Why Saudi Arabia is Looking Across the Red Sea Towards Africa
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Why Saudi Arabia is Looking Across the Red Sea Towards Africa
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By Isaac Kwaku Fokuo, Principal, and Aparupa Chakravarti, Director Botho Emerging Markets Group
December 15, 2019
Dating back to the 16th century, the Middle East and Africa have enjoyed strong economic and political relations driven by trade across the Indian Ocean.
Undoubtedly, these historic ties have shaped the present, as of 2017, the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia were the second- and fifth-largest investing countries in Africa, respectively.
Despite the steady growth of investments by the Middle East in Africa, trade between Saudi Arabia and the region remains low. However, the current economic and regulatory environment in African countries and the KSA are favorable to amplifying linkages between the two regions.
In this article for Arabian Business Magazine, Botho founder and principal Isaac Kwaku Fokuo Jr. explains why the timing is perfect for Saudi Arabia and its African counterparts to leverage their respective synergies.