Saudis eye investment projects in Portugal

The Saudis are looking to find projects in which investors from the United Arab Emirates can invest in Portugal and are open to working with Portugal’s development bank, Banco de Fomento through co-financing models.

Sovereign wealth funds from the region are also looking at concessions in Portugal’s ports and an eventual strategic investment in the logistics area.

According to the business daily Negócios, this commitment was made by Portugal’s Minister for the Economy, Pedro Reis, who spent this week in meetings with government figures from Abu Dhabi and Dubai as well as companies and investment funds.

“There is a concept for a strategic investment partnership and we’re challenging them to consider a partnership with the Banco de Fomento for co-financing projects, including European Investment Bank funds”, he said.

According to Pedro Reis, “in the areas in which the Saudis want to invest (in Portugal), the Banco de Fomento in a partnership on their side, would be a co-financing partnership on projects that are structural for the Portuguese economy whether Portuguese investment projects or Saudi projects in Portugal.

In the agreement reached in government discussions between the two, it was decided that a strong partner would be identified for Banco de Fomento to seal this strategic investment partnership that would have a international component for the Banco de Fomento.