South Africa-Saudi Arabia JV to generate more jobs

money1The joint venture between South Africa and Saudi Arabia will give a tremendous boost to both the economies. (Image source: Getty Images)South Africa and Saudi Arabia have set up a ZAR 20 billion (US$2.37 billion) holding company for farming, mining and petrochemical investments

The South African minister of trade and industry, Rob Davies, said the joint venture company, Saudi Arabia South Africa Holding (SASAH), was part of a drive to help forge trade links with new growth regions in the two countries.

He added that the joint South African-Saudi Arabian special purpose vehicle would help generate jobs in South Africa and new opportunities for South African businesses in Saudi Arabia.

Davies said, “Many of the Gulf nations are looking for opportunities to make investments in African agriculture to ensure food security for their own population.”

Saudi Arabia has also been looking for South African expertise and technology in mining and other sectors, added the minister.

Saudi Arabia South Africa Business Council co-chair, Iqbal Surve, said the holding company had already attracted attention from Saudi Arabian investors, adding that he had been approached by four large Saudi Arabian businesses looking to invest in agriculture and manufacturing through SASAH.

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