Saudi Arabia has hosted its first-ever Africa summit, signaling Crown Prince Mohammed bin Salman's (MbS) growing interest in fostering stronger ties with the continent. The landmark event in Riyadh brought together leaders from over 50 countries on November 11 to explore strategic partnerships and deepen co-operation between Saudi Arabia and African nations.
The summit resulted in the "Riyadh Declaration," which called for an end to military operations in the occupied Palestinian territories and urged the protection of civilians. Leaders from nations such as Nigeria, Kenya, Ethiopia, and Egypt attended the event, showcasing the diverse participation.
Saudi Arabia has committed to investing $25 billion in Africa by 2030 as part of its Vision 2030 economic transformation plan. This includes funding Saudi exports worth $10 billion and financing $5 billion in development projects. More than 50 agreements were signed at the summit, covering sectors like energy, tourism, logistics, and mining.
A highlight of the summit was Saudi Arabia's focus on Africa's infrastructure. Projects worth $500 million were announced, including investments in hospitals and dams in Mozambique. The Public Investment Fund (PIF) played a pivotal role in these initiatives, reflecting Saudi Arabia's intent to strengthen Africa’s economic foundation.
The summit also underscored Saudi Arabia's aim to lead Arab-African relations. The growing concept of "Afrabia," which promotes deeper connections between the Arab world and Africa, gained traction. This marks the first major Arab-African summit since Kuwait's 2013 gathering and builds upon long-standing visions for collaboration initiated as early as 1977 in Egypt.
Diplomatic nuances were also at play. Gabon's leader Brice Nguema's presence at the summit hinted at Saudi Arabia’s efforts to engage African military governments. Notably, the African Development Bank lifted sanctions on Gabon during the summit, a significant development coinciding with the event.
Despite these advancements, Saudi Arabia lags behind the UAE and Turkey in African investment and soft power outreach. However, the summit demonstrated MbS' commitment to integrating Africa into Saudi Arabia's broader foreign policy goals.
Nigeria emerged as a key partner, with President Bola Tinubu securing a major investment deal to revamp the country’s oil refineries. This agreement, alongside Saudi Arabia's pledge to stabilize Nigeria's currency through a foreign exchange deposit, highlights the economic potential of such partnerships.
As Saudi Arabia advances its relations with Africa, it aims to position itself as a pivotal player in Arab-African collaboration and global economic development.
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