Saudi Arabia, South Africa sign MoUs worth $15 billion

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Saudi Arabia and South Africa have reportedly signed numerous memorandum of understanding during President Cyril Ramaphosa’s visit to the kingdom.

According to the official Saudi Press Agency, the two countries inked agreements and memorandums of understanding worth more than $15 billion.

The agreement included cooperation on energy matters including oil, hydrogen and renewables. They also pledged to establish a joint investment fund, announced a strategic partnership on the digital economy and information technology and expressed a desire to work together on Saudi Arabia’s growing mining sector in addition to numerous other deals, according to the agency.

The South African government stated that the two countries also held an investment conference attended by more than 100 South African business people.

Meanwhile, it was gathered that Ramaphosa visited Saudi Arabia between October 15-16.

Saudi Arabia is seeking stronger economic relations with several countries in sub-Saharan Africa.

It should be recalled that last week, the Saudi Fund for Development signed a deal to finance a solar street light project in the Central African Republic. In September, Saudi Arabia’s ACWA Power agreed to build a water desalination plant in Senegal.

Know more: Saudi Arabia’s geopolitical rivalry with Iran also extends to Africa, and the two countries have competed for influence on the continent for years. Iran has repeatedly said Africa is a “top priority” for its foreign policy, and President Ebrahim Raisi plans to refocus on developing relations with several sub-Saharan African states.