More than 20 UAE investors to set up businesses in Sudan
ABU DHABI, April 21, 2004 — More than 20 UAE investors are to set up business enterprises in Sudan dealing mainly in areas of agriculture and animal production.
Plans for the multi-million dollar investments were unveiled at the end of the First Sudanese Agro-Investment and Promotional Forum which was held at the Abu Dhabi Chamber of Commerce and Industry (ADCCI).
Speaking at a Press conference yesterday, organisers said more than 20 investors have started processing their papers to set up the projects which will be set up in different parts of the country.
The organisers also announced a number of deals signed during the forum to set up joint ventures in Sudan including a public liability company for overseas Sudanese top invest in agricultural sector, a food production and transport company, a UAE model farm for animal production, and two factories one for textile and the other for ginger sugar.
The ministries of agriculture in UAE and Sudan signed during the forum a Memorandum of Understanding (MoU) on bilateral cooperation in the field of agriculture and animal production. The agreement, signed by Saeed Mohammed Al Raghbani, UAE Minister of Agriculture and Fisheries, and his Sudanese counterpart Dr Majzoub Al Khalifa, includes setting up a joint venture company to run farms using Sudan’s resources and UAE technology and expertise.
The four-day forum which was accompanied by an exhibition on various Sudanese crop and horticultural products showcased many investment opportunities for UAE investors which were offered with many incentives including tax and customs exemptions as well as ownership of lands.
Sudan is the largest country in Africa and one of the four countries in the world designated by Food and Agriculture Organisation (FAO) as having the potential of feeding vast segments of world’s population. Only 20 per cent of its cultivable land is in use, according to Dr Ahmed Al Majzoub, Sudanese Minister of State for Finance and Industry.
Addressing the conference, he said the Sudanese Investment Law of 1999, allows UAE investors to wholly own investment projects in any parts of Sudan. Foreign investors are accorded special incentives that include 10-year exemption from profit tax, customs tax and export tax.
“The law allows investors to freely move capital without restrictions. This is in addition to a whole range of other benefits provided by the law to foreign investors,” he added.
The forum brought together Sudanese officials, businessmen, bankers, Arab funding institutions along with Arab investment guarantors. Six Sudanese states participated in the show with delegations headed by state ministers for agriculture. Major agricultural schemes such as Al Jazeera, Al Rahad, Al Souki and Halfa Al Jadeeda were also present at the forum and exhibition. The conference was also addressed by Moheiddin Salim, Sudanese Ambassador to UAE and Nor Al Hoda Fath Al Alim, Economic Adviser at the Embassy.