Saudi Arabia and Africa: Paving the way for economic prosperity

Saudi Arabia announces $533 million in deals with Africa include PIF’s game-changing agreements and developmental loan agreements.

Saudi Arabia is poised to sign SR2 billion (USD 533 million) agreements with African countries, signaling a robust economic partnership. Finance Minister Mohammed Al-Jadaan, speaking at the Saudi-Arab-African Economic Conference, highlighted the Kingdom’s commitment to development through the Fund for Development.

Strengthening ties and investments

Al-Jadaan emphasized the growing partnership with African nations in various sectors, positioning Africa as a key investment destination. The Kingdom’s focus on energy, education, and agriculture underscores its dedication to fostering mutual growth.

Public Investment Fund’s vision for Africa

Saudi Minister of Investment, Khalid Al-Falih, hinted at the Public Investment Fund’s (PIF) strategic interest in Africa. Anticipating “game-changing announcements,” Al-Falih revealed PIF’s joint venture with Ma’aden, emphasizing investments in critical minerals on the continent.

H.E. Mr. Siandou Fofana, Minister of Tourism of the Republic of Ivory Coast, speaks at the sixth session of the Saudi-Arab-African Economic Conference, shedding light on the role of cooperation between the Ivory Coast and Saudi Arabia in accelerating development and overcoming… pic.twitter.com/HidQuk0JDu

— وزارة المالية السعودية (@MOFKSA) November 9, 2023

Exploring untapped potential

With USD 75 billion already invested, Al-Falih noted the significant potential in Africa, urging a deeper exploration of opportunities. The conference witnessed the signing of several memorandums of understanding, reflecting collaborative efforts with nations like Nigeria, Senegal, Ethiopia, Chad, Egypt, Gambia, and Rwanda.

Saudi Arabia – Empowering African development

The Saudi Fund for Development solidified developmental loan agreements with various African countries. These agreements span sectors such as healthcare, infrastructure, education, and energy, demonstrating Saudi Arabia’s commitment to fostering sustainable growth in Africa.

Addressing global challenges

Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman, emphasized the need for increased support in tackling global warming concerns in Africa. Strengthening industrial, mining, and commercial partnerships emerged as a focal point of discussion, aligning with sustainable energy and food security goals.

Boosting trade: A five-year growth trajectory

The conference highlighted the remarkable growth in trade between Saudi Arabia and Africa over the past five years. Non-oil exports witnessed an annual growth rate of 5.96%, reaching SR31.94 billion (USD 8.5 billion) by 2022. Industrial and mining activities led the export surge, showcasing the robustness of economic collaboration.

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