Saudi investments in Sudan to increase to $15bn by 2016: diplomat
October 16, 2015 (KHARTOUM) – The Sudanese government has expected that Saudi investments in Sudan will increase to $15bn in 2016 compared to $11bn in 2015.
He told the pro-government Sudan Media Center (SMC) that investment opportunities in Sudan are more favorable now than they were before particularly after making major amendments to the investment law.
Ibrahim underscored that availability of investments elements and services would attract more Saudi investments in particular through the joint ministerial committees which were set up to promote economic cooperation between the two countries.
The Sudanese ambassador pointed that the Saudi government owns 30% of the shares of Kenana Sugar Company (KSC) which is considered the oldest and largest sugar producing scheme in the Arab world with annual production of 450,000 tones.
The Sudanese government has recently said it granted hundred acres of agricultural land in the Northern State to three major Saudi companies.
Last April, a high-level technical delegation from Saudi Arabia discussed in Khartoum ways for implementing the Arab food security initiative in Sudan.
Sudan’s National Investment Authority (NIA) said it offered to the Saudi delegation six agricultural projects in various states in north and east Sudan to carry out the food security plan.
According to the NIA, Saudi Arabia is the largest Arab investor in Sudan with more than 590 projects.
Sudanese-Saudi relations have witnessed a thaw in recent months after years of tensions over Khartoum’s close ties with Tehran that saw Iranian warships dock several times in Port Sudan.
(ST)