net_left adver left

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

Tuesday, June 21, 2022
Exclusive-UAE to build Red Sea port in Sudan in $6 billion investment package © Reuters. FILE PHOTO: A man stands opposite the modern port at the harbour in Port Sudan at Red Sea State February 24, 2014. REUTERS/Mohamed Nureldin Abdallah

By Nafisa Eltahir

CAIRO (Reuters) - The United Arab Emirates will build a new Red Sea port in Sudan as part of a $6 billion investment package, DAL group chairman Osama Daoud Abdellatif, a partner in the deal, told Reuters.

Abdellatif said the package includes a free trade zone, a large agricultural project and an imminent $300 million deposit to Sudan's central bank, which would be the first such deposit since an October military takeover.

Western donors suspended billions in aid and investment to Sudan after the coup, plunging an economy that was already struggling into further turmoil and depriving the government of much needed foreign currency.

Ibrahim told Reuters on Wednesday that a memorandum of understanding had been signed with the UAE for a port and agricultural project, but the details have not previously been reported.

The finance ministry did not immediately respond to a request for comment on details of the deal.

The $4 billion port, a joint project between DAL group and Abu Dhabi Ports, owned by Abu Dhabi's holding company ADQ, would be able to handle all kinds of commodities and compete with the country's main national port, Port Sudan, Abdellatif said.

Located about 200 km (124 miles) north of Port Sudan, it would also include a free trade and industrial zone modelled after Dubai's Jebel Ali, as well as a small international airport, he said.‮ ‬ The project is in "advanced stages," with studies and designs complete, he said.

Rumours of Gulf investments in Port Sudan, and in agricultural projects elsewhere in the country, have in the past stirred opposition and sometimes protests.

Port Sudan has long been plagued with infrastructure challenges and was shut by a political blockade for six weeks late last year, losing business from major international shippers.

The UAE deal also includes the $1.6 billion expansion and development of an agricultural project by Abu Dhabi conglomerate IHC and DAL Agriculture in the town of Abu Hamad in northern Sudan, Abdellatif said.

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 km (310 mile) toll road connecting the project to the port would be built as well, financed by the Abu Dhabi Fund for Development.

Under the agreement, the Fund would also make a deposit of $300 million to the Central Bank of Sudan, Abdellatif said.

Abdellatif said the agreement was reached initially in July 2021, under a civilian-led transitional government.

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.

Two high-level current Sudanese officials told Reuters the outlines of the new deal had been agreed between Sudanese leader General Abdelfattah al-Burhan and UAE President Sheikh Mohamed bin Zayed during a recent visit to the Gulf state.

A representative for Abu Dhabi Ports said the company had no comment, while representatives for ADQ, the Abu Dhabi Fund, IHC, and the Abu Dhabi and UAE governments did not immediately respond to requests.

"Ourselves and our partners in the UAE, we have already invested in a bank, a hotel, mining," said Abdellatif, whose conglomerate has also bid for control of one of Sudan's largest telecom companies, Zain Sudan.

"The UAE wants a stable Sudan so they can do more and more of these investments, but we are not waiting for everything to be perfect," he added.

After the military ousted Omar al-Bashir in 2019 following popular protests, the UAE and Saudi Arabia pledged a combined $3 billion in grants and in-kind aid to Sudan, which military and civilian leaders say was not delivered in full.

Leave your comment
HOT AUTO TRADE BOT SOFTWARE adver right
APPROVED BROKERS
net_home_top HOT AUTO TRADE BOT SOFTWARE
30-06-2022 05:49:47 (UTC+7)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.2125

0.0000 (0.00%)

Summary

Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (4)

USD/JPY

136.60

+0.01 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

AUD/USD

0.6882

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (0)

USD/CAD

1.2892

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

EUR/JPY

142.66

+0.09 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/CHF

0.9973

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (1)

Sell (3)

Gold Futures

1,819.00

+1.50 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (5)

Silver Futures

20.733

-0.139 (-0.67%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Copper Futures

3.7758

+0.0041 (+0.11%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

Crude Oil WTI Futures

109.59

+0.06 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (2)

Brent Oil Futures

112.25

-1.55 (-1.36%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

Natural Gas Futures

6.435

+0.011 (+0.17%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (1)

US Coffee C Futures

228.05

+10.30 (+4.73%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (7)

Euro Stoxx 50

3,514.32

-34.97 (-0.99%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (4)

S&P 500

3,818.83

-2.72 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

DAX

13,003.35

-228.47 (-1.73%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

FTSE 100

7,312.32

-11.09 (-0.15%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (4)

Hang Seng

21,996.89

-422.08 (-1.88%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (4)

US Small Cap 2000

1,713.32

-25.52 (-1.47%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

IBEX 35

8,188.00

-129.50 (-1.56%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

BASF SE NA O.N.

41.580

-1.445 (-3.36%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Bayer AG NA

57.62

-2.61 (-4.33%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (8)

Sell (1)

Allianz SE VNA O.N.

183.72

+0.62 (+0.34%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

Sell (4)

Adidas AG

170.02

-0.30 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

Deutsche Lufthansa AG

5.813

-0.222 (-3.68%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Siemens AG Class N

101.40

-2.74 (-2.63%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Deutsche Bank AG

8.571

-0.292 (-3.29%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (3)

 EUR/USD1.0445↑ Buy
 GBP/USD1.2125Buy
 USD/JPY136.60↑ Buy
 AUD/USD0.6882↑ Buy
 USD/CAD1.2892↑ Sell
 EUR/JPY142.66↑ Buy
 EUR/CHF0.9973Neutral
 Gold1,819.00↑ Sell
 Silver20.733↑ Sell
 Copper3.7758Sell
 Crude Oil WTI109.59Neutral
 Brent Oil112.25↑ Buy
 Natural Gas6.435Buy
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,805/ 6,865
(0/ 0) # 1,727
SJC HCM6,820/ 6,890
(0/ 0) # 1,751
SJC Hanoi6,820/ 6,892
(0/ 0) # 1,753
SJC Danang6,820/ 6,892
(0/ 0) # 1,753
SJC Nhatrang6,820/ 6,892
(0/ 0) # 1,753
SJC Cantho6,820/ 6,892
(0/ 0) # 1,753
Cập nhật 30-06-2022 05:49:50
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,817.88-0.63-0.03%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$109.60+4.023.67%
Brent$115.68+4.33.72%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.070,0023.380,00
EUR23.788,7225.121,19
GBP27.597,2728.774,53
JPY166,01175,75
KRW15,4718,85
Cập nhật lúc 18:53:49 29/06/2022
Xem bảng tỷ giá hối đoái
adver main right