A delegation of more than 30 Saudi Arabian companies is in Nairobi for talks with their Kenyan counterparts on possible business deals.
Led by Saudi's Minister of Investment Khalid Al-Falih, the team comprises executives in banking, construction, energy, hospitality,agriculture and technology, among others.
The companies are listed at the Saudi Stock Exchange (Tadawul) and have investments totalling over Sh140 trillion.
Trade and Investment CS Moses Kuria on Tuesday said Kenya is keen to tap into the huge capital held by the companies.
According to the CS, business engagements agreed on will be a major boost to Kenya's economy and will lead to huge increases in foreign direct investments and trade opportunities for both countries.
The visit comes after several months of high level consultations between officials of both countries, led by Kuria and Al-Falih.
The delegation is expected to meet President William Ruto and other government officials.
A number of government to government and business to business bilateral talks have also been lined up. They will also visit key project sites in Kenya.
Among the companies participating are the Saudi Exim Bank, Saudi Fund for Development, Tadawul, Red Sea Gateway Terminal and Seera Group.
Others are Arco, Mepco, Almarai, Maaden, Al Rajhi international for investments, Saudi National Bank, Flynas and the Grand mining group.
"The companies have a proven track record in their respective industries, and the visit to Kenya will provide a platform for business partnerships and collaborations," Kenya's Investments, Trade and Industry ministry said in a statement.
It said the visit is a significant step in strengthening the partnership between Kenya and Saudi Arabia, and increasing trade and investment opportunities.
"The visit highlights the strong relationships between our two countries and we look forward to exploring potential business opportunities and partnerships," CS Kuria said.
Currently, trade is in favour of Saudi Arabia which last year, Kenya spent Sh122 billion on imports from the country, up from Sh114.7 billion in 2021, the Economic Survey 2023 indicates.
Kenya's exports were valued at Sh12.4billion, which was nevertheless an increase from Sh7.6 billion the previous year.
