• Home
  • All news
  • Team
  • About
  • Contact
  • Privacy Policy
  • My account
Friday, June 6, 2025
Media Bypass News
No Result
View All Result
No Result
View All Result
Media Bypass News
No Result
View All Result
Home Business & Finance

S’Africa, Saudi Arabia signs 17 MoUs to promote direct investment

Oluwaseun Sonde by Oluwaseun Sonde
3 years ago
in Business & Finance, Energy & Power
0
S’Africa, Saudi Arabia signs 17 MoUs to promote direct investment
234
SHARES
74.3k
VIEWS
Share on WhatsappShare on FacebookShare on Twitter

South African President, Cyril Ramaphosa with the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Mohammed bin Salman bin Abdulaziz al Saud have witnessed of 17 Memoranda of Understandings between Ministers in attendance of both countries.

In a statement released by the South African Presidency in conclusion of Ramaphosa’s State visit to the Kingdom of Saudi Arabia on Sunday, with confident that both countries cemented their continued bilateral cooperation and consolidated their strategic partnership.

South African President visited the Kingdom at the invitation of the Custodian of the Two Holy Mosques, His Royal Highness (HRH) King Salman bin Abdulaziz Al-Saud and was hosted in Jeddah by HRH Crown Prince and Prime Minister of the Kingdom of Saudi on 15-16 October 2022.

Ramaphosa who set a clear agenda of growing economic ties with Saudi Arabia as the visit afforded him an opportunity to advance previous discussions on investment and collaboration in identified priority sectors, notably agriculture, defence, energy, and transport, with the Kingdom.

He applauded the 17 Memoranda of Understanding (MoUs) as testimony to the real success the two countries are seeking to achieve.
 
“Having started in 2018 with a commitment by Saudi Arabia to invest 10 billion dollars into the South African economy, in many ways was planting the seed and that seed has been germinating and thus far one billion dollars has been invested in South Africa through a company called ACWA Power”, said President Ramaphosa.

The two countries signed memoranda of understandings (MoUs) in various fields at a welcome ceremony held at the Saudi Arabia Royal Court in Jeddah in the field of technical cooperation in agriculture, fisheries, aquaculture; in the study of the establishment of a Saudi-South Africa Joint Investment Fund and in cooperation in the promotion of direct investment.

Other memoranda of understanding signed are on the establishment of a Joint business council, cooperation in the field of military industries and procurements and on geological survey cooperation.
 
The heads of State also witnessed the exchange of MoUs in the fields of arts and culture; health; social development; mutual recognition of certificates of seafarers; in information, communication and technology including cooperation between the economic cities and special zones authorities in the Kingdom and in South Africa.
 
While in Saudi Arabia, President Ramaphosa participated in and addressed the Saudi Arabia – South Africa Investment Forum.
 
In this regard, the President utilized the opportunity to invite Saudi Arabia businesses to the South Africa’s fifth investment conference he will be convening in 2023.
 
Ramaphosa also led a South Africa investment roundtable discussion with key captains of industry from both countries, concluded his visit by officially opening Lulu Hypermarket South Africa Fest where over 500 South Africa products were on display demonstrating the improving trade relations between South Africa and Saudi Arabia.
 
President Ramaphosa was accompanied by Ministers Naledi Pandor of International Relations and Cooperation; Thoko Didiza of Agriculture, Rural Development and Land Reform; Ebrahim Patel of Trade, Industry and Competition; Gwede Mantashe of Mineral Resources and Energy, Fikile Mbalula of Transport and Thandi Modise of Defence & Military Veterans.

Tags: Cyril RamaphosaInvestmentsMoUSaudi ArabiaSouth Africa
SendShareTweet
Previous Post

Oyebanji takes over reins of power, vows to turn Ekiti to prosperity land

Next Post

Sanwo-Olu, Akeredolu facilitates newly sworn-in Ekiti State Governor

Oluwaseun Sonde

Oluwaseun Sonde

Managing Editor, Nigeria, a renowned journalist with multitask functionality, member of the Association of Corporate Online Editor (ACOE). Email: admin@mediabypassnews.com

Next Post
Sanwo-Olu, Akeredolu facilitates newly sworn-in Ekiti State Governor

Sanwo-Olu, Akeredolu facilitates newly sworn-in Ekiti State Governor

Please login to join discussion

Stay Connected test

  • 500 Subscribers
  • 23.9k Followers
  • Trending
  • Comments
  • Latest

AU reacts as US places entry restriction to citizens of 12 countries

June 5, 2025

Over 1.6 million Pilgrims participate in 2025 Hajj

June 6, 2025

NIMC clarifies Police claim over denial to access NIN verification

June 6, 2025

FG designs 4 new legacy road projects to pass via Northeast Nigeria

August 16, 2024

NIMC clarifies Police claim over denial to access NIN verification

June 6, 2025

Tinubu orders reinstatement of collapsed culvert in Mokwa, Niger

June 6, 2025

WHO cries out over challenges hampering ability to tackle mpox upsurge

June 6, 2025

Cleric urges devotion, gratitude in Arafah Day Sermon

June 6, 2025

Recent News

NIMC clarifies Police claim over denial to access NIN verification

June 6, 2025

Tinubu orders reinstatement of collapsed culvert in Mokwa, Niger

June 6, 2025

WHO cries out over challenges hampering ability to tackle mpox upsurge

June 6, 2025

Cleric urges devotion, gratitude in Arafah Day Sermon

June 6, 2025
Media Bypass News

We bring latest unbiased news and updates straight to your devices. As storytellers, we strive to deliver content on variety of topics from all over the world. Stay tuned

Follow Us

Browse by Category

  • Accident & Disaster
  • Breaking News
  • Business & Finance
  • Campaign & Elections
  • Classified
  • Climate
  • Conflict & War
  • Corruption
  • Crime
  • Education
  • Energy & Power
  • Entertainment
  • Event
  • Fashion
  • Food
  • Gender
  • General information
  • Health & Fitness
  • Interview
  • Lifestyle
  • News
  • Opinion
  • Personality
  • Photonews
  • Politics
  • Press Release
  • Property & Road
  • Protests & Riots
  • Religious
  • Society & Culture
  • Sports
  • Technology
  • Transport & Aviation
  • Travel & Tourism
  • Uncategorized

Recent News

NIMC clarifies Police claim over denial to access NIN verification

June 6, 2025

Tinubu orders reinstatement of collapsed culvert in Mokwa, Niger

June 6, 2025
  • About
  • Privacy & Policy
  • Contact

© 2022 Media Bypass News - Designed by Petertechy Innovations.

No Result
View All Result
  • Home
  • All news
  • Team
  • About
  • Contact
  • Privacy Policy
  • My account

© 2022 Media Bypass News - Designed by Petertechy Innovations.

https://mediabypassnews.com/wp-content/uploads/2025/05/samak.mp4

WhatsApp us