Abu Dhabi Investment Fund clears Dh552m to build dam in Sudan
Abu Dhabi Investment Fund clears Dh552m to build dam in Sudan
ABU DHABI, Jan 12, 2004 — The UAE Governmen’s Abu Dhabi Investment Fund has recently approved Dh552 million to construct Sudan’s largest Marawi dam to generate adequate 1250 megawat of power to cover the increasing needs for energy by the industrial sector in the country Sudanese Minister of Foreign Affairs Dr Mustafa Osman Ismail said that, the UAE Government has always been the initiator of developing and investments projects in Sudan not only now but even during the difficult times of civil war when many Arab investors shied away.
He said: ” Encouraged by their leaders UAE investors have also injected considerable amount of capitals in several agricultural, and development projects, health care sector and power plant projects in the last few years.
“Among Arab countries, UAE is considered to be the the largest investor with a number of joint venture projects under discussion between the two governments and private sectors in both countries. “We know of many joint venture projects between private sectors in both countries which will see light in the coming few months.”
He continued: “The total investments of both the UAE government and private sector is expected to rise to Dh10 billion in the coming two years following the censure of war and creation of suitable trading and business environment. The UAE initiative to finance projects in Sudan has also encouraged many other Arab Funds to follow suit with Saudi Arabia Investment Fund and Kuwait Fund.