SAUDI ARABIA PLEDGES TO INVEST $10 BILLION IN SOUTH AFRICA

SAUDI ARABIA PLEDGES TO INVEST $10 BILLION IN SOUTH AFRICA

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

The commitment was made during a state visit by South African President Cyril Ramaphosa to the Middle Eastern nation, his spokeswoman Khusela Diko said by phone on Thursday. Officials from Saudi Arabia will take part in an investment summit in October in South Africa when they are expected to give more detail about the planned spending,
she said.

Ramaphosa is seeking to revive a flagging economy after taking over from Jacob Zuma as the nation’s leader in February and has started a drive to lure $100 billion in investment over the next five years. Business and investor confidence has slumped after an initial boost following Zuma’s resignation.

“It’s a fantastic commitment from Saudi Arabia, especially coming in the aftermath of the president’s call to have $100 billion of investment,” Energy Minister Jeff Radebe said during the visit. “Their minister of energy is deeply committed to cooperating with us on the energy side.”

Pedestrians walk along a roadway back-dropped by commercial and residential buildings in the Sandton district of Johannesburg. Photographer: Waldo Swiegers/Bloomberg

Pedestrians walk along a roadway back-dropped by commercial and residential buildings in the Sandton district of Johannesburg. Photographer: Waldo Swiegers/Bloomberg

Amogelang Mbatha / Bloomberg

Facebook Comments

About author

Nigerians in South Africa
Nigerians in South Africa 2097 posts

We are about democracy, human rights, public opinion, political behavior, civil rights and policy aimed at improving the human condition, with a focus on African countries.

You might also like

Politics 0 Comments

INTRUDERS THOUGHT STEALING A GIANT GOLD MACE WOULD DISRUPT NIGERIA’S PARLIAMENT. IT DIDN’T WORK.

A group of intruders stormed into Nigeria’s senate on Wednesday, leaving lawmakers stunned after they absconded with their apparent prize: a ceremonial mace. Just a day later, police announced they

Travel 0 Comments

South Africa is attracting more overseas visitors but fewer from Africa

More overseas tourists are choosing SA as a holiday destination, but visitors from the region and the broader continent declined in January. Overseas tourists to SA increased to 245,074 in

Politics 0 Comments

WHAT’S THE TRUE NUMBER OF UNDOCUMENTED MIGRANTS IN SOUTH AFRICA?

Researched by Gopolang Makou In his trademark black hat, South Africa’s police minister said his department will work “with lightning speed” to turn around an increase in crime. Minister Bheki

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply