Saudi Arabia signs deal with South Africa worth $15 billion

The Kingdom of Saudi Arabia has signed several agreements and memoranda of understanding (MoU) with South Africa, with an estimated value of more than $15 billion.

Saudi Arabia announced in a statement, Monday, that the agreements and memoranda of understanding cover various sectors, including the industrial, mining, and energy sectors, in addition to strengthening the economic partnership between the two countries.

The signing of the agreements came on the sidelines of an official visit by the President of the Republic of South Africa, Cyril Ramaphosa, to Saudi Arabia.

In the field of energy, the two countries agreed to discuss areas of cooperation in several energy fields, including petroleum, petrochemicals, energy efficiency, electric energy, and renewable energy such as solar energy, wind energy, and atomic energy, in addition to developing projects from these sources.

Saudi Arabia also clarified in a statement that the agreements include enhancing cooperation in the field of hydrogen, innovation, and clean technologies for managing hydrocarbon emissions, working to localize energy sector products and associated supply baskets, and developing projects related to these areas.

The agreements also extended to include aspects of health, education, agriculture, and food industries.