South Africa and Saudi Arabia signed economic cooperation agreements for $15 billion in oil, green hydrogen, aquaculture, military industry, digital economy and information technology

Riyadh seeks to increase its economic and political influence on the African continent in a context of rivalry with Iran, which is pushing its pawns on the continent since the partial lifting of international sanctions against it.

South Africa and Saudi Arabia signed economic cooperation agreements and memorandums of understanding worth a combined $15 billion, during a state visit by South African President Cyril Ramaphosa in Riyadh, SPA, the Saudi Press Agency reported on Monday (October 17th).

The official news agency reported that the two countries have signed cooperation agreements in the fields of oil, green hydrogen, aquaculture, military industry, digital economy and technologies, among others. information, without further details.

Riyadh and Pretoria have also pledged to create a joint investment fund, the same source added.

During his two-day visit to Saudi Arabia (October 15 and 16), the South African President notably met with Crown Prince Mohammed bin Salman on the prospects for bilateral cooperation and issues of common interest. . He also participated in a conference on investment, in the presence of a hundred South African businessmen and officials.

Saudi Arabia is seeking to strengthen its economic ties with several countries in sub-Saharan Africa amid geopolitical rivalry with Iran, which in turn is striving to increase its influence in the region.