The Public Investment Fund (PIF) plans to invest USD 15 bn in Brazil, the country’s energy minister said at the FII Institute summit in Rio de Janeiro earlier this month, according to Reuters. The sovereign wealth fund will reportedly invest the money into green hydrogen, renewable energy, and infrastructure, the minister said. No further details on the investments or the timeline were provided.

PIF’s Brazil portfolio is growing: PIF is already working alongside Brazil’s Patria Investments — one of the leading asset managers in Latin America — on a highway project in the South American country. Manara Minerals — a JV between Saudi Arabian Mining (Ma’aden) and the PIF — completed last month the acquisition of a minority stake in Brazilian miner Vale Base Metals for USD 2.6 bn. And Brazil’s world-leading poultry supplier BRF is planning a new plant in Saudi that could see the Kingdom produce chicken locally for the first time. The plans come nearly a year after PIF-owned Saudi Agricultural and Livestock Investment Company (Salic) acquired a 10.7% stake in BRF.

Family offices are going to help move things forward: The Kingdom wants to connect “institutional investors, private companies, and especially family offices” from Saudi and Brazil to help stimulate further investments between the two countries, the Investment Ministry’s managing director of the Americas, Abdulrahman Bakir, told Bloomberg last week. The push comes as the Investment Ministry sees plenty of potential in investing more in Latin America, Bakir said.

Beyond the PIF, economic + business ties between Saudi and Brazil are getting stronger: Patria Investments is exploring potential investments in the Kingdom, with at least three of Patria’s companies — including gym club operator Smartfit and acai maker Frooty — looking to expand to the local market. Also, Brazilian private equity firm EB Capital Gestao de Recursos said earlier this month it is seeking USD 300 mn from Saudi investors to launch a USD 600 mn fund to launch by 3Q 2024. Brazilian planemaker Embraer has also partnered with the Kingdom to help develop its aerospace industry, hoping to secure the sale of 33 planes to Saudi.

The bigger picture: Brazil and Saudi also list one another as top 20 trading partners, with USD 7 bn of inflows last year, according to data compiled by Bloomberg. The two countries also inked an MoU recently to cooperate on developing and localizing defense technologies.

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