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Brazilian-Saudi Investment Forum Witnesses Signing of 25 MoUs in Various Fields

The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)
The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)
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Brazilian-Saudi Investment Forum Witnesses Signing of 25 MoUs in Various Fields

The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)
The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)

The Saudi Ministry of Investment organized on Monday in Sao Paulo the Brazilian-Saudi Investment Forum, which saw the signing of many memoranda of understanding (MoUs) in various fields, SPA said.
The 25 MoUs covered the fields of petrochemicals, healthcare, defense, food, real estate, tourism, water desalination and treatment, and agriculture.
Attending the Forum were Brazil’s Vice President and Minister of Development, Industry, Trade, and Services Geraldo Alckmin; Saudi Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih; Mayor of Sao Paulo Ricardo Nunes; Saudi Ambassador to Brazil Faisal bin Ibrahim Ghulam; President of the Federation of Industries of the State of Sao Paulo Josue Gomes; and a number of government officials, CEOs of major companies as well as representatives of the private sector from both countries.
The Forum constituted a significant opportunity for Saudi and Brazilian companies to exchange expertise, explore collaboration and partnership prospects and discover the investment opportunities available in the two countries.
The Forum also saw presentations about the “INVEST SAUDI” initiative, investment in the Kingdom’s economic zones, Riyadh Expo 2030, investment opportunities in Brazil and the investment environment in Sao Paulo.
Additionally, dialogue sessions were held during the Forum, covering the sectors of transportation, logistics services, mining, food industries, agriculture, healthcare, sports, and entertainment.

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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.