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Kenya Woos Saudi Investors, Hosts Delegation of 30 Major Companies

Kenya woos Saudi Arabia

Kenyan President William Ruto on Thursday, July 13, hosted a delegation of 30 major companies from Saudi Arabia.

The country’s Minister of Investment Khalid Al Falih led the high-level investment dialogue at State House Nairobi. 

According to a statement from State House Nairobi, the meeting sought to explain Kenya’s efforts in creating and sustaining a friendly environment for foreign investors. 

Among the companies present in the meeting included the Saudi Exim Bank, the Saudi Stock Exchange, Red Sea Gateway and the  Middle East Paper Company (MEPCO).

All, according to Kenya’s Ministry of Trade and Investment, expressed their readiness to invest in Kenya’s manufacturing and finance sectors. 

Ruto assures Saudi investors

President Ruto affirmed his government’s commitment to refining Kenya’s business policy with an aim of facilitating foreign investors. 

According to him, the government is keen to build an environment that not only incentivizes foreign investments but also enables enterprises to grow by constantly engaging investors.

“We will keep engaging with investors so as to make our laws more pro-business. This will spur their growth,” Ruto stated.

Ruto further underscored Kenya’s position on the continent which he noted was strategic and thus would allow investors to access the expansive markets within the East African region and the continent under the Africa Continental Free Trade Area (AfCFTA).

Moreover, the President stressed the need to correct the trade imbalance between Kenya and Saudi Arabia through direct investments into Kenya’s economy. 

The delegation, according to the government of Kenya, was one of the largest ever to visit Nairobi.

10,000 Job Opportunities 

In addition to the investment dialogue, Kenya also signed an agreement with the Human Resources Company of Saudi Arabia in a deal that will secure 10,000 job opportunities for Kenyans. 

Saudi Arabia, according to a statement from Kenya’s Ministry of Trade, is looking to tap into the skilled workforce available in Kenya especially in agriculture, health and engineering sectors to provide the required labour skills in the Kingdom of Saudi Arabia. 

Notably, the meeting with the Saudi delegation was a continuation of Kenya’s recent engagements with Asian countries. 

On Wednesday, President Ruto hosted Iran’s President Ebrahim Raisi for a State Visit where both nations signed several MoUs aimed at boosting trade volumes. 

The East African nation was also set to host a high-level delegation of investors from Indonesia in a meeting projected to help close mega investment deals.