The Governor of the Saudi Zakat, Tax and Customs Authority Eng. Suhail Abanmi and Minister of Finance and Economic Affairs of Gambia Seedy Keita have signed an agreement between the Kingdom of Saudi Arabia and Gambia to avoid double taxation and tax evasion. The signing ceremony was held on the sidelines of the Saudi-Arab-African Economic Conference, currently held in Riyadh.

The agreement aims to enhance cooperation between the two countries in the tax field by providing exemptions to public investments in the two sides, which is envisioned to enhance trade exchange.

The deal is also part of the Kingdom of Saudi Arabia’s keenness to enhance economic relations and cooperation with Gambia at various levels, including the tax field, in a way that contributes to achieving fair taxation and equal opportunities among investors.

The Signature is part of the Saudi Fund for Development plan to sign agreements worth 2 billion riyals (USD 533 million) with African countries, Saudi Finance Minister Mohammed Al-Jadaan said on Thursday during the Saudi-Arab-African Economic Conference in Riyadh.

Saudi Investment Minister Khalid Al-Falih later said at the same conference the kingdom’s over USD 700 billion wealth fund, the Public Investment Fund, will make some “game changing” investments in Africa.

He also signed several agreements with African countries including Nigeria in the oil and gas sector, Senegal, Ethiopia, and Chad respectively for cooperation in the field of energy, Egypt to establish “high level financial dialogue”, and Rwanda to implement the oil sustainability program initiatives.