Brazil’s JBS to open Saudi food factory as trade ties deepen
JBS, one of the largest meat and poultry producers in the world, will open the facility in Jeddah under its subsidiary Seara by the end of the year, it said.
The announcement came during a visit to Brazil by Saudi Arabia’s minister of industry and mineral resources Bandar Ibrahim Alkhorayef and vice minister for mining affairs Khalid Saleh Al Mudaifer.
Their trip includes meetings in São Paulo, Brasília and Rio de Janeiro, as they explore investment opportunities in the mineral and industrial sectors.
Key meetings have been planned with the Brazilian Mining Association, mining company Vale, Minerva Foods, JBS and food producer BRF, among others.
Last month Saudi Arabia held the inaugural edition of the Latin American Future Investment Initiative in Rio de Janeiro.
At the event, Brazil’s energy minister Alexandre Silveira told reporters that Saudi Arabia’s sovereign wealth fund PIF plans to invest around $15 billion in the country, in sectors such as green hydrogen, infrastructure and renewable energy.
Trade between Saudi Arabia and Brazil, both members of the G20, is dominated by meat and energy.
Exports from Brazil to Saudi Arabia reached a 10-year high in 2023, with foodstuffs accounting for around 90 percent of the $3.2 billion total. The kingdom is the 11th-largest destination in the world for Brazilian agricultural products, according to the government in Brazil.
Brazil is Saudi Arabia’s largest trading partner in South America, with total bilateral trade in 2023 hitting around $6.7 billion.
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