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Caribbean Dignitaries Secure $2.5 Billion Investment Commitment from Saudi Arabia
Last November, a group of Caribbean dignitaries returned from a high-profile gathering in Riyadh with a $2.5 billion investment commitment for Caribbean development. The investment pledge was announced by Guyana’s President Irfaan Ali following the inaugural CARICOM-Saudi Arabia Summit. In addition to the investment commitment, the 15-member bloc also expressed support for Saudi Arabia’s bid to host World Expo 2030.
The investment commitment comes as Saudi Arabia seeks to strengthen ties with Latin America, with the Future Investment Initiative (FII) Institute set to gather industry leaders, government officials, and former Latin American heads of state in Rio de Janeiro from June 11-13. Saudi Arabia is also considering a production line for Brazilian Embraer airliners and the opening of an embassy in Colombia.
The kingdom is pursuing these investments as part of its Vision 2030 plan, which aims to diversify the economy away from oil and harness investment. The ties between Saudi Arabia and Brazil have deepened, with bilateral trade reaching $8 billion and the potential to reach $20 billion by 2030. Brazil is a natural partner for Saudi Arabia due to its exports of vegetable and animal proteins, which the kingdom heavily depends on.
The investment commitment and deepening ties between Saudi Arabia and Brazil signal the kingdom’s broader ambition to secure raw materials, market access, and investment opportunities in the hemisphere. The approach shows that Saudi Arabia is thinking regionally and aims to become a leader in the Global South, along with Brazil, India, and other countries that also occupy this position.
With another Saudi Arabia-CARICOM summit planned for 2026, it appears the kingdom will maintain its interest in Latin America and the Caribbean, with the potential to become a top-five investor in each other’s economy.
The investment commitment and deepening ties between Saudi Arabia and Brazil signal the kingdom’s broader ambition to secure raw materials, market access, and investment opportunities in the hemisphere. The approach shows that Saudi Arabia is thinking regionally and aims to become a leader in the Global South, along with Brazil, India, and other countries that also occupy this position.
The investment commitment and deepening ties between Saudi Arabia and Brazil signal the kingdom’s broader ambition to secure raw materials, market access, and investment opportunities in the hemisphere. The approach shows that Saudi Arabia is thinking regionally and aims to become a leader in the Global South, along with Brazil, India, and other countries that also occupy this position.
