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Saudi Arabia, South Africa Sign Investment MoUs Worth Over $15 Billion

Saudi Arabia and South Africa have signed a series of memorandums of understanding (MoU) with an estimated value of more than $15 billion, Saudi state news agency SPA reported on Monday.

Welcoming the signings, Saudi Arabia’s Crown Prince Mohammed bin Salman and South Africa’s President Cyril Ramaphosa stressed the importance of strengthening joint cooperation and bilateral ties, according to the joint statement.

The two sides highlighted the positive outcomes that were achieved since the South African’s visit to the Kingdom in 2018, which allowed for the expansion of cooperation between the two countries in various fields, according to SPA.
During their meeting, the two leaders discussed areas of economic and trade cooperation and stressed the importance of strengthening their economic partnership.

They also emphasized their commitment to continue working to enable partnerships between the private sectors in Saudi Arabia and South Africa and encourage mutual investments, SPA reported.

The leaders also praised the efforts of the Saudi-South African Joint Committee in enhancing cooperation between the two countries, especially in the economic sectors – aligning with both the Kingdom’s Vision 2030 plan and South Africa’s National Development Plan 2030.

The two sides also highlighted the positive outcomes that were achieved since the South African president’s visit to the Kingdom in 2018, which allowed for the expansion of cooperation between the two countries in various fields, according to SPA.

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