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Saudi Arabia has made a $10 billion investment pledge into the South African energy sector during President Cyril Ramaphosa’s recent State visit to the country.

Ramaphosa said the commitment from the Kingdom is a demonstration of confidence in the South African economy and gives further impetus to South Africa’s drive to raise $100 billion in new investment over the next five years to create jobs and for development.

The investment is expected to enhance energy security, create capacity and reduce the cost of energy in South Africa.

The President characterised his State visit to the Kingdom of Saudi Arabia as a remarkable success. The visit provided a platform for the two countries to deliberate on various issues of mutual concern, as well as to deepen and strengthen bilateral, political, economic and cultural relations between the two.

Ramaphosa was accompanied by the Ministers of International Relations and Cooperation; Defence and Military Veterans; Energy; Police and the Deputy Minister of Trade & Industry.

 

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