Nairobi: The Federation of Saudi Chambers of Commerce and the Kenyan National Chamber of Commerce and Industry have signed an agreement to establish a joint Saudi-Kenyan business council, aiming to expand economic cooperation between the two countries. The agreement was signed by the Chairman of the Federation of Saudi Chambers of Commerce, Hassan Moejeb Alhwaizy, and the Chairman of the Kenyan National Chamber of Commerce and Industry, Dr. Eric Rutto, as part of a Saudi delegation's visit to Kenya to explore investment opportunities.
According to Saudi Press Agency, Alhwaizy emphasized that establishing the business council will enhance trade and investment partnerships, offering Saudi and Kenyan business leaders a platform to promote their activities and explore mutual opportunities. The council will focus on expanding economic collaboration, facilitating continuous business engagement, sharing market intelligence, and organizing exhibitions, conferences, and trade delegations.
During the visit, the Saudi business delegation met with Kenyan Minister of Investment Lee Kinyanjui, who highlighted Kenya's openness to Saudi investments and outlined key agriculture, livestock, and infrastructure opportunities. Alhwaizy noted that 25 Saudi investors plan to invest in Kenya's livestock, agriculture, real estate development, and ports sectors to expand Saudi exports across African markets.
In 2023, trade between Saudi Arabia and Kenya reached SAR 6 billion, with Saudi exports accounting for 91% and Kenyan imports making up 9% of the total trade volume.