Saudi Arabia Seeks New Markets, Promising Investments in Africa

Saudi Minister of Commerce, Majid al-Qasabi during the Arab-African Trade Bridges Program. (Asharq Al-Awsat)
Saudi Minister of Commerce, Majid al-Qasabi during the Arab-African Trade Bridges Program. (Asharq Al-Awsat)
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Saudi Arabia Seeks New Markets, Promising Investments in Africa

Saudi Minister of Commerce, Majid al-Qasabi during the Arab-African Trade Bridges Program. (Asharq Al-Awsat)
Saudi Minister of Commerce, Majid al-Qasabi during the Arab-African Trade Bridges Program. (Asharq Al-Awsat)

Saudi Minister of Commerce, Majid al-Qasabi underscored the Kingdom's readiness to support cooperative efforts to achieve economic and social development in Arab and African countries.

Speaking at the 3rd meeting of the Governance Council of the Arab-African Trade Bridges Program (Jusoor) in Cairo, Qasabi stressed that Vision 2030 seeks to open new markets and promising investments, drawing attention to the Kingdom's historical stances and confirming its interest in Africa.

He said Africa is rich in its natural and human resources and its prominent geographical location, making it suitable for investments, despite the challenges its countries face in infrastructure, environment, investment, and trade barriers.

Africa boasts about 60 percent of the world's minerals, allowing the Jusoor program an opportunity to identify and confront these challenges, work to open markets further, and exchange intra-trade between Arab and African countries, announced Qasabi.

He praised the initiative to support the African Continental Free Trade Area (AfCFTA) led by the International Islamic Trade Finance Corporation of the Islamic Development Bank in partnership with the World Trade Organization and the African Economic Commission, citing other initiatives led by the institution.

Meanwhile, Gambian Trade Minister, Seedy Keita revealed that Riyadh and Banjul seek to sign new enhanced bilateral agreements in trade and human resources, focusing on agriculture, transport, and tourism.

Both sides want to sign an agreement to employ Gambian workers in the Saudi labor market, said Keita, stressing that his government had clearly announced its support for Saudi Arabia to host the Expo 2030.

He told Asharq Al-Awsat during his recent visit to Riyadh that the Saudi government enjoys solid diplomatic support from Gambia at all international forums.

Regarding his visit to Saudi Arabia, Keita explained that he is seeking to boost trade relations between the two countries.

Gambia's total imports from Saudi Arabia amounted to less than $500,000 annually, and the volume of exports is much less, said the minister, adding that his visit aims to increase the volume of trade, tourism, and human resources.

Keita believes that the two countries have a great political will to invest in their relations in various ways.

The minister concluded that AfCFTA is a massive opportunity for any form of investment in Gambia and will enable investors to access a regional market of 1.2 billion people, with a combined GDP of $3.4 trillion.



Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
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Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi said that the Advantage Oman Forum is a valuable opportunity offered by Oman to discuss and review investment opportunities and initiatives, as well as future transformations in promising sectors in this field.
This came during Albudaiwi's participation in the first edition of the Advantage Oman Forum, which was held under the patronage and attendance of Omani Deputy Prime Minister for Defense Affairs Sayyid Shihab bin Tarik Al Said, and in the presence of a number of ministers of the GCC countries, Sunday in Muscat. A group of senior officials and decision-makers participated in the forum, SPA reported.
The Secretary-General stated that Oman's Organisation of this forum reflects the insightful vision of the wise Omani leadership to strengthen the national economy and attract global investments, thus contributing to achieving sustainable development goals. He also praised the forum's activities and the workshops as well as the dialogue sessions it included, which provide the elements of success and sustainability for this forum, making it a regional and international platform and a destination for those interested in economic and investment affairs in Oman.
Furthermore, Albudaiwi added that Oman, with its attractive investment environment, advanced infrastructure, well-thought-out economic policies and significant economic, in addition to investment growth indicators, has become a destination for investors from around the world, stressing that this strengthens its position as a key pillar in the economies of the GCC countries and supports the council's aspirations for regional economic integration.
The Secretary-General concluded his statement by expressing his confidence that the forum will achieve positive results that will contribute to expanding the horizons of economic and investment cooperation between the GCC countries and the world, and support the comprehensive development process in the region.