Saudi Gazette report

RIYADH — Saudi Investment Minister Khalid Al-Falih said that free trade agreements in Africa promise a bright future. He made the remarks while attending a session titled “Investing in the Future” at the Saudi-Arab African Economic Conference in Riyadh on Thursday.

He said that the obstacles that prevent sustainable investments in Africa must be reduced. Al-Falih also noted that the Saudi Investment Fund (PIF) has an interest in increasing its investments in Africa. “PIF is looking at Africa with great interest and I believe they will be in due course making some game-changing announcements about their intent to invest in Africa. Ma’aden and PIF’s joint venture, announced in January, is going to invest in the critical minerals in Africa,” he said while adding that the $75 billion of Saudi investments already deployed in Africa is only scratching the surface given the great potential for more trade and economic support.

The work of the Saudi Arab African Economic Conference began today, in the presence of a number of ministers and elite officials in the Kingdom and Arab and African countries, leaders of finance, business and investment from the government and private sectors, trade federations, international organizations, and prominent figures in academic circles and think tanks, to discuss relations and joint cooperation opportunities.