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South Africa & Saudi Arabia Earmark $2.4 Billion for JV

Source: Reuters 6/11/2012, Location: Middle East

South Africa and Saudi Arabia have set up a 20 billion rand ($2.4 billion) holding company for farming, mining and petrochemical investments as both countries seek to diversify their economies.

Saudi Arabian South African Holding (SASAH), a 50-50 joint venture company, will help identify potential projects and partners in the top two economies in Africa and the Middle East, officials said.

South Africa has been courting Gulf countries, including the United Arab Emirates, Qatar and the world's largest oil producer, Saudi Arabia, to help offset poor economic growth in major trading partner Europe.

South African petrochemicals group Sasol, the world's top maker of motor fuel from coal, could be one of the companies potentially interested, Iqbal Surve, co-chairman of the Saudi Arabia South Africa Business Council, said.

"The Saudis are also looking to tap into the expertise that we have in specific sectors in South Africa," he said at a trade ministry briefing.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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