Saudi Arabia to Bolster Investment and Development in Africa, Says Investment Minister

Saudi Arabia aims to strengthen its collaboration with Africa to foster investment and development opportunities across the continent, according to Minister of Investment Khalid Al-Falih. Speaking at the Future Investment Initiative New Africa Summit in Riyadh, Al-Falih highlighted Saudi Arabia’s commitment to expanding economic partnerships, which has already led to a significant $45 billion in investments and aid spread across numerous African nations.

Al-Falih underscored the Kingdom’s vision for a shared economic future with Africa, emphasizing that joint efforts are key to unlocking the continent’s economic potential. He noted that a substantial portion of global mineral reserves, roughly one-third, is located within African borders—many of which remain largely untapped. With minerals anticipated to play a central role in the next wave of global economic growth, Al-Falih stressed the need for a combined approach that pairs development aid with direct investments, aiming to establish Africa as a resource-rich landscape for global markets.

“We don’t just want to assist Africa with aid; we want to partner with it to create solid opportunities for investors,” Al-Falih said, indicating a shift toward a model where financial support aligns with business investment to spur sustainable economic growth.

The minister also emphasized that transparency in African policies is essential for building a strong investment framework. He highlighted Saudi Arabia’s plan to introduce advanced technologies to help Africa reach its economic goals, expressing optimism about the potential for innovation to accelerate growth across the continent.

Highlighting Africa’s agricultural potential, Al-Falih suggested that the continent could evolve into a critical food and agricultural exporter, serving the Gulf Cooperation Council (GCC) and beyond. “Africa can be the breadbasket and food source for the world, including for us in the GCC,” he said, pointing to the region’s vast and underutilized arable land, which, if optimized, could make a meaningful contribution to global food security.

In addition to agriculture, Al-Falih cited Saudi Arabia’s technological expertise in sectors like healthcare, where the Kingdom has successfully pioneered virtual hospitals for remote treatment. He suggested that such innovations could benefit African nations in advancing medical services and digital healthcare.

Al-Falih also addressed the challenges associated with building smart cities in Africa, acknowledging that integrating modern technology into urban centers requires tailored solutions. Saudi Arabia’s experience in urban technology, he noted, could provide African nations with a framework for creating efficient, tech-driven cities that address the evolving needs of their populations.

Through these initiatives, Saudi Arabia seeks to empower Africa’s economic transformation while presenting new opportunities for investors. As global interest in Africa’s untapped resources continues to grow, Saudi Arabia’s deepening involvement reflects its ambition to be a significant contributor to Africa’s sustainable development journey.