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Ramaphosa secures $10bn investment commitment from Saudi Arabia

President Cyril Ramaphosa is in Jeddah on Thursday where he is holding a meeting with Saudi King Salman bin Abdulaziz Al-Saud.

President Cyril Ramaphosa in Saudi Arabia on 12 July 2018. Picture: Qaanitah Hunter/EWN

JEDDAH - President Cyril Ramaphosa has secured a minimum investment commitment of $10 billion from the Saudi Arabian government.

The president is in Jeddah on Thursday where he is holding a meeting with Saudi King Salman bin Abdulaziz Al-Saud.

The state visit to the kingdom nation is the second leg of a three-country tour the President is on.

On Friday, he is expected to spend the day in the United Arab Emirates.

Ramaphosa first met with Crown Prince Mohammed bin Salman in Jeddah where it was committed that the oil-rich nation will invest a minimum of $10 billion in South Africa.

Most of this investment will be directed to energy and power creation.

Since assuming office, Ramaphosa set a target of $100 billion of new investment in South Africa over the next five years.

This undertaking by the Saudis is one step closer to that target.

Ramaphosa is now meeting King Salman as part of his state visit.

(Edited by Winnie Theletsane)