The Public Investment Fund’s announcement of its interest in investing in Brazil represents an important step in strengthening economic relations between the two countries and opening new horizons for cooperation in various sectors.
Yasser Al-Rumayyan, Governor, expressed his opinion Public Investment Fund, out of desire Saudi sovereign fund In expanding its investments in Brazil, indicating a special interest in the technology, renewable energy and mining sectors, as well as football.
This came during his speech at the “Priority Summit” held in Rio de Janeiro, where he stressed that the Fund has great investment potential in foreign markets, as the percentage of foreign investments reaches 20% of the Fund’s total assets under management, which is equivalent to $200 billion.
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Al-Rumayyan revealed the Fund’s interest in the entertainment and sports sectors, especially football, given the composition of the youth population in the Kingdom, where young people under the age of 35 constitute 70% of the population.
He pointed out that Brazil represents an ideal environment to discuss investments in football.
Regarding the energy sector, Al-Rumayyan stressed the Kingdom’s strategy that aims to produce 50% of its energy needs from renewable energy sources by 2030, despite it being one of the largest fossil fuel producing countries.
He explained that investing in renewable energy is not only beneficial to the environment, but is also cost-effective, pointing to the Kingdom’s success in reducing the cost of solar energy to one cent per kilowatt-hour.
