Saudi Arabia signed over two billion riyals ($533 million) worth of agreements with African countries during a special conference in a significant boost to the kingdom’s ties with the continent.
The deals covered energy, roads, and health, and will be financed through the Saudi Fund for Development.
The Saudi-Arab-African Economic Conference, held in Riyadh, also saw the signings of multiple memorandums of understanding, as well as the lifting by the kingdom of a ban on red meat imports from South Africa.
As well as deals led by Saudi Arabia, the Arab Co-ordination Group – which is made up of various development funds from across the region, the Islamic Development Bank, and the Organisation of the Petroleum Exporting Countries – also pledged $50bn to aid development in Africa, to be delivered by 2030.
There was even the revelation that more was still to come, with Saudi Minister of Investment Khalid Al Falih telling the event that the kingdom’s Public Investment Fund is eyeing more deals in the continent.
“PIF is looking at Africa with great interest and I believe they will be in due course making some game-changing announcements about their intent to invest in Africa,” he said, adding that Ma’aden and PIF’s joint venture – announced in January – is going to invest in the critical minerals in Africa.
Al Falih described the $75bn of Saudi investment already deployed in Africa as “only scratching the surface” given the great potential for more trade and economic support.
Echoing the minister’s notion, Ma’aden chief executive Robert Wilt said the company is “serious” about exploration and are actively looking into 45 sites, with developments to be reported at the next Future Minerals Forum, scheduled for January.
The conference brought together representatives from the financial, trade, and government sectors to discuss improving ties between Saudi Arabia and Africa.
Saudi Finance Minister Mohammed Al Jadaan hailed the significance of the many deals signed, and said: “Our partnership with African countries is strong and ever growing.”
Saudi Energy Minister Prince Abdulaziz bin Salman, also at the conference, signed preliminary agreements with African countries including Nigeria, Senegal, Chad and Ethiopia on energy-related co-operation.
&uuid=(email))