S.Arabia to Invest $10B in South Africa

Saudi Arabia intends to invest as much as $10 billion in South Africa’s economy, with a focus on energy.

S.Arabia to Invest $10B in South Africa

World Bulletin / News Desk

The commitment was made during a state visit by South African President Cyril Ramaphosa to the Middle Eastern nation, his spokeswoman Khusela Diko said by phone on Thursday.

Officials from Saudi Arabia will take part in an investment summit in October in South Africa when they are expected to give more detail about the planned spending, she said.

Ramaphosa is seeking to revive a flagging economy after taking over from Jacob Zuma as the nation’s leader in February and has started a drive to lure $100 billion in investment over the next five years.

Business and investor confidence has slumped after an initial boost following Zuma’s resignation.

Energy Minister Jeff Radebe said, “Their minister of energy is deeply committed to cooperating with us on the energy side.”

 

Güncelleme Tarihi: 17 Temmuz 2018, 12:20
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