Four Brazilian and two Saudi defense companies have signed a memorandum of understanding for potential joint ventures and technology-sharing agreements during an investment forum held in Sao Paulo on Aug. 1.
The Brazilian signatories are rocket and missile maker Avibras, weapons manufacturer Taurus, aircraft battery producer Ocellott and aviation specialist Avionics Services, while on the Saudi side are Scopa Defense and Alqahtani Holding.
The agreement raises the possibility for Taurus to build a new weapons factory in Saudi Arabia, in line with the company’s Middle East expansion plans. Under the MOU, the companies have 12 months to evaluate the feasibility of the new plant.
Twenty-five MOUs were signed during the investment forum, covering other areas of interest, such as water desalination and treatment, petrochemicals, healthcare, food, real estate, tourism and agriculture, Alarabiya News reported.
udi Arabia’s investment agency Invest Saudi, in partnership with Brazil’s FIESP industry group, organized the forum. The presentations in the event included investment opportunities in Saudi Arabia’s economic zones and Riyadh Expo 2030.
The forum’s attendees included Brazil’s Vice President and Minister of Development, Industry, Trade and Services, Geraldo Alckmin, and Saudi Minister of Investment, Khalid bin Abdulaziz Al-Falih.