Saudi Arabia’s Vision Invest made its first deal in Africa, backing a $700 million capital raise by a pan-African industrial zone developer, the latest sign of Gulf states becoming key conduits for infrastructure development across the continent.
Vision Invest is putting money into Arise Integrated Industrial Platforms, which designs, finances, builds, and operates industrial parks across 14 African countries, including Benin, Chad, and Côte d’Ivoire. Arise leases facilities to companies and provides a supply of raw materials. The investment will help the company to expand across Africa, developing new logistics zones to promote export manufacturing and industrialization.
The deal highlights surging Gulf investment into Africa as countries including Saudi Arabia and the UAE look to boost ties and cement themselves as major players in African trade and logistics. The Gulf Cooperation Council’s six countries invested $113 billion in Africa in 2022 and 2023 in deals that covered a range of industries including renewable energy projects, ports, and minerals. Saudi Arabia alone aims to boost investments into Africa to more than $25 billion by 2030 as part of plans to strengthen ties, its deputy foreign minister said in July.
