Saudi Arabia, South Africa sign agreements worth $15 billion
Saudi Arabia is increasing its economic footprint on the African continent, in part because of its rivalry with Iran.
Saudi Arabia and South Africa signed numerous agreements during President Cyril Ramaphosa’s visit to the kingdom.
The official Saudi Press Agency reported today that the two countries inked agreements and memorandums of understanding worth more than $15 billion. They included an agreement to cooperate on energy matters including oil, hydrogen and renewables. They also pledged to establish a joint investment fund, announced a strategic partnership on the digital economy and information technology and expressed a desire to work together on Saudi Arabia’s growing mining sector in addition to numerous other deals, according to the agency.
The two countries also held an investment conference attended by more than 100 South African businesspeople, according to a release from the South African government.
Ramaphosa was in Saudi Arabia Oct. 15-16.
