São Paulo – Saudi Arabia seeks to attract Brazilian investors and firms to operate in its mining industry, whose exploration potential could hit USD 2.5-3 trillion. The intention was declared on Thursday (25) by Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef to Arab-Brazilian Chamber of Commerce (ABCC) International Relations Vice President Mohamad Mourad in a meeting in Brasília. Alkhorayef is on an official visit to Brazil and has had a series of strategic meetings with representatives of the country’s public and private sector.
The minister declared to Mourad not just the intention of having Brazilians operating directly in Saudi Arabia’s mining industry but having them as service providers to the industry, too. “We have a well established [mining] industry,” Mourad told ANBA after the meeting, explaining the Saudi interest due to the Brazilian experience. According to Mourad, Saudi Arabia understands that mining is an industry that could bring forth opportunities for the Brazilian business community.
In the conversation with the ABCC’s international relations VP, however, the minister also said he was open to discover other industries Brazilians could be interested in tapping in Saudi Arabia. “They want to scope out where the opportunities are, where are Brazil-Saudi synergies to get investments there,” explains Mourad. The Saudi minister’s appointments in Brazil included meetings with representatives from industries as varied as food, immunology and aviation.
The ABCC promised to aid Saudi Arabia in its mission to strike partnerships with Brazilians. The institution will identify industries that could potentially invest in Saudi Arabia. After new remote meetings are held and strategies outline regarding synergistic industries, a seminar is expected to be hosted in the ABCC headquarters in São Paulo for the Saudis to present the Brazilian business community with the leading opportunities that can be found in their country.
The work is set to be developed by the ABCC in association with Saudi Export-Import Bank (Saudi Exim) and the Sectoral Strategies and Regulations Department of the Ministry of Industry and Mineral Resources of Saudi Arabia. The meeting between Mourad and Alkhorayef was also attended by Saudi Exim CEO Saad AlKhalb and Assistant Deputy Minster for Sectoral Strategies and Regulations Fahad AL Jubairy.
With Brazil’s vice president
In addition to the meeting with the ABCC’s vice president, the Saudi minister had a series of other meetings in Brazil and will also visit Chile.
On Wednesday (24), Bandar Alkhorayef met with Brazilian Vice President and Minister of Development, Industry, Trade, and Services Geraldo Alckmin to explore ways to enhance economic and industrial relations between the two countries, state news agency SPA reported. They discussed attractive opportunities for Brazilian investors and companies in Saudi Arabia’s industrial and mining sectors.
The meeting, attended by Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al-Mudaifer, CEO of the Saudi Export-Import Bank Saad Al-Khalb and Saudi Ambassador to Brazil Dr. Faisal bin Ibrahim Ghulam reviewed promising sectors highlighted by the National Industrial Strategy.
Butantan, Embraer, JBS
The minister, who’s also chairman of the manufacturing Vaccines and Vital Medicines Committee, visited Brazil’s Butantan Institute, a global leader in vaccine development and the production of pharmaceutical and biopharmaceutical products, SPA reported. He emphasized that the pharmaceutical and medical device industries are among the most promising industrial sectors highlighted in the Saudi National Industrial Strategy, indicating that Brazil is well-positioned to partner with his country in pharmaceuticals and vaccines.
Minister Al-Khorayef visited Minerva Foods, one of the world’s largest red meat factories. The Saudi Agricultural and Livestock Investment Company (SALIC) is one of the largest investors in Minerva, holding a stake of 33.8% of the company’s total value.
The minister also met with the CEO of JBS, which is currently establishing a food factory in Jeddah. The factory is planned to open by the end of this year, SPA reported.
The minister had meetings at Embraer, too, to discuss cooperation in the aerospace industry and localize it in Saudi Arabia.
Additionally, Alkhorayef participated in a roundtable meeting organized by the Federation of Industries in the Brazilian state of São Paulo (FIESP) and invited the Brazilian companies to participate in the Future Mineral Forum to learn about the future of the Saudi mining sector and the qualitative opportunities available to investors.
Investment opportunities in his country were also the topic of a meeting at the Brazilian Trade and Investment Promotion Agency (ApexBrasil).
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Translated by Guilherme Miranda
