Rwandan Businesses, Saudi counterparts sign MoU to establish joint council

The Rwanda Private Sector Federation (PSF) and the Federation of Saudi Chambers of Commerce & Industry have signed a Memorandum of Understanding (MoU) to establish the Saudi-Rwanda Chamber of Commerce, aimed at strengthening economic ties between the two countries. The agreement was signed on Thursday, February 13, during a meeting where Rwanda Development Board (RDB) CEO Jean-Guy Afrika and other Rwandan government officials hosted a delegation led by Mr. Hassan Moejeb Alhwaizy, Chairman of the Federation of Saudi Chambers of Commerce & Industry. The discussions focused on investment opport

The Rwanda Private Sector Federation (PSF) and the Federation of Saudi Chambers of Commerce & Industry have signed a Memorandum of Understanding (MoU) to establish the Saudi-Rwanda Chamber of Commerce, aimed at strengthening economic ties between the two countries. The agreement was signed on Thursday, February 13, during a meeting where Rwanda Development Board (RDB) CEO Jean-Guy Afrika and other Rwandan government officials hosted a delegation led by Mr. Hassan Moejeb Alhwaizy, Chairman of the Federation of Saudi Chambers of Commerce & Industry. The discussions focused on investment opportunities in agriculture, smart and healthy cities, real estate development, and trade. The Saudi delegation, comprising over thirty business leaders from various sectors, arrived in Rwanda on Wednesday, February 12, to explore investment opportunities and foster partnerships between the Rwandan and Saudi private sectors. As part of their engagements with Rwanda’s private sector, the MoU between PSF and the Federation of Saudi Chambers was formalized to establish the Saudi-Rwanda Chamber of Commerce, reinforcing economic collaboration between the two nations. PSF Chairperson Jeanne-Françoise Mubiligi noted that the visit of Saudi investors to Rwanda could help expand trade, investment, and cultural cooperation, ultimately strengthening economic ties between the two countries. Later in the afternoon, President Paul Kagame received the delegation at Urugwiro Village.

President Kagame received a delegation from the Federation of Saudi Chambers of Commerce led by Chairman Hassan Alhwaizy on Thursday, February 13, at Urugwiro Village.

In 2022, Saudi Arabia exported goods worth $146 million to Rwanda, with refined petroleum ($112 million), ethylene polymers ($12.4 million), and mixed mineral or chemical fertilizers ($11.4 million) being the primary exports. Conversely, Rwanda's exports to Saudi Arabia totaled $1.99 million, primarily consisting of coffee ($1.6 million) and tea ($349,000). Over the past five years, trade between the two countries has grown at an annualized rate of approximately 4.4%.