UAE ready to invest in Sudan power sector

DUBAI, June 13, 2004 (Khaleej Times) — The UAE is willing to invest in the real-estate and power sector in Sudan, according to a UAE economic delegation, which recently visited Sudan and explored the investment opportunities there.

Mohammed Alabbar, Director of Dubai Economic Development Department and Chairman of Emaar Company, said they were ready to finance real estate and power projects in the Sudan. With prospects of lasting peace brightening up in Sudan, UAE was also prepared to participate in the economic development of the country.

The UAE economic delegation, during its visit to Sudan, held a meeting with the ruler of Khartoum, who explained to them the available investment opprtuinities in his state. The ruler evinced keen interest in clinching an agreement with the delegation for promotion of real estate projects in Khartoum.

Makawi Awad, Director-General of National Water and Electricity Corporation, said the UAE delegation was briefed on a number of electricity projects, especially the Marawi Dam hydro-electric project, which had the potential to produce power sufficient to meet the requirements of the whole country. With demand for electricity set to grow by 4 per cent, there were other electricity projects too which required financing.

Sudanese Minister of Investment, Al Sharif Ahmed Omar assured the the delegation that the investment laws in the country were quite liberal and they would not pose any hurdles to the investors. There were many projects in Sudan that required financing, he added.

Sudanese Minister of State for Finance, Ahmed Al Magzoub, said the country would shortly open up to the private sector.

Economic activities in the country had become adequately stable in the wake of a decrease in inflation and a boost in the growth rate. The exchange rate too has been fixed, he added.