Saudi Arabia’s expansion in Africa

 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