UAE to build Red Sea port in Sudan in $6-billion investment package

  • 📰 rapplerdotcom
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 86%

United States News News

United States United States Latest News,United States United States Headlines

The United Arab Emirates' investment package includes a free trade zone, a large agricultural project, and an imminent $300-million deposit to Sudan's central bank.

as part of a $6-billion investment package, DAL group chairman Osama Daoud Abdellatif, a partner in the deal, told Reuters.

Rumors of Gulf investments in Port Sudan, and in agricultural projects elsewhere in the country, have in the past stirred opposition and sometimes protests. Alfalfa, wheat, cotton, sesame, and other crops would be grown and processed on the 400,000 acres of leased land, he said. A $450-million, 500-kilometer toll road connecting the project to the port would be built as well, financed by the Abu Dhabi Fund for Development.

Two sources from the former Cabinet, who asked not to be named, said a different version of the deal had been reviewed last year but ultimately did not move to a vote due to reservations. Representatives for ADQ, the Abu Dhabi Fund, IHC, and the Abu Dhabi and UAE governments did not immediately respond to requests for comment.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in US

United States United States Latest News, United States United States Headlines