Saudi Arabia to sign $533m deals with Africa

SAUDI ARABIA, Riyadh: Saudi Arabia is set to sign SR2 billion ($533 million) worth of agreements with African countries, the Kingdom’s finance minister has announced.

Speaking during the Saudi-Arab-African Economic Conference in Riyadh, Mohammed Al-Jadaan said the deals would be reached through the Kingdom’s Fund for Development.

The minister said the agreements would be struck with a “multitude” of countries and entities on the continent.

“Our partnership with African countries is strong and ever growing. In energy, education and agriculture amongst many others, the Kingdom considers Africa a strong investment destination and partner,” he added.

Al-Jadaan also called for the creation of an additional seat for Africa on the Executive Board of the International Monetary Fund to strengthen the voice of the continent in global forums.

The event, which has brought together representatives from the financial, trade, and government sectors to discuss improving ties between Saudi Arabia and Africa, was also told that the Kingdom’s Public Investment Fund is eyeing up 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,” said Saudi Minister of Investment Khalid Al-Falih.

He added that Ma’aden and PIF’s joint venture – announced in January – is going to “invest in the critical minerals in Africa.”

Al-Falih said: “There is already $75 billion of Saudi investment deployed in Africa. It’s a good number, but I think we’re only scratching the surface given the great potential that we’ve talked about today.”

 

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