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Saudi EXIM Bank and Brazilian Development Bank Sign MoU

The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)
The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)
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Saudi EXIM Bank and Brazilian Development Bank Sign MoU

The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)
The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)

The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed a Memorandum of Understanding (MoU) to boost economic cooperation and trade between the two countries.

The agreement, signed in Rio de Janeiro by Saudi Exim Bank CEO Eng. Saad Alkhalab and Brazilian Development Bank Director of Planning and Institutional Relations Nelson Barbosa, outlines a framework for boosting exports of products and services, exploring joint financing opportunities, and expanding Saudi non-oil exports in the Brazilian market.

Minister of Industry and Mineral Resources and Chairman of the Saudi Exim Bank Bandar Alkhorayef witnessed the signing ceremony as part of his official visit to Brazil to discuss cooperation and strengthen bilateral ties.

Alkhalab highlighted the importance of the Brazilian market for local exporters.

The memorandum represents a significant step in developing trade relations, joint investment projects, and more opportunities for cooperation between commercial companies and financial institutions in both countries, he added.

It is expected to contribute to the growth of Saudi non-oil exports and the Saudi markets, which have experienced significant growth and diversification in recent years.

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Al-Khorayef Discusses Expansion Plans of Brazilian Mining Giant Vale in Saudi Arabia

Al-Khorayef touring giant Carajas mines in the Amazon forests (Asharq Al-Awsat)
Al-Khorayef touring giant Carajas mines in the Amazon forests (Asharq Al-Awsat)
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Al-Khorayef Discusses Expansion Plans of Brazilian Mining Giant Vale in Saudi Arabia

Al-Khorayef touring giant Carajas mines in the Amazon forests (Asharq Al-Awsat)
Al-Khorayef touring giant Carajas mines in the Amazon forests (Asharq Al-Awsat)

Saudi Arabia and Brazil are seeking to expand partnerships in the mining sector, as the two countries enjoy important economic and investment relations. The Kingdom supplies Brazil with 16 percent of its market need for phosphate fertilizers through Maaden Company.
During a visit to Brazil, Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef discussed with officials of the Brazilian mining giant Vale, the company’s expansion plans in the Kingdom and opportunities for cooperation in developing the Carajas mines in the Amazon forests, which produce over 300 million tons of iron ore annually.
On Sunday, the minister visited Vale’s Carajas mines, where he was briefed on advanced technologies used in mineral extraction and processing, including remote mine management and driverless trucks.
Accompanied by Deputy Minister of Industry and Mineral Resources Khalid Al-Mudaifer and other industry leaders, Al-Khorayef discussed with Vale officials prospects for transferring knowledge and expertise, particularly in mining within rainforests and nature reserves, and forming effective partnerships with local communities.
This visit comes as part of the minister’s tour to Brazil and Chile, which aims to strengthen bilateral relations and attract investments to the Kingdom in the industrial and mining sectors.
Brazil is the second largest iron ore producing country in the world, and has a long history in the mining sector, with the number of mines exceeding 3,000.
Vale works to develop a factory and logistics center for processing and producing iron pellets in the Ras Al-Khair Industrial City in the east of the Kingdom, with an investment exceeding SAR 4 billion ($1.06 billion), and a production capacity of up to 4 million tons annually of iron pellets, which is the main material for steel production.
Al-Khorayef had recently met with the CEO of Vale Mining Company, Eduardo Bartolomeo, in Brazil, to discuss the promising investment opportunities provided by the Saudi mining sector and the expansion plans in the Kingdom.