Riyadh: The Saudi-South African Business Council has called for the establishment of new alliances and partnerships to integrate the business sectors of both countries. The call was made during a meeting held today at the Federation of Saudi Chambers of Commerce, which saw broad participation from Saudi and South African investors. The meeting coincided with the gathering of the Saudi-South African Joint Committee.

According to Saudi Press Agency, Saudi-South African Business Council Co-Chair Naif Al-Athel stated that the meeting resulted in an agreement to enhance trade and investment cooperation. He explained that the council will now focus on practical initiatives to increase trade and develop partnerships in key areas, reaffirming the commitment to promoting bilateral investments for mutual benefit.

Saudi-South African Business Council Co-Chair Dr. Stavros Nicolaou praised the development of the sports sector in the Kingdom, describing it as a key driver for attracting tourists and hosting international events. He also highlighted the significant growth opportunities the Saudi market presents to South African companies.

According to data from 2024, the trade volume between Saudi Arabia and South Africa reached SAR12.3 billion, with Saudi exports totaling SAR8.9 billion and imports at SAR3.4 billion. South Africa ranks as the Kingdom’s 26th largest export partner and 38th largest import partner.