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Flooded with Cash, Saudis Arrive in Brazil Ready to Invest

Four important Saudi executives are arriving in Brazil today to learn more about the potential of the country in the sectors of oil and mining.

The group will include the president of Saudi Arabian Mining Company (Maaden), Abdullah Dasbag, the vice president of the company, Mansour Nasser, the vice president of Saudi Arabian Basic Industries Corporation (Sabic), Hamoud Altuarij, and a director at Saudi Arabian General Investment Authority (Sagia), Abdulwahab Al Saadoun.

Maaden operates in the mining sector and is responsible for the country’s ore imports, Sabic is the largest petrochemical company in Saudi Arabia and Sagia is the government agency that answers to foreign investment in the country.

The Saudis are going to visit 11 large Brazilian companies, as well as the Brazilian Development Bank (BNDES), the Bank of Brazil and the Arab Brazilian Chamber of Commerce, and will be met by the Brazilian minister of Foreign Relations, Celso Amorim, and the minister of Mines and Energy, Silas Rondeau.

The trip to Brazil is the result of a trade mission that the Ministry of Foreign Relations promoted to Saudi Arabia on November 22 and 23, in which the secretary general of the Arab Brazilian Chamber, Michel Alaby, participated.

They are coming to Brazil invited by the Brazilian Foreign Office (Itamaraty). According to the deputy head of the Commercial Promotion Division at the Ministry, Rodrigo de Azeredo Santos, the intention of the federal government is to attract the attention of Saudi companies to Brazil.

"They are going to learn about the Brazilian companies that participate in the energy sector," he said. According to Azeredo, the companies are going to present their projects to see whether there is space for the establishment of cooperation.

The intention is that the visit should generate future business for companies in the country, as Saudi Arabia is a growing country and one with ample economic potential. The Gross Domestic Product (GDP) of the Arab nation, the largest producer of oil in the world, exceeds US$ 240 billion.

The Saudis are going to arrive Sunday, January 29, in Rio de Janeiro where, on Monday and Tuesday, they will visit the Ipiranga group, which operates in the sector of refining and distribution of oil, Magnesita, in the ore sector, refinery Manguinhos, construction company Andrade Gutierrez, Rio Polí­meros (Unipar) – in the polymer sector -, Brazilian oil giant Petrobras, mining company Vale do Rio Doce and the BNDES.

In Brazilian capital Brasí­lia, where they will be on Wednesday, they will meet with Amorim and Rondeau, as well as visiting the Bank of Brazil.

They are also going to meet with representatives from petrochemical company Braskem, construction company Odebrecht, trading Comexport and the Arab Brazilian Chamber of Commerce, in São Paulo, on Thursday. On Friday they will visit petrochemical Triunfo, in the southern Brazilian state of Rio Grande do Sul.

Saudi Arabia was the Arab nation that most imported Brazilian products last year, US$ 1.2 billion. The figure is 45.8% greater than that purchased from Brazil by the Saudis in 2004: US$ 826 million.

The products that are at the top of the list are poultry, iron ore, sugar, aircraft, tractors and chassis with engines. According to Alaby, there are many opportunities for Brazilian companies on the Saudi market.

"The country’s development is stupendous as they have been accumulating funds due to the appreciation of oil. The construction sector is one of those that deserves special attention from Brazilian companies," stated the Arab Brazilian Chamber secretary general.

The group of Saudis is going to visit national companies that operate in the sector, among them Odebrecht and Andrade Gutierrez. Alaby also believes that Brazil may sell more cars and chassis to the Saudis, as the consumption in this sector is also growing in the country.

Anba – www.anba.com.br

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  • Show Comments (4)

  • Guest

    Whoever is writing these comments on this site is cluded up and should be working in government offices instead of these outdated political donkey’s who appear to be lost or confused.

    There is some much wisdom and talent in Brazil which is unrecognized, it beggers belief… why individuals like this are not snapped up by the government.

    This is such a shame……such a shame!

    A BOOM and BUST economy is extremely damaging, and displays political incompetence.

    How does Brazil source it’s civil servants…or government personnel? Maybe this should be reviewed so you can emerge from this unfortunate stagnation.

  • Guest

    Brazil is against neoliberalism…..
    …..but are so happy to have neoliberalists
    counterparties buying Brazilian products or foreigners investing in Brazil.

    The Brazilian ideology of anti neoliberalism.. .has no common sense and is goofed by their own definition.

    ONE way trade is the hidden and untold dreams of Brazil.

    They will fail miserably because no one is this world, developed or developing nations, are the best in every and all products produced at home.
    Except in agriculture or basic commodities, Brazil will never ever be competitive with China on low to medium technology products and will never ever be competitive in high technology products, because they invest very little in R&D.

    Take the case of textile : you export cotton to China but at the end they export back to Brazil cotton textile products to Brazil.

    Or take cars built in your country : last year it was cheaper to imports some assembly parts, plate sheets, from Germany (not even China) rather than those produced in Brazil. Despite the fact that Germany had imported the basic commodity from….. no one else than BRAZIL ITSELF !!!!!!!!!!!

    Even worse in the drugs sector : such as the AIDS drugs. Foreign companies have invested billions and billions of US$ in R&D and then you dont recognize their patents or
    Intelectual property rights.

    Quite a sad reality. Your arrogance at every levels in indutries and trades will not be helpful long term for you.

    No country has yet become a developed country just on agriculture. NO ONE YET !

    That is why Brazil has been nicknamed a BOOM and BUST ECONOMY. Nothing has changed yet, despite you are so far still in a BOOMING economy but only in the export of the agricultural sector.
    Every thing else is stagnant. Just look at your overall 2005 growth rate.
    The BUST time is around the corner, not that far away.

    Cheers

  • Guest

    But Muslims and Jews….
    …remain the best traders in the world, together with the Chinese.

    Does Brazil have not within their most wealthy citizens, people from Muslims or Jews religions ?????
    Nothing wrong with that.

    But what is more curious is that Brazilians are always happy when foreigners invest in in Brazil, it happens that Brazilians are always reluctant to invest abroad.
    Therefore you are missing the opportunities that other countries provide to you.
    Brazil has not invested abroad, in China in particular in the textiles, computers, car plants, tractor, machinery, just to name a few sectors.
    The result is that you put high trade barriers
    on all these products, because you are not competitive and want to produce yourself everything from A to Z.
    But you are quite happy when a foreigner invest in Brazil.
    Strange conception….at best !

    And you do exactly the same at the WTO.
    It would appear quite normal to you that developed nations reduce their agriculture subsidies, but at the same time, it also is quite normal that you subsidise ALL exporting sectors, not only your agriculture, through export tax credits, and very cheap BNDES loans.

    At the end you just put an autogoal to yourself. Because there is nothing wrong to invest in a foreign country that produces goods at a cheaper price that you can produce yourself.
    But you understand this only when others are investing in your country and never the opposite.

    This is a simple demonstration that Brazilian businessmen have been and still are the worst of all.

    That is Brazil with all their contradictions.

  • Guest

    Saudis are traders!
    They’re nothing but pigs and unloyal traders.

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