JEDDAH: The Saudi private sector has closed deals worth $15 billion during the South African president’s visit to the Kingdom, said Bandar Alkhorayef, minister of industry and mineral resources.
Talking to Arab News on the sidelines of the Saudi-South African Investment Forum held in Jeddah, the minister said the two countries also signed 17 deals to boost cooperation in different economic sectors.
“We have (signed) 17 agreements that vary from different sectors, and they will (lay) the foundation to help the private sector to invest and take advantage of both (countries),” he said.The agreements target sectors including health, tourism, logistics and technology.
Alkhorayef said both are also “studying the creation of a fund between the two countries to invest in information and technology communications.”
“In the pharmaceutical industry also, we see great interest where we are discussing now with one of the pharmaceutical companies in South Africa to acquire a plant here in Saudi Arabia and expand its production here,” the minister said.
He also said that a Saudi-based company has acquired a mining business in South Africa (that can be utilized) to improve logistics in the mining sector in the Kingdom.
“South Africa, with its experience in mining, can come and support the mining sector here on the technology, engineering, and service sides,” he stated.
Saudi Arabia has awarded a license for the exploration of the Kingdom’s Al-Khunayqiyah mining site project in September, where zinc and copper deposits are estimated at around 26 million tons.
The ministry awarded the license for $67 million after a four-day electronic auction, to the consortium of Moxico Resources and Ajlan & Bros.
“Now we are undergoing the Umm Damar, which is about to be closed. We have a dozen from now until the end of the year. We have great locations where we see huge (mineral) deposits, and are commercially viable to be offered to the private sector,” he added.
The forum, organized by the Saudi Ministry of Investment, was attended on the South African side by President Cyril Ramaphosa, Minister of Commerce, Industry and Competition Ebrahim Patel, and others.