Arab Emirates invest $8 billion in Sudan

KHARTOUM, Sudan, Sep 5, 2004 (PANA) — The United Arab Emirates (UAE) has
become the largest Arab investor nation in Sudan with a total
investment of $8 billion, an increase of 50% over the previous
year, according to a senior Sudanese official.

“The increase of the UAE investors in the last two years in Sudan
is substantial … we generously open the door for the UAE
investor because we know they are serious and intend to generate
a business oriented environment in Sudan”, the minister of
finance and national economy, Zubair Mohammed Al-Hassan, said in
Khartoum.

The minister said the government fully trusts UAE’s experience
and knowledge in various business sectors.

“The UAE investors capital is mainly injected into oil , gas and
agriculture sector, and recently in property and real estate,”
Al-Hassan added.

“In fact Sudan is a haven for the Arab assets with a lot of
business opportunities in every sector including energy,
telecommunication, industry, services, finance and stock
markets,” said the minister.

“We have no reservations when it comes to investors from the Arab
countries, the ground is widely open for them for we feel we
share common interests and that they are keen to assist us in
developing the country”.

At a press briefing in Khartoum Saturday, the official affirmed
that “sector-wise more than $3 billion of the total $8 billion
invested in oil, gas and the rest in other sectors including
agricultural projects, real estate and properties,
telecommunication and industry.

“The largest agricultural project in Sudan that produce sun-
flower belongs to the UAE government in addition to the large
volume of shares and stock UAE individual investors earn in
Sudatel-Sudan Telecommunication,” the minister told reporters.

He pointed out that a number of UAE delegations and businessmen
had visited Khartoum to explore investment opportunities.

According to Al-Hassan, Saudi Arabia ranks second among Arab
investors behind the UAE, with an amount of $6 billion mainly
in industrial and agricultural projects.

Asked about the facilities Khartoum accords to the Arab and Gulf
investors, the minister said “to facilitate the investors’
requirements and to help complete their paper work as fast as
possible, we have created a ministry of investment in the heart
of the capital.”

“Foreign investment in Sudan has reached a substantial amount of
$43 billion in the last few years mainly in oil and gas sector…
Asian countries including Malaysia, China, India and Japan have
infused some large amount of capitals into the oil sector”, the
minister said.

Arab countries including Jordan and Egypt have invested a great
deal of capital in various sectors.

“Our expectation is that the amount of foreign investment will
double in the coming two years following the signing of the final
and comprehensive peace accord between the government in Khartoum
and the separatist Sudan People’s Liberation Army/Movement
(SPLA/M).

The minister mentioned the oil and gas, telecommunication,
agriculture and transportation as the most attractive sectors for
foreign investors.

The 20-year-old civil war in Southern Sudan had hampered the
country’s economy by preventing Western corporate involvement in
any sector except in oil. However, over the last two years,
Khartoum has attracted a lot more western investors particularly
the French in the mining and infrastructure fields.

Meanwhile, the Cairo-based Arab League declared recently that
ensuring a steady flow of investments for the development of
Southern Sudan was “the best contribution Arabs could make to
make the option of unity attractive to all Sudanese people”.

Several meetings have been held and $180 million has been
guaranteed for developmental projects in the south and for the
construction of modern roads to link northern and southern Sudan.

Observers argue that these are signs that the Arab countries are
now giving due attention to developments in Sudan that have for
long not featured among Arab priorities.

“This is no longer the case, Sudan is a priority to the Arab
League as much as the Middle East peace process and the
developments in Iraq” says an Arab League official, Hassan
Husni.