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.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.