The Kingdom of Saudi Arabia has pledged $10 billion in new investment in South Africa, out of which a minimum of 25% will go towards the projects in the energy sector.
President Cyril Ramaphosa had arrived in Jeddah on Thursday in the first leg of his two-day State Visit to the Kingdom of Saudi Arabia and the United Arab Emirates.
He was bestowed the Order of King Abdulaziz, the highest honour by the Kingdom of Saudi Arabia, during his State Visit by King Salman bin Abdulaziz Al Saud. The order is awarded to the citizens of Saudi Arabia and foreigners for meritorious service to the Kingdom.
The State Visit to the Kingdom of Saudi Arabia is to assess the status of bilateral relations, whilst focusing on strengthening economic linkages between South Africa and Saudi Arabia, particularly in terms of increasing inward investment and diversifying the trade relationship.
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The Kingdom of Saudi Arabia will participate in the Investment Summit touted by President Ramaphosa to take place later this year and will there announce further details of these investments.