What is the future for Saudi Arabia in Africa? [BusinessAfrica]

The first Saudi Arabia-Africa summit was held in the Saudi capital Riyadh, and several African heads of state accepted King Salmane ben Abdelaziz Al Saud’s invitation to attend.

Unsurprisingly, memorandums of understanding and development loan agreements were signed between the kingdom and a dozen African countries through the Saudi Fund for Development (SDF).

Investing in Africa is certainly nothing new for Riyadh, but this time it seems that the Saudis are determined to catch up on the African continent.

This week’s guest on Business Africa is Hicheme Lehmici, geopolitical expert and Secretary of the Geneva International Peace Research Institute (GIPRI).

For him, “Saudi Arabia has a very advanced, very powerful long-term strategic vision, and Africa is an integral part of this vision.”

Angola and DRC aim to strengthen trade cooperation

Under the patronage of the two Heads of State of Angola and the Democratic Republic of Congo, Luanda hosted the second ANGOLA – DRC economic forum for two days, under the motto “Economic partnerships for mutual growth”.

Jorge Nsimba, our correspondent in Luanda, reports.

COP28: are oil companies snubbing the green transition?

Nearly 40 oil and gas companies sent delegations to Egypt for last year’s annual climate summit, known as COP27, which aimed to move the world away from burning fossil fuels such as oil and gas.

Many of them are likely to be present at the next conference, COP28, hosted by the United Arab Emirates, which has appointed Sultan al-Jaber, chairman of the national oil company, as summit president.

In the face of criticism over their presence at the negotiations, the heads of these companies claim that they are part of the transition to renewable energies.

But an examination by the Associated Press of the amounts invested by these companies in green energy, as well as the priorities set out in their annual reports, cast doubt on their true commitment to the transition.