Saudi Arabia Opens Its Doors To African Investors

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  • Photo: President Bola Tinubu and others at a Saudi Arabian Investors Roundtable in Riyadh on Saturday 11th November 2023*

The Kingdom of Saudi Arabia is opening its doors to African investors and companies to benefit from the huge investment opportunities provided by the Kingdom’s Vision 2030 mega projects, a resolution from the Saudi-Africa Summit, indicates.

The Kingdom, while reiterating the importance of economic cooperation and joint investment with African countries to achieve sustainable development and benefit from human resources and the global supply chains, said Saudi companies and investors would likewise be encouraged to increase quality investments in the African continent in various fields.

To this end, the Kingdom has launched a Digital Market Initiative – IMPACT, which seeks to enhance access to digital services, raising the quality of life, and developing the digital economy for the attainment of regional cooperation and the Sustainable Development Goals (SDGs).

The Saudi-Africa Summit also expressed grave concerns over the escalating violence and loss of civilian lives resulting from the ongoing Israeli attacks on Palestine, stressing the need for the cessation of all military operations in Gaza and the protection of civilians in accordance with international law and international humanitarian law.

African leaders and the government of the Kingdom of Saudi Arabia, in a resolution tagged “The Riyadh Declaration Regarding the Situation in Palestine,” called on the international community to mount pressure on Israel to desist from further attacks and the forced displacement of Palestinians from the Gaza Strip, describing it as a flagrant violation of international humanitarian law and international laws.

The leaders called for a swift enabling of humanitarian organisations to play their role in providing humanitarian and relief aid to the Palestinian people, especially the United Nations Relief and Works Agency for Palestine Refugees (UNRWA), so as to halt the unfolding humanitarian crisis in Gaza, and also emphasized the urgent need for de-escalation and a return to diplomatic dialogue to address the root causes of the Israeli-Palestinian conflict, in accordance with the principle of the two-state solution, the Arab Peace Initiative, and the relevant international legitimacy resolutions, in a way that guarantees the Palestinian people their right to establish their independent state on the borders of 1967, with East Jerusalem as its capital.

Upon the invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, King of the Kingdom of Saudi Arabia, the Saudi-African Summit was convened on November 10, 2023, in Riyadh, to further develop the relations between Africa and the Kingdom and also forge ties that would promote strategic partnership between both sides.

The Kingdom of Saudi Arabia highlighted the importance of the historical ties with the African continent and its growing interest in developing such relations with the Continent across the political, economic, investment, commercial, development, cultural and social fields.

On their part, the African leaders renewed their commitment to strengthening cooperation between the African countries and the Kingdom of Saudi Arabia, driven by the joint strategic partnership, avenues of common interests, and geographical, historical and sociocultural ties that the African continent shares with the Kingdom of Saudi Arabia.

The African leaders also paid glowing tribute to the early support shown by Saudi Arabia to herald and welcome the African Union while joining the G20 as a permanent member.

Nigeria’s President Bola Ahmed attended the Summit and held a bilateral meeting with the Crown Prince of Saudi Arabia, Mohammed bin Salman in the areas of investment and support for the ongoing reforms in the Central Bank of Nigeria.

The President was accompanied by top Nigerian government officials.

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