UAE plans to make ‘huge’ investments in Sudan: official

March 20, 2012 (KHARTOUM) – The Sudanese presidential adviser Mustafa Ismail said that the coming period will witness huge influxes in investments from the United Arab Emirates (UAE).

Ismail who is on a visit to UAE handed a letter from his boss president Omer Hassan al-Bashir to Sheik Khalifa Bin Zayed. No details were disclosed on the contents of the letter.

Ismail told Sudan state media that during his talks with UAE officials he gave extensive briefing on the investment climate in Sudan particularly after new investment law enacted.

He said he sensed real desire from UAE businessmen to invest in Sudan in agricultural and industrial projects.

“Sudan is promised huge investments from UAE during the next phase” said Ismail who is also the Secretary General of Sudan’s Supreme Council.

Several delegations were dispatched by Sudan to several Arab Gulf states in the last few weeks seeking financial help in face of the deep economic crisis the country faces after the oil-rich south seceded.

Prices soared in recent months while the currency fell in value as ordinary citizens and corporations flocked to the black market to purchase hard currency.

US sanctions have restricted Sudan’s access to the international money markets while Sudan’s hefty $38 billion debt made creditors hesitant to extend new loans to the East African nation.

Khartoum said that creditors such as China refused to extend credit without collaterals such as oil and gold mines.

(ST)