Saudi Arabia Launches Development Initiative in Africa Worth over $1 Billion

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
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Saudi Arabia Launches Development Initiative in Africa Worth over $1 Billion

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, deputizing for Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, inaugurated the Saudi-African Summit in Riyadh on Friday.

“The Kingdom of Saudi Arabia and African countries are keen to enhance cooperation in a way that contributes to establishing security and peace in the region and the whole world,” said Crown Prince Mohammed in opening the summit.

“We condemn the military aggression witnessed in Gaza Strip, the targeting of civilians, and the continued violation of international humanitarian law by the Israeli occupying authority. We stress the need to stop this war and forced displacement, as well as to create conditions for the return of stability and for achieving peace,” he urged.

“The Kingdom and African countries support all efforts aimed at achieving security and stability. In this regard, we welcome the resumption of the Jeddah talks, with representatives of the two sides of the crisis in Sudan, and hope that the language of dialogue will be the basis for preserving the unity of Sudan, and the security of its people and assets,” he added.

“Saudi Arabia has provided more than $45 billion to support development and humanitarian projects in 54 African countries. The King Salman Humanitarian Aid and Relief Center (KSrelief) aid has reached more than $450 million in 46 African countries. We are determined to develop cooperation and partnership with African countries and expand areas of trade and integration,” he stressed.

“In this regard, we are pleased to announce the launch of the Custodian of the Two Holy Mosques' Development Initiative in Africa by inaugurating development projects and programs worth over $1 billion in countries of the continent over a period of ten years. We also look forward to making new Saudi investments, worth more than $25 billion, in various sectors, financing $10 billion in exports and providing $5 billion in additional development financing to Africa until 2030,” revealed the Crown Prince.

Moreover, he said the Kingdom will increase the number of embassies in Africa to more than 40.

In recognition of Africa's role, the Kingdom of Saudi Arabia was among the first nations to publicly endorse the African Union's bid for permanent membership in the Group of Twenty (G20), he remarked.

“The Kingdom is keen to support innovative solutions to address African debt, as it sought during its presidency of the G20 in 2020 to launch initiatives to suspend debt service payments during the pandemic for low-income countries, and the Common Framework for Debt Treatments initiative in many African,” he continued.

“Saudi Arabia supports sustainable development and recognizes every country's right to utilize their resources and capacities. We reaffirm our commitment to ensuring the security and durability of energy supplies, benefiting from all energy sources, developing clean fuel solutions, and providing food to over 750 million Africans,” he added.

“We aim to host Expo 2030 in Riyadh, to present an unprecedented version in the history of this exhibition that may contribute to projecting a better future for humanity. We look forward to your participation in highlighting the important role of Africa, its human and natural resources, growth opportunities, and future potential,” he stated.

The official Saudi delegation at the event included Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, Minister of State and Member of the Cabinet Prince Turki bin Mohammed bin Fahd bin Abdulaziz, Minister of Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of the National Guard Prince Abdullah bin Bandar bin Abdulaziz, Minister of Defense Prince Khalid bin Salman bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, and Minister of State, Member of the Cabinet and National Security Advisor Dr. Musaed bin Mohammed Al-Aiban.



Saudi Investment Minister: Local Content is an Important Enabler for Economic Competitiveness

Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA
Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA
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Saudi Investment Minister: Local Content is an Important Enabler for Economic Competitiveness

Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA
Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA

Saudi Minister of Investment Khalid Al-Falih stressed that local content is an important enabler for transforming the economy from a rentier system to a prosperous one.

The investment minister added that local content is one of the main pillars of the Kingdom's Vision 2030, viewing it as fuel for the competitiveness of the economy and companies in relevant sectors, including industry, agriculture, energy, municipalities, and tourism.

This came during his participation, along with several other ministers, in a dialogue session entitled "Future Trends for Local Content in Light of the Kingdom's Vision 2030," held on Wednesday in Riyadh as part of the Local Content Forum 2024.

He noted that the vision's goals include developing and diversifying the economy and increasing quality opportunities to ensure sustainability and competitiveness both locally and internationally. He reviewed several successful global experiences in local content that have contributed to increasing the percentage of local content across various sectors and achieving global leadership.

Al-Falih also highlighted the role of the initiatives and programs under the National Investment Strategy, such as special economic zones, regional headquarters, and the Shareek Program, in enabling and motivating investors to invest in the Saudi market and building an attractive investment environment that enhances global quality investments, which will lead to strengthening the national economy and creating more job opportunities.

He mentioned that 95 deals, with an investment value exceeding SAR100 billion, are currently under negotiation through the "GSCRI" initiative.