King Salman bin Abdulaziz of Saudi Arabia has plans to invest at least $10 billion in the South African energy sector, with a focus on power creation through renewable energy, according to media outlets.
The move is part of South African President Cyril Ramaphosa’s plan to attract $100 billion in investment to boost the ailing economy.
South Africa imports approximately 47 percent of its oil from Saudi Arabia and regards the country as a strategic partner in the Middle East. The country is also a large investor in South Africa, especially in the area of renewable energy. Total trade amounted to just more than R55 billion ($4.13 billion) in 2017.
