-- One is a desert kingdom weaning itself off fossil fuels. The other a lush agricultural powerhouse laden with minerals. Saudi Arabia and Brazil are thousands of miles apart, but fate is bringing them closer than ever.Investment Bank Moelis Probes Incident After Video of Employee Appearing to Punch WomanTheir relationship started with chicken exports in the 1970s.
Strengthening ties with Brazil “is born of a desire to increase the relevance of the Global South and position it as a counterweight to the traditional dominance by the US and West,” Farouk Soussa, an economist at Goldman Sachs Group Inc., said by phone. Mining is an area of particular interest, as the kingdom says it has more than $1.3 trillion of metals buried within its borders. Saudi-based Manara Minerals Investment Co. recently closed the purchase of a 10% stake in Vale’s base metals unit, worth about $2.5 billion. It marked the kingdom’s first big foray into the global metals space and is likely to be followed with other acquisitions as Manara actively looks to pick up more assets.
While producing chicken locally would be more expensive for BRF because of the costs of both corn imports for feed and air conditioning to mitigate the desert climate, higher prices paid for domestically sourced meat and privileged financing conditions would make it worthwhile, one of the people said. Future plans for value-added products may also boost BRF’s profits.
Embraer, meanwhile, has a tentative agreement with the National Industrial Development Center on the adoption of its aircraft in the kingdom. It’s also working to close a deal to sell 33 aircraft to Saudi Arabia and is weighing a potential new production center in the region, Folha de S. Paulo newspaper reported this month.
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