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Business Deals: 30 Saudi Tycoons to Meet With William Ruto

Business Deals: 30 Saudi Tycoons to Meet With William Ruto
Business Deals: 30 Saudi Tycoons to Meet With William Ruto

Representatives from 30 Saudi Arabian companies arrived in Kenya on Tuesday, July 11, ahead of a meeting they are scheduled to hold with President William Ruto.

The Ministry of Trade on Tuesday, July 11, announced that the representatives led by the Minister of Investment Khalid Al-Falih arrived to finalise business deals initiated by Moses Kuria during his December 2022 Saudi trip.

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While in the country, the team will also hold meetings with other government officials, attend government-to-government business forums, and visit various key projects in the country.

The Ministry indicated that the Kenyan Government was keen to tap into the power of the companies which have made investments totaling Ksh140 trillion.

“The visit comes after months of several high-level consultations between officials of both countries led by the Minister of Trade and Investment Moses Kuria and Khalid Al-Falih of Saudi Arabia,” The statement read in part.

The visit is expected to strengthen Kenya’s partnership with Saudi Arabia and increase trade and investment opportunities.

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“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,” Kuria stated.

The CS added that through the partnership, more jobs will be created for Kenyans as promised by President William Ruto’s administration.

“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,” he emphasised.

The companies operate in different sectors including banking, energy, hospitality, agriculture, construction, and technology.

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 visit came after Kuria announced a partnership with delegates from Indonesia in a move to boost the economy and lure foreign investors into the country.

On July 6, Kuria disclosed that Indonesia was set to help Kenya attain self-sufficiency in palm oil and sunflower oil production. The partnership was set to support select farmers in various counties.

By MAUREEN NJERI

Source-https://www.kenyans.co.ke/

 

Business Deals: 30 Saudi Tycoons to Meet With William Ruto

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