Saudi, Brazilian banks sign deal to boost trade ties, non-oil exports

Saad Al-Khalab, CEO of Saudi EXIM, and Nelson Barbosa, director of planning at the Brazilian Development Bank, signed the agreement.
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Updated 30 July 2024
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Saudi, Brazilian banks sign deal to boost trade ties, non-oil exports

RIYADH: Trade between Saudi Arabia and Brazil is poised to expand following a new agreement between their banks aimed at boosting cooperation and increasing non-oil exports.

The memorandum of understanding, signed by Saudi EXIM and the Brazilian Development Bank, seeks to explore joint financing opportunities and facilitate information exchange.

This partnership is set to strengthen economic ties and broaden trade relations, with a particular focus on enhancing Saudi non-oil exports to the South American market, according to a press release.

This development comes as economic relations between Saudi Arabia and Brazil continue to strengthen, with trade between the two nations reaching approximately $5.5 billion in 2023. Brazilian exports to Saudi Arabia totaled $2.654 billion, while Saudi exports to Brazil amounted to $2.937 billion, according to the Arab Brazilian Chamber of Commerce.

The agreement was formalized in Rio de Janeiro during an official visit led by Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef.

In a statement on X, the minister expressed gratitude to his colleagues at the bank for their efforts in enhancing Saudi exports and preparing the memorandum. He noted that the agreement aims to increase the volume and diversity of products and services exchanged and improve access for Saudi non-oil exports to Brazilian and Latin American markets.

Saad Al-Khalab, CEO of Saudi EXIM, and Nelson Barbosa, director of planning at the Brazilian Development Bank, signed the agreement.

Al-Khalab emphasized that this partnership not only fortifies bilateral relations but also promotes broader economic cooperation between the Middle East and Latin America, paving the way for future collaborative ventures. He further highlighted the significance of the Brazilian market for local exporters, noting that the memorandum represents a crucial step toward developing trade relations, joint investment projects, and additional cooperation opportunities between commercial companies and financial institutions in both countries.

The agreement is expected to contribute to the growth of Saudi non-oil exports and the Kingdom’s markets, which have seen significant growth and diversification in recent years, according to the Saudi Press Agency.

The Saudi minister of industry and mineral resources began an official visit to Brazil and Chile on Monday to seek cooperation opportunities in the industrial and mining sectors, knowledge exchange, and the latest advancements in industrial technologies.

Alkhorayef, who concluded the first leg of his tour and arrived in Chile on Tuesday, is also set to explore joint investment prospects between Saudi Arabia and the two South American countries.


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.