Exploring Saudi Arabia’s Business Prospects and Strategies in Africa [BusinessAfrica].

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Saudi Arabia Strengthening Ties with Africa; Geopolitical Expert Discusses Strategic Vision on Business Africa.

Recently, Riyadh hosted the inaugural Saudi Arabia-Africa summit, witnessing the participation of various African heads of state following an invitation by King Salmane ben Abdelaziz Al Saud. Notably, a series of memorandums of understanding and development loan agreements were inked between the kingdom and twelve African countries through the Saudi Fund for Development (SDF).

While Saudi Arabia has historically invested in Africa, this recent summit indicates a renewed determination from Riyadh to significantly expand its engagement across the African continent.

This week’s guest on Business Africa, Hicheme Lehmici, a geopolitical expert and Secretary of the Geneva International Peace Research Institute (GIPRI), highlighted that “Saudi Arabia holds an advanced and powerful long-term strategic vision, with Africa being an integral component of this vision.”

Further economic developments unfolded as Angola and the Democratic Republic of Congo aimed to fortify trade cooperation during the second ANGOLA – DRC economic forum hosted in Luanda. The forum, themed “Economic partnerships for mutual growth,” received support from both Heads of State, demonstrating their commitment to enhancing economic ties.

Meanwhile, the focus also shifts to the COP28 climate summit hosted by the United Arab Emirates, which saw the attendance of nearly 40 oil and gas companies at the previous COP27. Despite claims from these companies suggesting their alignment with renewable energy transitions, scrutiny by the Associated Press revealed discrepancies between their investments in green energy and their stated priorities in annual reports, casting doubt on their true commitment to the transition.

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