Riyadh: Saudi Arabia’s renowned company ACWA Power has announced its plans to invest $658 million in South Africa.
A statement on Friday said that this will help to boost trade and investment links between Saudi Arabia and the African continent in the upcoming future, reports Arab News.
Speaking about the investment, Mohammad Abunayyan, chairman of ACWA Power, said,”We are pleased to enter into this agreement, which further strengthens our efforts supporting South
Africa’s renewable energy program.
South African Minister of Trade and Industry ,Dr.
Rob Davies in a recent statement said that South Africa derives much of its power generation from coal, but it is also dependent on imported oil and the Kingdom is the biggest supplier of crude to South Africa, almost about 47 per cent of its requirement.