Saudi Arabia Inks $500M Deals with Africa

At the end of the Saudi-Arab-African Economic Conference, the Saudi Finance Minister Mohammed Al-Jadaan was pleased to announce that deals worth SAR 2 billion (USD 533M) were sealed during the event.

In addition to Saudi Arabia, the Arab Coordination Group pledged USD 50 billion for development and impactful projects in Africa for the period up to 2030. The Arab Coordination Group is made of Development Funds in the Middle-East region including the Islamic Development Bank and the Organization of Petroleum Exporting Countries (OPEC). Saudi Minister of Investment also revealed that the Kingdom’s $700B Sovereign Wealth Fund, known as the Public Investment Fund (PIF), is currently eyeing ‘game-changing deals’ in Africa which will be announced soon.

OPEC Fund Finances Water Supply Project in Rwanda

Among the various projects agreements signed at the Conference, we can highlight a few as follows:

1Mother and Child Referral HospitalGuinea281,25
2Construction and Rehabilitation of Manchogi-Makanjira RoadMalawi75.00
3Manga Regional HospitalBurkina Faso63.75
4Rehabilitation of King Khalid University Hospital in BujumburaBurundi187.50
5Riyadh Referral HospitalSierra Leone187,50
6Benako-Kyaka Transmission LineTanzania28.70
7Construction of Secondary Schools for Girls in Several RegionsNiger100.00
8Construction of Hospitals and a DamMozambique592.67

Snapshots of Deals Concluded at #SAAEC2023

Other MoUs covered cooperation in Oil & Gas sector in Nigeria as well as Energy projects for Senegal, Ethiopia and Chad. Egypt and Saudi Arabia signed a ‘high-level financial dialogue’ agreement while Rwanda inked a #DTAT.