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Radebe welcomes Saudi Arabia’s $10bn investment commitment to SA

Minister Jeff Radebe signed a R12 billion deal with Saudi Arabian power companies who are investing in renewable energy.

Minister Jeff Radebe today signed a R12 billion deal with Saudi Arabian power companies who are investing in renewable energy. Pictured is President Cyril Ramaphosa with Saudi King Salman bin Abdulaziz Al-Saud. Picture: Qaanitah Hunter/EWN

JEDDAH - Energy Minister Jeff Radebe has welcomed the commitment by the Saudi Arabian government to invest more than R130 billion in the South African economy.

The undertaking was made on Thursday while President Cyril Ramaphosa is in Jeddah in a state visit.

The bulk of that investment will be directed to energy and power production.

On Thursday, Minister Radebe signed a R12 billion deal with Saudi Arabian power companies who are investing in renewable energy.

He says this is part of the oil-rich nation’s commitment to invest $10 billion in South Africa’s economy.

“We want 25% of that coming from energy and their minister of energy is deeply committed to cooperating with us.”

Radebe accompanied Ramaphosa to Jeddah for a state visit where they were given an undertaking of a massive investment boost.

He says this bodes well for Ramaphosa’s efforts to attract $100 billion of new investment in the next five years.

(Edited by Winnie Theletsane)

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