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Sunday, 20 May 2018

UAE Plays Key Role in Sudan Economy with Investments Exceeding AED28 Billion

ABU DHABI- (WAM) The United Arab Emirates and the Republic of Sudan enjoy long-standing ties of cooperation and strategic bilateral relations, built on joint coordination

and economic and development partnerships, that have contributed to the progress and prosperity of Sudan.
Thanks to the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the UAE has been standing by the Sudanese government in achieving its comprehensive development in the country through financing strategic development projects and encouraging diversified investments of UAE companies in Sudan.
As a result of these brotherly ties, the UAE has provided more than AED28 billion in investments and development financing in Sudan, while 17 UAE companies are operating in various economic sectors in Sudan.
The Abu Dhabi Fund for Development, ADFD, is one of the leading national institutions supporting socio-economic development in Sudan by providing nearly AED7.3 billion in financing towards strategic development projects in various sectors, as well as investments and deposits.
Spanning crucial sectors, such as industry, transportation, energy, water, and irrigation, the ADFD’s 17 development projects in Sudan have a total value of approximately AED2 billion. The Fund has disbursed about AED5 billion (US$1.4 billion) to support liquidity and foreign currency reserves at the Central Bank of Sudan. This assisted the Sudanese government in stimulating the economy, overcoming financial and economic challenges, and strengthening monetary and financial stability in the country.
The ADFD is also keen on driving economic growth through investment co-operation with the Sudanese government. The Fund currently holds a 100 percent stake in the Al Dhabi Development Company, a multi-disciplinary holding company, that aims to drive economic growth in Sudan.
Mohammed Saif Al Suwaidi, Director-General of the ADFD, said, "The UAE and the ADFD are proud of the deep-rooted partnership with the Government of Sudan. The fraternal ties have grown stronger under the guidance of our wise leadership, enabling us to achieve promising results.
"Today, under the directives of our wise leadership, we continue our collaboration with our brothers in the Sudanese government through supporting development programmes that benefit the Sudanese economy."
Praising the partnership between the Fund and the Sudanese government as a model of constructive collaboration, Al Suwaidi noted that the ADFD has contributed to financing development projects that serve the most important economic sectors in Sudan.
In addition to the ADFD’s activities and within the framework of co-operation between the two countries, the Abu Dhabi National Oil Company, ADNOC, has been providing Sudan with diesel since 2017, meeting the needs of the local market and supporting various sectors including transport and industry. The value of the fuel supplied to date is estimated at AED3.2 billion (US$900 million).
Moreover, with a cumulative value of more than AED18 billion of diversified investments, the UAE private sector also enjoys a strong partnership with its Sudanese counterpart. Spanning many vital sectors including tourism, agriculture, aviation, oil, and gas, 17 UAE companies currently invest in Sudan. Besides supporting the Sudanese agriculture sector, these investments have played a crucial role in bolstering competitive pricing of wheat and fodder.
Since the commencement of its development activities in Sudan, the ADFD has focussed on assisting the Sudanese government in its efforts to improve the country's infrastructure a pillar of socio-economic development and a fundamental element in the growth and prosperity of various economic sectors.