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Saudi Arabia’s PIF to invest $15bn to drive Brazil’s growth

A wind farm in Beberibe municipality. The Saudi PIF will invest in a range of sectors in Brazil, including renewable energy Unsplash/Vitor Paladini
A wind farm in Beberibe municipality. The Saudi PIF will invest in a range of sectors in Brazil, including renewable energy

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, is planning to invest $15 billion in Brazil, according to a media report.

The investments will be made in green hydrogen, infrastructure and renewable energy sectors, Reuters reported, quoting Brazil’s minister for energy, Alexandre Silveira.

In May Manara Minerals, a joint venture between the Saudi Arabian Mining Co (Maaden) and PIF, completed a $2.5 billion deal to acquire a stake in a subsidiary of the Brazilian giant Vale.

Under Vision 2030, the kingdom has made mining a priority industry for growth, with the government estimating its untapped mineral wealth at $2.5 trillion, based on exploration of 30 percent of the country’s mineral region.

Saudi Agricultural and Livestock Investment Company, known as Salic, a PIF subsidiary, acquired a 10.7 percent stake in the Brazilian food processor BRF for SAR1.27 billion in July 2023.

BRF is the second-largest halal products company globally, with an annual production capacity of more than five million tonnes of diversified products.  

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