Saudis Woo Billionaires in Rio as Wealth Fund Taps Latin America
- Kingdom officials glad-hand with Brazil brass in Copacabana
- PIF’s Al-Rumayyan says he’s eyeing tech, green energy, mining
The Future Investment Initiative Institute Priority conference in Rio de Janeiro on June 12.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
Under the banner “Invest in Dignity,” the Kingdom of Saudi Arabia let the world know it’s ready to do business in Latin America, hosting a three-day summit on Brazil’s most famous beach.
At the iconic Copacabana Palace hotel, President Luiz Inacio Lula da Silva and Yasir Al-Rumayyan, gatekeeper to nearly $1 trillion of Saudi Arabia’s sovereign money, traded compliments. Billionaires Marcelo Claure, David Velez and Marcos Bulgheroni, as well as former Trump administration officials like Mike Pompeo, later took the stage, along with the CEOs of Brazilian commodities giants Vale SA and Petrobras. A samba group moved through the crowds.