Over 30 leading Saudi Arabian companies led by the minister of investment Khalid Al-Falih are expected in Kenya today for critical business deals with their Kenyan counterparts.
The delegation’s business engagements agreed on will be a major boost to Kenya’s economy and will lead to huge increases in foreign direct investments and trade opportunities for both countries.
The visit comes after several months of high level consultations between officials of both countries led by Kenya’s Minister of Industry, Trade and Investment Moses Kuria and Khalid Al-Falih of Saudi.
The Saudi delegation includes companies in banking, construction, energy, hospitality, agriculture and technology, among others, all of whom are listed at the Saudi Stock Exchange (Tadawul) and have investments totaling over Sh140 trillion. Kenya is said to be eyeing a big chunk from this capital.
The delegation is set to engage in business forums for Government-to-Government and Business-to -Business bilateral talks, including meetings with the president and top government officials. They will also visit key local project sites to benchmark.
Among the companies participating are the Saudi Exim Bank, Saudi Fund for Development, Tadawul, Red Sea Gateway Terminal, Seera Group, Arco, Mepco, Almarai, Maaden, Al Rajhi International for Investments, Saudi National Bank, Flynas, and the Grand Mining Group.
The companies have a proven track record in their respective industries, and their visit to Kenya will provide a platform for business partnerships and collaborations.
Kenya has become an attractive destination for foreign investments since President William Ruto assumed office.
The visit is a significant step in strengthening the partnership between Kenya and Saudi Arabia, and increasing trade and investment opportunities.
“We are pleased to welcome the delegation of companies from Saudi Arabia. The visit highlights the strong relationships between our two countries, and we look forward to exploring potential business opportunities and partnerships. Their presence here underscores our commitment to attracting foreign investment and creating jobs for our people. Kenya’s potential as a regional hub for business and trade is steadily taking shape, and investment delegations from leading foreign corporations testify to the fact.” Kuria said.