Sudan Inks $6 Bln UAE Deal For New Red Sea Port
Date
12/15/2022 7:29:38 PM
(MENAFN- Trend News Agency) Sudan signed Tuesday an initial $6 billion deal led by United
Arab Emirates' AD ports Group and Invictus investment to build a
vast new Red Sea port and economic zone, trend reports citing al
arabiya .
“The massive project, which is estimated to cost around $6
billion, will give a strong boost to the national economy and will
bring countless benefits for the whole country,” said Sudan's
Finance Minister Gibril Ibrahim during the signing ceremony.
The Abu Amama port, to be built north of the existing key hub of
Port Sudan, will include an industrial zone, an international
airport, and an agricultural area covering over 400,000 acres,
Ibrahim said.
AD Ports Group is majority owned by ADQ, among Abu Dhabi's
sovereign wealth funds. Invictus Investment is headed by Osama
Daoud Abdellatif, head of the Dal Group, Sudan's biggest
conglomerate.
The UAE's official WAM news agency said the deal gives the
consortium the“right to develop, manage, and operate port and
economic zone assets” in Sudan.
Tuesday's signing came a week after Sudan's military and
civilian leaders inked an initial accord aimed at ending the crisis
since last year's military coup.
Sudan has been reeling from the crippling aftermath of the 2021
military power grab led by army chief Abdel Fattah al-Burhan.
The coup derailed a transition installed following the 2019
ouster of president Omar al-Bashir.
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