Saudi Arabia to Launch Giant Investment Initiative in Africa

The Kingdom of Saudi Arabia has said that it was prepared to launch giant investment initiatives in Nigeria and many other African countries.

The initiative is part of the $1 billion development investment package pledged during the Paris Conference 2021.

The plan was revealed during a visit to the Economic Community of West African States, ECOWAS Commission by a Saudi Arabia team led by the Royal Court Advisor to the Kingdom, Mr. Ahmadi Bin Abdul-Aziz Kattan who said his country would be working with the Commission in launching the initiatives in member states.

Abdul-Aziz Kattan who was received by the president of the ECOWAS Commission, Jean Claude Kassi-Brou, said his country’s area of interest include education. security and investment development.

He said: “Your organisation is one of the most important stakeholders that we look
forward to working with, through real strategic programmes and plans that can be reflected in reality in the field of investment and raising the level of economic performance, and realistic projects that achieve the aspirations of our peoples harmoniously in many fields such as (industry, financial transactions, agriculture, fishing, mining, transportation, regional security, and energy projects of all kinds), which have become one of the most important factors for the success of any investment strategy in our rapidly developing and civilized world.

He explained that the initiative is meant to help the region and the entire continent at large “to achieve development
and prosperity for its people through giant strategic projects that achieve the aspirations of the African people. away from bargaining, exploitation or looting of their national wealth.”

He therefore sought the cooperation of the regional body “In order for both parties to be beneficiaries through an equitable investment formula for the African continent and its people, we must all cooperate for the sake of Africa and work for the success of these two summits and coordinate with African regional organizations to find out the most
important facts that serve our people.”

He further added that: “The Kingdom welcomes coordination and exchange of views and proposals that will assist in
reaching this goal. On the other hand, the Kingdom’s positions assure the importance of development in the African continent, according to the United Nations General Assembly Resolution No. 6011 of
2005 AD to promote development and investment in it.”

Now, let me present to you of the most important achievements of the Kingdom of Saudi Arabia, the true ally of the African continent, which is represented in its initiative to establish the (Council of
Arab and African States bordering the Red Sea and Gulf of Aden), whose founding charter was signed in Riyadh on January 6, 2020, and was ratified.

“This council is one of the most important
geopolitical and economic tools that enable the Kingdom and the African continent to ensure the
smooth conduct of navigation and international maritime trade between Asia, Africa and Europe, as this corridor constitutes 27% of the global trade volume and is estimated at about 4.2 trillion dollars annually and passes through it 3.3 million barrels of oil per day, which constitutes 40% of global
production. Given the importance of the Red Sea and the Gulf of Aden as an international maritime and trade corridor linking the poles of the East and West, the Kingdom has sought to establish this.”

The President of the ECOWAS Commission, Jean Claude Kassi-Brou said he is happy with the interest from Saudi Arabia.

He noted that of particular interest is the help the region will be receiving from Saudi Arabia in the fight against terrorism which is fast becoming a major challenge in the area.

Michael Olugbode in Abuja

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