Economy, Middle East

Saudi Arabia pledges to invest $10bn in S. Africa

25 percent of funds will go towards energy projects

Seyit Ahmet Aytaç   | 12.07.2018
Saudi Arabia pledges to invest $10bn in S. Africa

Ankara

By Hassan Isilow

JOHANNESBURG

The Kingdom of Saudi Arabia Thursday committed to invest $10 billion in South Africa, with 25 percent of the funds going towards energy projects, the South African Presidency said in a statement.

South African President, Cyril Ramaphosa embarked on a one-day state visit to Saudi Arabia on Thursday.

According to the Presidency Ramaphosa met with Crown Prince Mohammed bin Salman in the port city of Jeddah.

They discussed the status of their countries' bilateral relations and accepted to increase investment and trade relations.

South Africa imports 47 percent of its oil from Saudi Arabia and regards the country as a strategic partner in the Middle East.

“The country is also a large investor in South Africa, especially in the area of renewable energy,” the statement said.

Total trade between the two countries amounted to more than R55 billion ($4.1 billion) in 2017.

Ramaphosa who took office in February promised to raise $100 billion by wooing investors.

On Wednesday Ramaphosa visited Nigeria and on Friday he will be in the United Arab Emirates (UAE).

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