Saudi Arabia’s Ministry of Investment of Saudi Arabia (MISA) and Brazil’s civil construction company OEC have sealed a Memorandum of Understanding (MoU) for the company to open a regional headquarters (RHQ) in the kingdom.
The agreement will help OEC to explore construction opportunities in Saudi Arabia in consortium with Saudi construction companies. The deal is part of the 25 MoUs signed at the Brazilian-Saudi Investment Forum, held in São Paulo.
The MoUs covered sectors including Petrochemicals, Food Processing, Tourism, Healthcare, Real Estate, Construction and Aerospace & Defense.
The Ministry of Investment of Saudi Arabia (MISA) also participated in the forum, which comes at the beginning of a broader visit encompassing six countries across Latin America, led by Mr. Khalid Al-Falih, Minister of Investment for Saudi Arabia. The visit will span Brazil, Chile, Costa Rica, Argentina, Panama and Paraguay.
The forum also came as Brazil and Saudi Arabia mark 50 years since the opening of the Saudi embassy in Brazil and the first official bilateral government visit. Since 1973, bilateral and economic ties have deepened significantly. In 2021, the value of bilateral trade amounted to around $3.62 billion and the complementarity of the export profiles of the two countries suggests strong potential for further growth.
Earlier this month, Manara Minerals, a joint venture between Ma’aden and the Public Investment Fund (PIF), signed an agreement to invest in Vale’s Energy Transition Metals business.
MISA will be promoting unparalleled investment opportunities for Latin American investors in Saudi Arabia during its visit. The Kingdom has seen strong growth in the non-oil sector in recent years and is looking to unlock more than $3 trillion in investment opportunities through its National Investment Strategy, a statement said.