UAE: Investors urged to develop closer trade links with Sudan
Khalij Times (Dubai), May 22
Investors from the UAE [United Arab Emirates] have recently directed a great deal of their capital into productive projects in Sudan and are on the lookout for more following the discovery of oil there, according to Sa'id Al-Jarwan, Director-General of the Sharjah Chamber of Commerce & Industry. Al-Jarwan was speaking at a press conference to announce the details of the 1st Investment Opportunities & Development of Transport Services Forum in Sudan which will be jointly organized by Sharjah Chamber of Commerce, Sharjah Civil Aviation and the Consulate-General of Sudan in the first week of June.
Al-Jarwan said the objective of the event is to bring UAE businessmen and their Sudanese counterparts to establish closer trade links and set up joint venture huge investment potential in the form of huge animal wealth and limitless natural agricultural lands has not yet been exploited, he pointed out.
Being the largest country in the Arab world, Sudan is likely to be the future source of natural food products for the entire Arab world, Al-Jarwan said. He called upon the Arab investors to utilize the vast fertile land of 300,000 million acres.
Al-Jarwan said the growing trade relations between Sudan and UAE have resulted in about 40 per cent increase in trade in the year 2000 compared to the previous year. Ahmad Shawir , the Counsel-General of Sudan, said the recent economic developments including oil discovery and political stability in Sudan have prompted a number of investors to put money into Sudanese projects. The investments come from a number of countries including Malaysia, Canada, India, Pakistan and Turkey, he said.
Shawir said Arab countries have also invested significant levels of capital in oil, agro-industry and manufacturing sectors.
The total foreign investments in Sudan during the last four years were worth 3.6bn dollars, he added. Countries like Saudi Arabia, Qatar, Egypt, Jordan and UAE have set up huge projects there, he said.
Shawir pointed out that the UAE is a major shareholder of Sudatel and hopes to be the second largest equity holder by buying more shares in the coming months. The Shaykh Zayid agriculture project is one of the major projects in the country and UAE investors hold substantial equity in the Kinana sugar plant in Sudan, the largest such plant in Africa.
He said the forum will set up an important platform to promote and market business opportunities available in Sudan for all investors irrespective of their nationality. Sudan is an open country today, belonging to those who are looking for business prospect. |
