Saudi Arabia eyes untapped opportunities in Mauritania, Morocco

Arab News

6 hours ago

JEDDAH: Saudi Arabia is strengthening its trade and investment ties with Africa as more than 30 top investors and officials visit Mauritania and Morocco to explore opportunities across multiple sectors.
The delegation, led by the Federation of Saudi Chambers, began an official visit to Northwest Africa on June 29. The agenda includes meetings to highlight investment incentives, assess the business climate, and identify partnership opportunities in key economic sectors, according to the Saudi Press Agency.
The mission aims to promote the Kingdom's investment prospects and foster collaboration between Saudi companies and their African counterparts, thereby advancing trade and economic cooperation.
This initiative is part of the FSC's broader efforts to enhance international economic ties and align with Saudi Arabia's Vision 2030 strategy, which focuses on diversifying the Kingdom's economic base and expanding global partnerships. It also reflects Riyadh's growing interest in deepening commercial engagement with African nations.
'Both sides hope that this visit will open new horizons for trade and investment relations,' SPA reported, noting that trade with Mauritania reached SR119 million ($32.13 million), with Saudi exports accounting for 99 percent.
Trade with Morocco totaled SR5 billion, with 13 percent of this amount representing imports, signaling untapped investment opportunities that the visit aims to uncover.
Led by FSC Chairman Hassan Moejeb Al-Huwaizi, the delegation will hold talks with Mauritanian officials and business leaders in Nouakchott. The two-day mission aims to strengthen bilateral economic ties and foster strategic partnerships across various sectors.
A joint Saudi-Mauritanian business forum will be held to explore cooperation opportunities, featuring participation from the Ministry of Industry and Mineral Resources, the Ministry of Investment, the General Authority of Foreign Trade, and the Saudi Fund for Development.
Saudi exports currently dominate the trade balance with Mauritania, while imports remain limited at around SR100,000. Mauritania is Saudi Arabia's 88th largest export destination and 196th in terms of imports.
Key Saudi exports to Mauritania include metals, rubber products, dairy and animal-based goods, and machinery. Imports from the West African country primarily consist of fish and shellfish, tea and spices, textiles and unstitched garments, as well as medical and optical instruments.
Trade volume with Morocco stands at SR5 billion, with imports making up 13 percent.
In 2024, Riyadh and Rabat signed a cooperation agreement between their chambers of commerce aimed at deepening economic ties. The pact facilitates financial collaboration, information exchange, joint events, trade delegations, and dispute resolution, all designed to promote stronger business partnerships.
With this African outreach, the FSC continues its international expansion efforts, having recently completed trade missions to 17 countries as part of its Vision 2030-driven strategy to open new markets and boost trade and investment.