RIYADH: A Brazilian firm is looking to tap Saudi investors in an attempt to launch a $600 million fund to support the South American country’s climate and energy sector. Investment company EB Capital Gestao de Recursos Ltda, backed by billionaire Marcelo Claure, plans to launch the body in the third quarter of this year, with 50 percent of the amount targeted to be raised from the Kingdom. This falls in line with ongoing efforts between Brazil and Saudi Arabia in terms of expanding trade and investment ties. “This will be a fantastic opportunity for Saudi investors to approach the Brazilian market,” Eduardo Melzer, founder and chief executive officer of EB Capital, said in an interview with Bloomberg on Monday in Riyadh. Moreover, the talks align well with the Kingdom’s goal of diversifying its oil-dependent economy, cutting carbon emissions, and securing supplies of food and other commodities. The Latin American country is also looking to attract capital for energy transition initiatives as well as agriculture projects. The fund, headquartered in Sao Paulo, oversees approximately $1 billion in assets and focuses on attracting prominent institutional investors and sovereign funds worldwide. The company’s strategy received a significant boost last year when Claure, the former executive of SoftBank Group Corp., acquired a minority stake in the firm and joined as a partner. EB Capital has a portfolio of 16 companies, according to its website. Among them are a fiber optics business, a recycling firm, education platforms, and Bioo, which transforms agricultural and industrial waste into bioproducts. On the week commencing, the Future Investment Initiative Institute, which is a non-profit run by the Saudi sovereign fund, will host a summit in Rio de Janeiro, its first in Latin America. The event will feature Claure, additional investors, and Saudi authorities, including Yasir Al-Rumayyan, PIF’s governor and chairman of oil giant Saudi Aramco. Held under the theme “Invest in Dignity,” the gathering will take place from June 11 to 13 at the Copacabana Palace in Rio de Janeiro. The Rio summit is projected to explore how investing in renewable energy, artificial intelligence, entrepreneurship, and social impact can put people, respect, and dignity at the heart of policymaking. Additionally, discussions are expected to touch on ensuring that all citizens’ dignity is protected and prioritized, suggesting that this should be a goal for all economic decision-makers.