Saudi Arabia and South Africa sign 11 agreements, MoUs to boost investment

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Saudi Arabia and South Africa signed 11 agreements and Memoranda of Understanding to boost investment in energy, water, green hydrogen, waste diversion, and logistics, the official Saudi Press Agency reported on Saturday.

The deals were made at the Saudi-South African Investment Forum in Jeddah which was organized by the Kingdom’s Ministry of Investment and was attended by South African President Cyril Ramaphosa.

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The agreements aimed to promote the developing investment sectors between the two nations, SPA reported.

Saudi Arabia's Ministry of Investment organized the Saudi-South African Investment Forum in Jeddah, Saudi Arabia on October 15, 2022 to discuss investment opportunities. (SPA)
Saudi Arabia's Ministry of Investment organized the Saudi-South African Investment Forum in Jeddah, Saudi Arabia on October 15, 2022 to discuss investment opportunities. (SPA)

The forum’s agenda included sessions to discuss major upcoming and potential projects in the Kingdom as well as dialogue sessions to discuss energy, renewable energy, mining, agriculture and food processing, and tourism.

High-level officials from the Saudi side in attendance included Investment Minister Khalid bin Abdulaziz al-Falih, Tourism Minister Ahmed bin Aqeel al-Khateeb, and Minister of Industry and Mineral Resources Bandar bin Ibrahim al-Khorayef. Several government officials, the Federation of Saudi Chambers and private sector representatives from both countries were also in attendance.

Saudi Arabia's Ministry of Investment organized the Saudi-South African Investment Forum in Jeddah, Saudi Arabia on October 15, 2022 to discuss investment opportunities. (SPA)
Saudi Arabia's Ministry of Investment organized the Saudi-South African Investment Forum in Jeddah, Saudi Arabia on October 15, 2022 to discuss investment opportunities. (SPA)

Bilateral trade between the two countries increased from $4.6 billion in 2019 to around $4.8 billion last year, and is expected to exceed $5.3 billion this year, investment minister al-Falih said.

The minister praised the solid and friendly ties between Saudi Arabia and South Africa, including their economic and trade cooperation which has stood for over three decades, and highlighted that the priority areas of cooperation between the two countries include renewable and green energy, mining, agriculture and food processing, hydrogen and solar energy, tourism, aerospace, and information technology, among others.

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