Saudi Arabia Investing $50b in African banks, mosques, and economy to surpass China or US

Currently, Saudi Arabia’s Finance and Religious Minister has said that now Saudi Arabia’s eyes are on African Union countries in which Saudi Arabia can become the third largest economic partner after China and the US. Recently, Saudi Arabia Approved a $41 Billion Saudi Investment fund in Support of Africa to increase future potential with the African Union, BRICS, and African Religions. Currently, it is reported that China has invested approximately $5 billion USD in African countries, including transport and energy sectors, and in oil-rich countries like Nigeria and Angola. But now, Saudi Arabia can give big competition to Chinese, American, and Russian interests and can invest about $50B+ in Africa. Saudi Arabia announced that Saudi Wealth and Investment Authority PIF (Public Investment Fund) investing its first $50 Billion USD in African Financial, Development, Real Estate, Natural resources, Mosques, and worships to increase Saudi’s interest in African Countries. Saudi Arabia provides loans, Financial Aid, Commodities, Inter-State Business, Stocks, and economic aid or funds to raise Saudi’s trade routes, businesses, and interests in the African Union.

Saudi investing in ‘New Africa Summit’ to surpass Chinese and Western Interests in the African Union

Saudi Arabia will host the ‘New Africa Summit’ to establish deep relations between Arab-African countries and boost Vision 2030 to maximize agriculture, food, fruits, coal, metal, and pharmaceuticals. Top Middle East-based Future Investment Initiate (FII Institute) increasing investment in fast-growing economic ties between Saudi Arabia and Africa. Saudi Arabia to regulate Saudi Riyal as a currency for trade between the African Union and Saudi Arabia. The Saudi-African Summit hosted in Riyadh in 2023 discussed the trade, investment, Financial Aid, and mosques fund to the African countries. Now, in the year 2024, Saudi’s top Investment and Economic Officials hope that Saudi Arabia may invite multiple countries of the African Union to expand all investment and financial aid. Recently, Saudi Launched a $1 Billion USD worth of ‘Two holy Mosques’ fund to develop African Religious sectors and Mosques. Saudi Arabia Additionally invested $10 Billion USD in African Development projects including Roads, Infrastructure, Corridor, Railways, Coal and Gold Mining, and financing the Government to increase the economic relations between Arab-African countries. Saudi Wealth Fund is also keeping an eye on African Stocks, Bonds, Gold, Banking, Innovations, and Defense Sectors to invest huge by 2025. Top Coordinator of Saudi Arabia has announced it will invest $100B in African countries by 2030.