< Arab Finance - News - UAE to build $4 billion Red Sea port in Sudan
Count Down to relaunch



UAE to build $4 billion Red Sea port in Sudan

UAE to build $4 billion Red Sea port in Sudan

ArabFinance: The UAE is set to build a new port on the Red Sea in Sudan with $4 billion worth of investments, as part of $6 billion investments pledged by the GCC country, Chairman of DAL Group Daoud Abdellatif told Reuters on June 20th.

DAL Group is a Sudanese private conglomerate and a partner in the planned deal.

The new investments include launching a free trade zone, a large agricultural project, and a $300 million deposit to the Central Bank of Sudan, Abdellatif revealed.

The new port will be a joint-venture between DAL Group and Abu Dhabi Ports, he noted, adding that it will handle all commodities and could compete with the country’s main port, Port Sudan.

Abdellatif stated that the new port will be located on around 200 kilometres north of Port Sudan.

The top executive unveiled that the port will comprise a free trade and industrial zone designed to be similar to UAE’s Jebel Ali, in addition to a small international airport.

The Emirati investments in Sudan will also include a $1.6 billion expansion and development of an agriculture project to produce and proceed Alfalfa, wheat, cotton, sesame, and other crops on 400,000 acres of leased land.

 

 

#Related keywords

Recommended Stocks

13 Jun 2022
Delta Sugar SUGR
Close
10.72
Change
06.45
Hold

All rights reserved to Arab Finance 2020 ©

Back to top