Lula Visits the Middle East in Search of Petrodollars for Investments

Saudi Arabia signals interest in expanding its presence in Brazil

President Lula began a series of foreign trips this Monday (27), with the first stop in oil-rich nations in the Middle East, aiming to seal investment partnerships.

He departed for Riyadh, the Saudi capital, where he will stay on Tuesday and Wednesday. Since the end of the previous government of Jair Bolsonaro, the authoritarian monarchy has been signaling interest in expanding its portfolio of investments in Brazil.

Lula Visits the Middle East - Ricardo Stuckert/PR

At that time, Riyadh expressed interest in investing $10 billion in Brazil. However, the areas of investment still needed to be finalized.

In September, during the G20 summit in New Delhi, Lula met with Crown Prince and Prime Minister Mohammed bin Salman, who showed interest in fields such as oil, gas, and renewable sources.

After Saudi Arabia, Lula will visit neighboring Qatar, where the goal is also to attract investments to Brazil.

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