Saudi Arabia’s expansion in Africa
Abdullah Al Alami*
The relationship between Saudi Arabia and Africa is
approaching a new phase of cooperation. Following the Saudi African summit a
few days ago, the Saudi Development Fund signed 14 new loan agreements
with 12 African countries, with a value exceeding two billion Saudi Riyals.
For years, Saudi Arabia has sought to secure its vital
interests and the security of its borders, by building policies within a calm
strategic environment to protect its vital interests. We are talking here about
an extension of well-established relations with the Horn of Africa and the Nile
Valley regions.
The Red Sea is a vital outlet for the security of the
Arabian Peninsula and the west of the Kingdom. Consequently, it is in the
interest of the Kingdom and Africa to develop their broad common economic and
trade interests.
Saudi Arabia announced the signing of more than 50
agreements with African countries, with a noble goal; to achieve a solid
partnership and a promising future for all parties. In addition, this
partnership supports the Saudi role in Bab al-Mandab and the Gulf of Aden. This
approach also strengthens the solidity of trade and oil partnership between
Saudi Arabia and the African continent.
One of the indications of Saudi success in the African
continent is the attendance of more than 1,000 specialists and academics,
including Saudi, Arab, and African officials, investors of various
nationalities, trade unions, and international organizations, at the
Saudi-Arab-African Economic Conference.
Let me provide some examples of Arab African
investment projects. Prince Abdulaziz bin Salman, the Saudi Minister of Energy,
signed 5 memorandums of understanding in areas of energy, between Saudi Arabia
and 5 African countries, namely Senegal, Rwanda, Chad, Ethiopia, and Nigeria.
Also, 14 new development loan agreements were signed
between the Saudi Development Fund and 12 African countries, with a value
exceeding two billion Saudi Riyals. In addition, a memorandum of understanding
was signed between Riyadh and Cairo to establish a high-level financial
dialogue between the two countries.
Furthermore, Saudi Arabia has expressed its willingness
to pump more than $25 billion in new diversified investments in various sectors
and to finance and secure $10 billion in exports in Africa.
This is not all, Saudi Arabia has provided more than
$45 billion to support development and humanitarian projects in 54 African
countries, in addition to more than $450 million in aid to 46 African
countries.
Saudi Arabia is determined to develop cooperation with
Africa. This includes new charitable projects and programs with a value
exceeding one billion dollars over a period of 10 years.
*Saudi
economist
