PM Abiy Ahmed arrives in Riyadh

Addis Ababa, November 10, 2023 (FBC) – Prime Minister Abiy Ahmed (PhD) and his delegation arrive in Riyadh, Saudi Arabia.

According to the Office of the Prime Minister, the Premier headed to KSA to participate in the first Saudi-Africa Summit.

According to Arab News, the inaugural Saudi-Africa summit aims to enhance political coordination, address regional security threats, promote economic transformation through research and the local development of new energy solutions, and boost investment cooperation.

Through the Saudi-African Summit, Saudi Arabia looks forward to strengthening international efforts to find innovative solutions that enable the African continent to leverage its wealth and internal capabilities, maximizing the positive impact of the Kingdom’s investments and development projects in African countries, both economically and socially, Saudi News Agency reported.

Saudi Arabia, according to Saudi News Agency, seeks to bolster relations with African countries, expanding them to broader horizons, and establishing a fruitful partnership across various political, economic, and developmental domains. This summit is an extension of the Kingdom’s hosting of summits and ministerial meetings with various international blocs, including the Gulf Summit with the Central Asian countries, the Gulf Summit with the Association of ASEAN, and the Arab Ministerial Meeting with the Pacific countries, showcasing the Kingdom’s leadership role at regional and international levels.

Due to the Kingdom’s special interest in the African continent, its total investments in Africa during the last ten years amounted to SAR 49.5 billion, the report indicated. The number of Saudi companies operating here in Africa reached 47 businesses working in the fields of renewable energy, food and beverages, business services, financial services, and consumer products, according to the Saudi News Agency.

Recall that the other Ethiopian delegation headed by Minister of Finance, Mr. Ahmed Shide, is participating in the Saudi Arabia-African Economic Conference in Riyadh. On the sidelines of the conference, Mr. Ahmed held a discussion with his Saudi Arabian counterpart Mohammed Al Jadaan. During the meeting, both ministers discussed Ethiopia’s ongoing economic reform, development undertakings, and debt restructuring. In that regard, the Minister of Finance of Saudi Arabia, Mohammed Al Jadaan, confirmed that his government will continue to support the development activities being carried out in Ethiopia.

Furthermore, Ethiopia and Saudi Arabia have also signed a memorandum of understanding to work together in petroleum and energy sectors.

The cooperation agreement was signed between Minister of Finance, Ahmed Shide, and the Minister of Energy of Saudi Arabia, Abdulaziz Bin Salman Al Saud.

The agreement, according to the Ethiopian Embassy in Riyadh, allows the two countries to cooperate in the fields of oil supply, energy technology transfer and energy investment. It is believed that the MoU will also encourage development activities in the field of energy and ensuring fuel supply for Ethiopia.