SA energy sector to get Saudi Arabian cash injection

Saudia Arabia has pledged to invest as much as R133 billion in the country, primarily in renewables.

This week, Saudi Arabia committed to invest $10 billion – more than R133 billion – in South Africa’s energy and power creation sectors.

Saudia Arabia is currently one of South Africa’s larger investors, particularly in the renewables sector. South Africa, meanwhile, imports close to half its oil from Saudi Arabia.

Total trade between the two countries was over R55 billion last year.