ACWA Power says it will begin construction this year on a 100MW solar energy plant in South Africa as Saudi Arabia and the UAE announced that the two countries will invest a combined $20 billion into the country, according to reports.
Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, Reuters reports, citing the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday.
"We have revised our forecast for the Saudi economy and now expect to see growth of 2.2 percent in 2018 (compared to 1.5 percent previously). The sizable rebound in growth will be partly driven by an improvement in the oil sector."
U.S. government teams spent three days in Saudi Arabia discussing ways to cut off money flows to Iran without disrupting energy markets, Bloomberg reports, ahead of U.S. efforts to press nations to stop buying Iranian oil by Nov. 4.