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Saudi Arabia, African countries hold number of roundtable meetings to strengthen investment relations

Monday November 13, 2023

RIYADH — Saudi Arabia’s Investment Ministry held a number of roundtable meetings with many African countries to strengthen investment relations.

The roundtable meetings, which were held on the sidelines of the Saudi-African Summit in Riyadh, witnessed the presence of a number of presidents and ministers.

This was in addition to the participation of private sector’s representatives, and a number of companies from the participating countries.

The meetings included the Saudi-Chad roundtable meetings, with the presence of Chad’s President Mahamat Déby, and Saudi Arabia’s Investment Minister Eng. Khalid Al-Falih.

The Kingdom’s Minister of Environment, Water, and Agriculture Eng. Abdulrahman Bin Abdulmohsen Al-Fadhli, in addition to the attendance and presence of a number of officials from different African countries.

Furthermore, the Saudi-Somalia roundtable meeting was held with the presence of Somalia’s President Dr. Hassan Sheikh Mohamud, and Saudi ministers Eng. Al-Falih and Eng. Al-Fadhli.

The roundtable meetings touched on ways advancing the investment relation between Saudi Arabia and the two countries, in addition to enhancing efforts to develop the economic and investment ties between the Kingdom, Chad and Somalia.

It has also discussed ways of developing qualitative investments, and enabling the private sector to benefit from the investment opportunities in both countries.

The meetings also included the Saudi-Nigeria roundtable meeting, which witnessed the attendance of Nigeria’s President Bola Ahmed Tinubu, Saudi Investment Minister Eng. Khalid Al-Falih, and Saudi Commerce Minister Dr. Majid Al-Qasabi.

The Saudi-Nigeria roundtable meeting was followed by the Saudi-Tanzania roundtable meeting, with the presence of the Tanzania’s Minister of Livestock and Fisheries Abdallah Ulega and the Saudi minister Eng. Al-Falih.

On the other side, Saudi Arabia and Mauritania signed a Memorandum of Understanding (MoU) aimed at encouraging investors in both countries.

The MoU also aimed to encourage the expansion of investments, as it will also contribute in enhancing the investment cooperation between the two countries and create the legal investment environment in Saudi Arabia and Mauritania.

It is noteworthy that the roundtable meetings, held on the sidelines of the Saudi-African Summit, will establish a strategic cooperation between Saudi Arabia and the African countries in various political, economic, investment, security, and cultural fields, in a way that strengthen the common interests, and achieves the development and stability.

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