Worldbulletin News

Worldbulletin News Worldbulletin News Portal


20:54, 20 July 2018 Friday
21:19, 12 July 2018 Thursday

  • Share
Saudi Arabia to invest $10bn in S. Africa
Saudi Arabia to invest $10bn in S. Africa

Saudi Arabia intends to invest as much as $10 billion in South Africa’s economy, with a focus on energy projects

World Bulletin/News Desk

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).



Legal Notice: Copyright, trade marks and other intellectual property rights in this website can not be reproduced without the prior permission.

  • Share