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Saudi Companies Bolster Presence in Africa, Look for Investment Opportunities in India

Saudi Companies Bolster Presence in Africa, Look for Investment Opportunities in India

Tuesday, 23 November, 2021 - 11:00
Saudi bourse suffers biggest fall in over a year. (Asharq Al-Awsat)

Saudi Arabia’s benchmark index (TASI) fell 2.7%, its biggest intraday fall since Oct. 2020, to close at 11,172 points, losing 314 points, with liquidity of 7.1 billion riyals ($1.8 billion).

Shares of Al Rajhi Bank (1120.SE) went down 5% and Saudi National Bank (1180.SE), the kingdom’s biggest lender, retreated 3.7%.

Meanwhile, major listed companies have recorded activity outside the borders, as Saudi “Maaden” announced strengthening its presence in Africa, while sources indicate that Saudi Aramco is looking for investment opportunities in India.

Saudi Aramco said it will continue to look for investment opportunities in India.

“India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday.

It will “continue to evaluate new and existing business opportunities with our potential partners.”

In this context, Saudi Arabian Mining Company (Maaden) announced the opening of a new state-of-the-art fertilizer terminal in Malawi, in coordination with its African subsidiary, Meridian Group.

The Liwonde Terminal is strategically located on the rail line connecting Malawi to the deep-sea port of Nacala in Mozambique, allowing for high access to Maaden’s fertilizer products across central and southern Africa.

It is expected to contribute to increasing the rate of Maaden’s exports to Africa as it will provide access to a steady supply of high-quality fertilizer to over five million small-hold farmers in the Republics of Malawi and Zambia, and subsequently, improve food security on the African continent, SPA reported.

“The terminal will bolster Maaden’s strategic status in one of the world’s fastest growing agricultural regions and complement its strategic initiatives in Africa, which includes Maaden’s acquisition of Meridian Group in 2019.”

Maaden’s mine-to-market fertilizer business consists of three mega production plants in Saudi Arabia, namely the Waad al-Shamal Industrial Minerals City in the North, another at Ras al-Khair Industrial City on the East coast, which is a phosphate and bauxite processing super-hub; and the Phosphate 3 expansion, which will add over one million tons ammonia production— to reach 3.3 million tons.

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