Saudi Arabia is set to invest billions into Africa to further strengthen relations between the two (Image: Getty)
has a long history with which is said to be based on mutual cooperation, support and integration.
Saudi Arabia’s outreach in Africa has steadily increased over the past 60 years with investment in a number of fields in including trade, investment, sustainable development, health, mining, oil and gas, and many others.
As such, will be investing huge funds for low-income sub-Saharan countries in Africa with an eye-watering £32.6 billion ($41 billion) investment into the continent.
Over the next decade, a Saudi Arabian initiative into was recently unveiled by Finance Minister Mohammed bin Abdullah Al-Jadaan, with the aim to help develop the continent and further bolster its economic growth.
Recently, Saudi Arabia invested £4.1 billion in Limpopo, with the Kingdom looking to spend billions in the construction of a platinum smelter and metals refinery in the lesser-known African region.
:
Saudi Arabia’s Vision 2030 initiative will see a number of investments into Africa (Image: Getty)
The Kingdom of Saudi Arabia’s Ministry of Investment (MISA) and Ajlan & Bros Company for Mining announced that a memorandum of understanding (MOU) had been signed with Saudi Arabia looking to develop PGM smelters and base metals refineries in the province of Limpopo.
Alongside the billions invested, agreement between the two nations will also include Saudi Arabia offering strategic guidance when it comes to the proposed PGM Smelter and BMR which will be located in Saudi Arabia, and the Waterberg Project located in South Africa.
These investments, alongside the many others into Africa, are designed to meet Saudi Arabia’s “Vision 2030 initiative to develop the mining and minerals industry to become the third pillar of the Kingdom’s gross domestic product.”
Minister in the Presidency, Khumbudzo Ntshavheni, spoke of the new investment from Saudi Arabia, calling the partnership “a strong vote of confidence in our nation.”
:
Limpopo’s platinum smelter and metals refinery recently saw a bulk of The Kingdom’s investment (Image: Getty)
Saudi Arabia’s Riyadh, Al-Jadaan, recently emphasised the Kingdom’s commitment when it came to strengthening ties with Africa, which includes its financial support.
This massive investment for African economic development by Saudi Arabia includes key initiatives with £3.9 billion ($5 billion) being spent for startups, £7.9 billion ($10 billion) for financing, and a whopping £19.8 billion ($25 billion) for private sector investments.
Al-Jadaan also noted how sovereign debt remains one of the biggest challenges for African nations, further calling for international cooperations to also help the continent and address the issue.
As part of the Saudi Vision 2030, which is led by Crown Prince Mohammed bin Salman, the country will look globally to help build relations with other nations including that of Africa.
The vision includes promoting Arab-African cooperation through investment, trade and cultural exchanges.
Limpopo in South Africa is a region known for its natural landscapes and rich wildlife and is fast becoming a prime destination for tourists with many unconfirmed accounts that one particular tourist resort in Limpopo is reportedly owned by the Saudi Prince.
This secret resort in Limpopo is known as the Ekland Resort and is an exclusive hunting and eco-tourism resort.