Saudi family businesses ‘play key role’ in Africa investments

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The major role played by Saudi family businesses and family offices in the kingdom’s investments in Africa was highlighted at The Ninth conference of The African Ambassadors in Paris. The conference was held on the theme of ‘Economic cooperation between Saudi Arabia and African countries’.

Over 100 top diplomatic and business decision makers from France, Africa and the Gulf countries converged in Paris to attend the event, including ambassadors, diplomats and CEOs.

Distinguished speakers included three ambassadors, Fahad M. Al Ruwaily (Saudi Arabia), Ayed M. Yahya (Djibouti), M Ahamada Hamadi (Comoros) and international experts such as Houssam Nasrawin, Managing Partner of Orous Capital and Dominique Brunin, Director of the Franco-Arab Chamber of Commerce.

Global overview

Following an introduction by Alfred MIgnot, President of AfricaPresse.Paris, and organiser of the event, Al Ruwaily, presented a global overview of the relations between the kingdom and African countries.

Nasrawin offered insight into the strategy of Saudi and GCC institutional investors, mainly Sovereign Wealth Funds, Pension Funds and Development Funds.

He highlighted the new investment approach of the kingdom through the Vision 2030: more diversification, higher returns on investment and new strategic alliances.

Change in strategies

He gave an analysis of the change in the strategies of Sovereign Wealth funds from the GCC. The economic context, with instability, high inflation, oil price volatility and economic slowdown, obliged investors from the region to be more conservative and cautious.

He concluded his presentation by advocating enhanced cooperation between Europe, Africa and Saudi Arabia. The ‘new Saudi Arabia’ will emerge as a major and unavoidable player on the international investment stage, he said.