Hope for Improved Trade as 30 Saudi Firms Arrive in Nairobi
2 min read
Trade and Investment CS, Moses Kuria, during a past Saudi Arabia billateral talks meeting
Kenya is actively looking to improve its business engagements with other countries, especially in the global arena. The recent arrival of a delegation of over 30 Saudi Arabian companies in Nairobi on Tuesday, 11th July 2023 is proof of the country’s determination to build more business ties.
The delegation, led by Khalid Al-Faliah, the Saudi’s Minister of Investment, comprises a team of professionals in different sectors, including agriculture, technology, hospitality, energy, hospitality, construction, and banking, among others.
All these firms are listed on the Saudi Stock Exchange (Tadawul). Additionally, the firms have a total investment of more than ksh140 trillion.
Speaking on Tuesday, Kenya’s Trade and Investment CS, Moses Kuria emphasized the country’s focus on tapping into the huge capital held by individual companies through mutually-benefiting business deals.
In the view of the CS, all the business engagement deals agreed upon will play a significant role in boosting Kenya’s economy. Subsequently, such business deals will increase the two countries’ foreign direct investment and trade opportunities.
This visit comes after around 6 months of meetings and in-depth consultations held between the two countries under the leadership of Al-Faliah and Moses Kuria.
Even as the delegation expects to meet with President William Ruto, there are key business-to-business and government-to-government bilateral talks lined up.
Some of the participating companies include Seera Group, Red Sea Gateway Terminal, Tadawul, Saudi Fund for Development, and the Saudi Exim Bank.
Others included here are Maaden, Almarai, Mepco, Arco, the Grand Mining Group, Saudi National Bank, and Al Rajhi International for Investments.
All of these companies hold a track record of performance and success in their respective industries, and thus their presence in Kenya offers the government and local businesses a great initiative for collaborations and partnerships.
The visit comes to strengthen the partnership between Saudi Arabia and Kenya, and rally for increased trade and investment opportunities between the two countries.
“The visit highlights the strong relationships between our two countries and we look forward to exploring potential business opportunities and partnerships,” CS Kuria said.
In recent years, Saudi Arabia has been experiencing favorable trade, with Kenya spending over sh122 billion in imports in 2023 compared to sh114.7 billion spent in 2021.
On the other hand, according to the United Nation’s COMTRADE database on international trade Kenya’s exports to Saudi Arabia were valued at around sh7.6 billion in 2021. However, this has improved to reach around sh12.4 billion in 2023.
In conclusion, with the arrival of over 30 Saudi Firms in Nairobi, Kenya-Saudi Arabia’s business ties can only get better.
About Author
