Saudi Ara­bia to in­vest R133 bil­lion in SA en­ergy sec­tor

Swazi Observer - - BUSINESS -

JO­HAN­NES­BURG - Pres­i­dent Cyril Ramaphosa’s am­bi­tious plan to at­tract $100bn to kick-start the coun­try’s strug­gling econ­omy got a ma­jor boost yes­ter­day, when Saudi Ara­bia com­mit­ted to in­vest $10bn (about R133bn) in the coun­try.

This is ex­pected to be in­vested in the en­ergy and power cre­ation sec­tors.

Ramaphosa met with King Sal­man bin Ab­du­laziz al Saud in the port city of Jeddah yes­ter­day.

South Africa im­ports an es­ti­mated 47 per cent of its oil from Saudi Ara­bia, and Pre­to­ria re­gards the coun­try as a strate­gic part­ner in the Mid­dle East. To­tal trade amounted to more than R56bn in 2017. The coun­try is also a large in­vestor in South Africa, es­pe­cially in the area of re­new­able en­ergy.

Ramaphosa is on an ag­gres­sive plan to woo in­vestors to deal with high un­em­ploy­ment rates and deep­en­ing poverty.

He is on a three-coun­try visit that started in Abuja, Nige­ria, and will end in the United Ara­bia Emi­rates. On Wednes­day, Ramaphosa met with Nige­rian Pres­i­dent Ma­ham­madu Buhari in an ef­fort to bol­ster of­ten tense re­la­tions be­tween the con­ti­nent’s power houses.

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