Saudi Arabia increases investments and development aid in Africa to nearly $45 billion

Saudi Gazette report

RIYADH — Minister of Investment Khalid Al-Falih stated that Saudi Arabia will collaborate with Africa to create promising opportunities for investors.

He emphasized that Saudi Arabia has invested billions in the African continent, increasing its investments and development aid to nearly $45 billion, reaching the majority of countries in the region.

Speaking during the Future Investment Initiative New Africa Summit in Riyadh, Al-Falih stressed the importance of joint efforts to develop the economy and investment from various companies in the Kingdom, noting their effectiveness and ambition in delivering required outcomes.

He pointed out that one-third of the world’s mineral resources are located in Africa, most of which remain untapped.

Al-Falih remarked that the global economy is entering a phase where minerals will fuel the next stage of economic development, adding, “We need to combine developmental aid with investments; we do not just want to help Africa, but we want to work with it to create opportunities for investors.”

The minister emphasized that Africa must also help itself and requires transparency in its policies.

He mentioned that the Kingdom would provide new technologies to assist in Africa’s transformation, pointing out that the continent could be a major source of food and agricultural exports worldwide if its potential is harnessed.

“Africa can be the breadbasket and food source for the rest of the world, including for us in the Gulf Cooperation Council countries, given the continent’s vast capabilities in this field,” he said.

Al-Falih also highlighted Saudi Arabia’s expertise in technology, particularly in the medical field, where they have established virtual hospitals for remote treatment. He noted the many challenges in creating smart cities and integrating technology into these urban areas.