Saudi Arabia’s PIF plans to invest $15 billion in Brazil

Dubai: Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), plans a $15 billion (Dh55 billion) investment in Brazil, according to a report from Reuters.

The investments will focus on sectors such as green hydrogen, infrastructure, and renewable energy, as stated by Brazil’s energy minister, Alexandre Silveira.

In another move, Manara Minerals, a joint venture involving the Saudi Arabian Mining Co (Maaden) and PIF, finalised a $2.5 billion (Dh9.1 billion) acquisition of a stake in a subsidiary of Brazil's Vale.

As part of its Vision 2030 strategy, Saudi Arabia has prioritised the mining industry for growth, aiming to tap into its estimated $2.5 trillion (Dh9.1 trillion) mineral wealth, based on exploration covering 30 per cent of the country’s mineral-rich areas.

The Saudi Vision 2030 is a programme launched by the government in 2016, with the main aim of diversifying its economy away from the oil sector. It has three main pillars- a vibrant society, a thriving economy, and an ambitious nation.