Saudi investors show interest in Senegal energy projects
03-03-2021 10:50:00 | by: Pascaline Icyizere | hits: 2371 | Tags:

The President of The Union of Service Providers, Industrialists and Merchants of Senegal (UPIC), Amadou Seck, has met with a group of Saudi Arabian investors to discuss new investment opportunities in Senegal. The meeting was held over dinner with the Consul General, Dr. Aboubacar Sarr, and Ms. Peinda Guissé, First Counselor of the Senegalese Embassy in Riyadh.

The Saudi delegation discussed their intention to invest in Senegal’s agriculture, energy, clothing, and banking industries, amongst others.

In turn, Seck presented to the Saudi group a portfolio of 120 companies involved in agriculture, chemicals and plastics, energy and mining, engineering, packaging, automotive, distribution and services, which realize an annual profit of over XOF 1,500 billion ($2.8 billion).

While noting the place of Senegal as a strategic location for viable investments providing a healthy business environment, Seck also recalled the importance of the African market with the recent establishment of the African Continental Free Trade Zone.

Seck emphasized the moment as one that should not be missed, noting that Senegal is a land of opportunity for investors.

Guissé stated — and was backed by the Saudi businesspeople present — that local Saudi firms and the private sector should be included in forthcoming Senegal projects. The meeting ended with the Saudi investors formulating a request to organize a visit to Senegal in order to meet with private sector stakeholders and government authorities.