Saudi-Arab-African Economic Conference

The Saudi-Arab-African Economic Conference, organized by the Ministry of Finance on November 9, 2023, in Riyadh, was held on the sidelines of the "Saudi-African Summit." The conference aims to provide a platform for banks, institutions, and international and regional development funds, where their projects and ideas can be shaped through discussions and dialogues.

The conference aims to solidify and strengthen the foundations of Saudi, Arab, and African partnerships in the agricultural, industrial, mining, and trade sectors. It seeks to create a platform for exporters and importers from both sides, while also exploring opportunities for cooperation in the energy sector and its sustainability.

The conference seeks to provide a platform for banks, institutions, and international and regional development funds, where their ideas and projects can be shaped through the discussions and dialogues held during the conference. It will also serve as an opportunity to highlight the attractiveness of the investment environment in the Kingdom and African countries.

The conference discussed several key economic topics, including: strengthening frameworks of cooperation to achieve food security, the role and importance of sustainable energy partnerships in facilitating access to energy resources, strengthening cooperation to achieve sustainable development, leveraging tourism for growth, and investing in business development, infrastructure, and human capital.

The conference witnessed the signing of more than fifty cooperation agreements between Saudi, Arab, and African public and private sectors. These agreements aim to contribute to infrastructure investment in Africa and enhance the continent's economy, recognizing the mature and emerging investment opportunities it holds. The Arab Coordination Group also announced the allocation of USD50 billion to support development in African countries.

The conference included seven economic sessions. The first, titled 'Energy Access - Building Sustainable Energy Partnerships," discussed strengthening partnerships between the Kingdom and Africa in the energy sector to accelerate sustainable development. The second session, titled "Investing in the Future," highlighted the importance of joint efforts between the Kingdom and Africa to drive a sustainable economic future. In its third session, titled "Strengthening Cooperation to Safeguard Regional and Global Food Security," the conference presented a comprehensive perspective on the agricultural landscape, its potential and challenges, as well as food security in the Kingdom and Africa. During the fourth session, titled "Human Capital — Key to Economic Growth," the conference discussed the importance of knowledge, skills, and youth capabilities in economic growth, as well as their impact on increasing productivity and raising income levels. The fifth session, titled "A New Era of Responsible and Sustainable Extractive Industries," explored the mining sector's landscape, its challenges, and opportunities for cooperation and growth between the Kingdom and the African continent. Meanwhile, the sixth session, titled "Reimagining Tourism: New Global Cultural and Tourism Destinations," focused on strengthening cooperation in the tourism sector between the Kingdom and Africa, while also reviewing tourism initiatives and the challenges they face. The seventh session, titled "The Roadmap for Sustainable Development," highlighted the pivotal role of Saudi, Arab institutions, banks, and development funds in shaping a sustainable future for Africa.