Saudi Arabia is strengthening its push to expand non-oil exports across Africa, with the Saudi Export-Import Bank (Saudi EXIM) signing four new memoranda of understanding (MoUs) aimed at enhancing trade and investment partnerships on the continent.
Saudi EXIM CEO Saad bin Abdulaziz Al-Khalb formalized the agreements with Africa50, the Ghana Export-Import Bank, Blend International Limited, and Guinea’s Ministry of Planning and International Cooperation during the African Development Bank Group’s annual meetings, held in Cote d’Ivoire from May 26 to 30.
The move aligns with Saudi Arabia’s broader strategy to diversify its economy beyond oil, as trade between the Kingdom and Africa continues to rise. In March 2025, Saudi exports to Africa increased by 20.6% year-on-year, reaching SR7.84 billion ($2.09 billion), according to official data.
Al-Khalb highlighted that the bank’s participation in the summit underscores its commitment to deepening international trade ties and building robust partnerships to support the growth of Saudi non-oil exports in African markets. He added that the MoUs aim to stimulate development projects, promote trade exchange, and empower Saudi exporters to access new markets through long-term collaborations that contribute to sustainable development and regional economic integration.
Each agreement has a strategic focus:
- The MoU with Africa50 targets infrastructure cooperation by linking Saudi firms with key projects across the continent.
- The agreement with the Ghana Export-Import Bank is set to explore mutual export opportunities and enhance bilateral trade in services and goods.
- The partnership with Blend International Limited is designed to expand trade opportunities and facilitate international collaboration.
The deal with Guinea’s Ministry of Planning and International Cooperation will support development efforts and investment in priority sectors, facilitating the export of Saudi engineering services and industrial products.
During the meetings, Al-Khalb and his delegation also engaged in high-level discussions with several financial institutions to further explore avenues for increasing the reach of Saudi non-oil exports across Africa.
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