30 Saudi companies worth Sh140 trillion plan investments in Kenya

Trade and Investments Cabinet Secretary Moses Kuria hosted a delegation of Saudi Arabian businessmen for the Kenya – Saudi Business Forum in Nairobi on July 12, 2023.

Leading the delegation was Saudi Arabia’s Minister for Investment, Khalid Al Falih, accompanied by representatives from 30 companies with a combined valuation of $991 billion (Sh140 trillion).

CS Kuria hailed the forum’s attendance as marking the highest representation of government officials and multibillion-dollar investors from Saudi Arabia to Kenya.

He emphasized the significance of collaboration between educational institutions in Kenya and the Saudi Arabian government to tailor curricula to the Saudi market, facilitating the export of skilled laborers. Kuria expressed ambition to increase this export to 1 million experts once formal frameworks are established.

In addition to the labor export agreement, discussions encompassed deals in agriculture, poultry and meat products, energy, and the banking sector.

“The commitment of Saudi Minister of Investments, Khalid Al Falih, underscores the Saudi government’s dedication to investing in Kenya,” stated the CS, highlighting the pivotal role of ongoing construction of County Aggregation and Industrial Parks (CAIPS) in accommodating these investors.

Among the participating companies were Saudi Exim Bank, Saudi Fund for Development, Tadawul, Red Sea Gateway Terminal, Seera Group, Arco, Mepco, Almarai, Maaden, Al Rajhi International for Investments, Saudi National Bank, Flynas, and the Grand Mining Group.