Finance Saudi Arabia’s PIF to invest $15bn to drive Brazil’s growth By Pramod Kumar June 13, 2024, 6:17 AM 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. NewsletterGet the Best of AGBI delivered straight to your inbox every week 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. Mubadala-backed Zamp buys Starbucks brand in Brazil PIF appoints banks for its sterling debt offering QatarEnergy to help develop offshore oil project in Brazil 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.
