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Riyadh, Tokyo to Sign Agreements and MoUs in Several Sectors

The headquarters of the Saudi Ministry of Investment (Ministry's website)
The headquarters of the Saudi Ministry of Investment (Ministry's website)
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Riyadh, Tokyo to Sign Agreements and MoUs in Several Sectors

The headquarters of the Saudi Ministry of Investment (Ministry's website)
The headquarters of the Saudi Ministry of Investment (Ministry's website)

Riyadh and Tokyo will sign agreements and memorandums of understanding in several sectors of mutual interest on the sidelines of Japanese Prime Minister Fumio Kishida’s visit to Saudi Arabia on Sunday, the Saudi Ministry of Investment announced in a statement.

The Ministry also said it will host the Saudi-Japanese round table meeting in Jeddah to strengthen the economic and investment ties between Saudi Arabia and Japan.

The round table aims to explore potential investment opportunities across sectors such as petrochemicals, healthcare, mining, financial services, and logistics.

During the meeting, there will be discussions on significant projects in both countries, as well as the signing of agreements and memorandums of understanding in several sectors of mutual interest, the Ministry said.

It added that the private sector institutions from both sides will have dedicated sessions to review areas of cooperation, investment partnerships, and exchange of expertise.

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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)

Brazilian President Luiz Inacio Lula da Silva has signed into law a bill authorizing the development of offshore wind farms, a statement said late on Friday, a bid to strengthen the country's energy security and spark a wave of investment.

The new law foresees incentives for the development of offshore energy projects in Brazilian territorial waters, the statement said.

Offshore wind speeds tend to be faster and steadier than on land, a potential advantage compared with wind farms built on a continent. But offshore wind farms can be expensive, difficult to build and potentially affect marine animals and birds, according to the American Geosciences Institute.

The Brazilian government said the law provides guidelines for projects and restoration of explored areas, in addition to requiring prior consultations with affected communities to ensure "respect for traditional maritime practices and local culture."

More than 80% of Brazil's electricity comes from renewable sources, mainly hydroelectric, according to government data.

The president vetoed provisions in the law, introduced during the congressional debate, which would maintain incentives for "more polluting, expensive and inefficient energy sources such as thermoelectric, coal and gas plants," the statement said.