29 Nov The Saudi Arabia-Africa Summit in Riyadh

Seeking to strengthen ties between Saudi Arabia and Africa, Riyadh hosted the maiden Saudi-Arabia Africa summit on the 10th of November.

The purpose of the gathering was to discuss security matters, strengthen relations and build economic ties, the beginning of a number of Africa+1 summits.

The summit speaks to Saudi Arabia’s vision of integrating Africa into its multipolar foreign policy and trade agenda. The country also seeks to demonstrate global leadership by fostering ties between the Kingdom and the continent of Africa.

Saudi Arabia plans to further strengthen its ties with Africa, by opening a number of embassies and scaling up its limited economic investments. Trade will increase with Egypt and South Africa, specifically with regard to rubber, chemicals, consumer goods, minerals, metals and food products.

Source: ISS Africa

Investment pledges of over US$25 billion by 2030, and Crown Prince Mohammed bin Salman Al Saud proposed allocating US$10 billion to support Saudi exports. The Saudi Fund for Development would provide US$5 billion in development funding to African countries during the same period.

Developments in the Middle East indicate that Saudi Arabia could be an effective partner for some African states due to the relationship Saudi Arabia has with the world stage.

The main takeaway of the summit is that both countries are willing to invest in the partnership, to further the economic benefits they have so far wrought.