Saudi Arabia and South Africa sign 17 MoUs worth more than $15 billion

Saudi Arabia and South Africa summarised South African President Cyril Ramaphosa’s visit to the Kingdom by signing a series of memorandum of understanding (MoU). As per the report shared by a Saudi state news agency on Monday, the estimated value of those memorandums of understanding is more than $15 billion.

Along with President Ramaphosa, Mohammed bin Salman, the Crown Prince of Saudi Arabia, welcomed the signings and emphasised the importance of establishing cooperation and consensual ties between these two countries.





The meeting between these two leaders meant to discuss areas of business and economic collaboration where they stressed the necessity of strengthening their economic partnership. During the meeting, they discussed the further continuation of their cooperation between the two countries in the field of the private sector.

The Saudi Arabian Crown Prince and South African President applauded the endeavour of the Saudi-South African Joint Committee, a venture enhancing cooperation between the two countries. The joint committee’s vision is also aligned with the plans of South Africa’s National Development Plan 2030 and the Kingdom of Saudi Arabia’s Vision 2030.

FAQ:

What was the duration of South African President Cyril Ramaphosa’s visit to the Kingdom?
South African President Cyril Ramaphosa departed for the Kingdom of Saudi Arabia on Friday, October 14, for a State Visit, which concluded on October 16, 2022.

In which fields did both these countries agree on cooperation based on the MoUs signed?
Both countries agreed on agriculture, aquaculture, fisheries, and direct investment cooperation.