Saudi Companies Bolster Presence in Africa, Look for Investment Opportunities in India

Saudi Companies Bolster Presence in Africa, Look for Investment Opportunities in India

Saudi Arabia’s benchmark index (TASI) fell 2.7%, its biggest intraday fall since Oct. 2020, to close at 11,172 points, losing 314 points, with liquidity of 7.1 billion riyals ($1.8 billion).

Shares of Al Rajhi Bank (1120.SE) went down 5% and Saudi National Bank (1180.SE), the kingdom’s biggest lender, retreated 3.7%.

Meanwhile, major listed companies have recorded activity outside the borders, as Saudi “Maaden” announced strengthening its presence in Africa, while sources indicate that Saudi Aramco is looking for investment opportunities in India.

Saudi Aramco said it will continue to look for investment opportunities in India.

“India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday.

It will “continue to evaluate new and existing business opportunities with our potential partners.”

In this context, Saudi Arabian Mining Company (Maaden) announced the opening of a new state-of-the-art fertilizer terminal in Malawi, in coordination with its African subsidiary, Meridian Group.

The Liwonde Terminal is strategically located on the rail line connecting Malawi to the deep-sea port of Nacala in Mozambique, allowing for high access to Maaden’s fertilizer products across central and southern Africa.

It is expected to contribute to increasing the rate of Maaden’s exports to Africa as it will provide access to a steady supply