The Kingdom of Saudi Arabia (KSA) is witnessing a surge in its economic status and emerging as a significant player in global trade. The African market holds immense significance for Saudi Arabia's non-oil exports, offering promising trade opportunities.
The strategic, commercial, and economic ties between KSA and Africa run deep. The Kingdom is the largest economy in the Middle East and North Africa (MENA) and the fastest-growing Group of 20 (G20) economy. Africa, with its vast resources, strategic location, and vibrant population, presents an ideal destination for Saudi non-oil exports.
To foster cooperation, the Saudi Exports Development Authority (SAUDI EXPORTS) is actively engaging with the African continent. It aims to consolidate economic ties, boost non-oil exports, and introduce Saudi products and services to the promising African markets.
SAUDI EXPORTS has achieved remarkable success, facilitating the export of over SAR128 billion worth of non-oil Saudi goods to Africa between 2019 and 2023. Key sectors driving this growth include chemicals and polymers, construction materials, and packaging. Top export destinations encompass Egypt, Algeria, South Africa, Morocco, Sudan, Kenya, and Nigeria.
To further strengthen its efforts, SAUDI EXPORTS organizes trade missions to African countries, participates in international exhibitions, and conducts specialized studies to identify export opportunities. It also offers workshops and training programs to enhance exporter readiness and address challenges in the African market.
The Saudi-African Summit held in Riyadh in November 2023 marked a significant milestone in strengthening relations. The summit resulted in a roadmap for cooperation, outlining a strategic partnership and celebrating the growth in non-oil trade between KSA and Africa.
His Royal Highness, the Crown Prince, announced an investment package, including $25 billion for investments in various sectors, $10 billion for export financing and insurance, and $5 billion in development funding over the next six years. Additionally, over 50 agreements and MoUs worth over $500 million were signed.
SAUDI EXPORTS continues to play a pivotal role in fostering Saudi-African relations and driving economic collaboration. Its efforts contribute to the shared prosperity and progress of both regions.