Rwanda and Saudi Arabia have taken a significant step towards strengthening economic relations with the signing of a Memorandum of Understanding (MoU) on trade and investment cooperation. The agreement, signed on Thursday, marks the beginning of an enhanced business relationship spanning various sectors, including agriculture, mining, and construction.
The Saudi delegation, comprising 25 key investors and government representatives, arrived in Rwanda as part of a broader Africa business mission that includes engagements in Kenya and Tanzania. The visit underscores Saudi Arabia’s growing interest in expanding investment opportunities across the African continent.
As part of the visit, the Rwanda-Saudi Business Forum was held in Kigali, providing a platform for business-to-business (B2B) networking sessions. Investors and business leaders from both nations explored potential collaborations in key investment areas such as mining, trade and commerce, construction, logistics, agriculture, and tourism. These sectors align with Rwanda’s National Strategy for Transformation (NST2) covering the period from 2024 to 2029.
Jeanne-Françoise Mubiligi, Chairperson of the Rwanda Private Sector Federation (PSF), emphasised the significance of the partnership, describing it as a pivotal moment in Rwanda-Saudi Arabia relations.
“The partnership between Saudi Arabia and Rwanda holds enormous potential, and it is a testament to our shared vision for progress and development. Today, as we engage in discussions, share ideas, and explore opportunities, I am confident that we will build a foundation for long-term collaboration that benefits both our nations,” Mubiligi stated.
Mubiligi further highlighted Rwanda’s commitment to facilitating Saudi investors’ entry into the local market through tax incentives, access to regional markets via the East African Community, and an increasingly skilled workforce, making Rwanda a competitive investment destination.
Waleed Alorainan, Secretary General of the Saudi Chambers, acknowledged Rwanda’s business-friendly environment, citing the country’s streamlined processes and structured approach to economic development. He expressed Saudi Arabia’s commitment to increasing investment in Rwanda beyond the current $8 billion recorded over the past decade.
“Following the MoU signing and the establishment of business connections, the next step is to ensure tangible implementation of the agreed initiatives, delivering mutual benefits for both nations,” Alorainan remarked.
Before concluding their visit, the Saudi delegation is scheduled to meet with President Paul Kagame at Village Urugwiro. The discussions will focus on expanding investment opportunities within the framework of the existing bilateral cooperation between Rwanda and Saudi Arabia.
Diplomatic relations between the two nations were formally established in 2018 through a cooperation agreement. Despite differences in natural resources, the two countries have maintained productive business engagements, including trade in oil and various economic collaborations.
Rwanda and Saudi Arabia have also developed strong ties in sectors such as health, education, energy, and infrastructure development. Additional opportunities for cooperation exist in technology, financial services, tourism, and trade.
In 2021, a General Cooperation Agreement was signed, further solidifying the bilateral relationship. One notable outcome of this partnership was a $20 million concessional development loan granted by the Saudi Fund for Development (SFD) in 2023 to finance an electricity delivery project in Rwanda’s Kamonyi District.
The latest MoU is expected to open new avenues for economic collaboration, reinforcing Rwanda’s position as a strategic investment hub in the region and fostering long-term prosperity for both nations. 
