The Gulf Co-operation Council (GCC) member states—especially Saudi Arabia, the UAE, and Qatar—are already major investors and traders engaged in African ventures and appear intent on expanding their footprint across the continent.
GCC companies and investors will specifically focus on Africa’s resource industries of oil and gas, mining and agriculture © Mena Today
The Gulf Co-operation Council (GCC) member states—especially Saudi Arabia, the UAE, and Qatar—are already major investors and traders engaged in African ventures and appear intent on expanding their footprint across the continent.
GCC companies and investors will specifically focus on Africa’s resource industries of oil and gas, mining and agriculture, as well as transport infrastructure and logistics services, renewable energy and digital sectors.
The GCC and African states have strong incentives to build closer commercial and political ties, which from an African perspective include the vast amounts of finance available in the GCC and the willingness of GCC companies and investors to place their bets on Africa.
The GCC is reported to have invested over US$100bn in Africa over the past decade, or about 30% of its total outward foreign direct investment (FDI).
GCC greenfield FDI announcements in Africa reached a record US$60bn in 2022 and a further US$53bn in 2023, according to fDi Intelligence, which far outstrip commitments from Asia, North America and western Europe—China-based companies announced US$35.5bn worth of greenfield FDI in Africa in 2023, western Europe-based companies announced US$38bn and US-based companies announced US$10bn.
GCC companies and institutions are targeting a larger footprint in Africa’s resource industries of oil and gas, mining and agriculture, while at the same time consolidating their strong position in transport infrastructure and logistics services, and expanding into renewable energy, digital infrastructure, manufacturing ventures and financial services.
Economist Intelligente Unit’s latest report examines the industries that GCC investors are watching closely in Africa.
Saudi Arabia, Turkey and Pakistan will hold an urgent, high-level meeting under a joint defence pact to discuss ways to support the kingdom amid attacks by Yemen's Houthis, while Saudi's top religious authority told troops to be ready to lay down their lives to fight their Iran-aligned enemy.
Saudi Arabia intercepted six ballistic missiles fired by Yemen's Iran-backed Houthis on Thursday, thwarting attacks on the southern province of Taif and Yanbu area on the Red Sea, the Saudi-led coalition in Yemen said.
Saudi Arabia's King Salman on Tuesday described Yemen's Houthi rebels as a "terrorist militia," accusing them of targeting Mecca, after Riyadh said the Iran-backed fighters had launched an attack on the holy city on Thursday.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.