arabia Conference, from March 3 to 5, the executives will attend a seminar, meet with potential local clients, and visit institutions and projects in Riyadh, the Saudi capital. This Tuesday (12), LIDE held an event to present the mission at Casa LIDE in São Paulo. On the occasion, the International Relations vice president of the ABCC, Mohamad Mourad; the president of LIDE, João Doria Neto; and the secretary-general & CEO of the ABCC, Tamer Mansour, signed a Memorandum of Understanding (MoU) as part of the preparations for the mission (pictured above, the speakers at the event).
In his presentation at the event, Mansour said Saudi Arabia is undergoing an economic transformation to make the country a hub for attracting investment and generating opportunities in the next 15 to 20 years. “It is a very promising moment for Brazilian companies, not only in commodities, but we want to add [to the trade basket between the countries] value-added products from all sectors,” said Mansour.
The executive also said Brazil and Saudi Arabia will have many opportunities for mutual investments in the coming years. Brazil will host the G20 summit next year, a meeting between the leaders of the world’s largest economies, and the United Nations Conference on Climate Change (COP30) in 2025. Saudi Arabia will host the 2029 Asian Winter Games, Expo 2030, and the 2034 World Cup.
Mourad added that Saudi Arabia is undergoing a transformation under a young leader, prime minister and crown prince Mohammed bin Salman, who is conducting the country towards an economic shift guided by the “Vision 2030” roadmap, which has the main goal of transitioning the Saudi economy towards lower dependency on hydrocarbons.
Co-chairman of Grupo LIDE and former governor of São Paulo, João Doria Junior, who was in the country with Doria Neto in November, said the local government identified 24 economic sectors in which Brazil and Saudi Arabia could increase their trade, including food, chemicals, marketing, communication & events, mining, and financial services, among others. Doria Junior also said the mission will have 70 participating companies, of which 19 have already confirmed their presence.
Also at the event was the Private Equity vice president for Brazil of the Saudi Public Investment Fund (PIF), Guilherme Quintal, who underscored that the Arab country is investing in its growth and economic transition and supporting companies around the world as a part of the effort. Of the USD 800 billion in investments managed by the fund, a portion is allocated to Brazilian companies in sectors such as food and mining.
Former president of Brazil, Michel Temer, said at the event he will participate in the business mission, recalled that he met with Saudi leaders during his term (2016-2018), and highlighted the importance of the private sector in increasing commercial ties between the two countries. “The public sector does not always give the same importance as the private sector [to boosting commercial exchange]. It is through permanent dialogue that we will strengthen this relationship,” he said.
The event also had the presence of the chairman of LIDE, Luiz Fernando Furlan; the president of the Saudi-Brazil Business Council, Mishal ibn Hithlain; and the deputy minister of Investments of Saudi Arabia for the Americas, Abdulrahman Bakir, the latter two over the internet.
The conference in Riyadh is expected to include a seminar day on March 3 with panels on Brazil’s aviation and defense, mining, food, and pharmaceutical industries and a bilateral overview of the energy, infrastructure, and real estate potentials of Brazil and Saudi Arabia. Companies in the construction, furniture and decoration, food, and defense sectors, among others, participated in this Tuesday’s conference. After the mission to Saudi Arabia from March 3 to 5, the company representatives will head to Dubai, in the United Arab Emirates, from March 6 to 8.
Translated by Elúsio Brasileiro
