DAL Group, UAE to partner in $6 billion investment project

The UAE and Sudan have reached an agreement to build a Red Sea port in a $6 billion investment project, according to DAL Group chairman Osama Daoud Abdellatif.

AlTaghyeer: Reuters

According to DAL Group chairman Osama Daoud, who is a partner in this deal, the UAE investment package will be estimated at $6 billion and will include “a free trade zone, a large agricultural project and an imminent $300 million deposit to Sudan’s central bank.”

The deal marks the first major investment in Sudan ever since all foreign aid was suspended following the military coup d’etat on October 2021.

The Sudanese Minister of Finance Jibreel Ibrahim had revealed earlier this week that a memorandum had been already signed between Sudan and the UAE regarding a port and a large agricultural project.

The $4 billion port, according to Reuters, is a joint venture between DAL group and ADQ owned Abu Dhabi Ports.

Daoud told Reuters that the port “would be able to handle all kinds of commodities and compete with the country’s main national port” in Port Sudan.

He also revealed that the port project, which he described as being in its “advanced stages,” would be located “about 200 km north of Port Sudan” and will also include a free trade and industrial zone, as well as a “small international airport.”

“Alfalfa, wheat, cotton, sesame, and other crops would be grown and processed on the 400,000 acres of leased land,” as per Daoud, who also revealed that a “$450 million, 500 km toll road” financed by the Abu Dhabi Fund for Development, which would connect the port to the project, would be built as well.

Reuters revealed that two high ranking government officials in Sudan government stated that “the outlines of the new deal” were agreed between coup leader Gen. Abdelfattah al-Burhan and UAE President Sheikh Mohamed bin Zayed during a recent visit the former made to the UAE.

Reuters also stated that it had reached out to all Emirati parties involved in the multi-billion dollar project, with one declining and the others yet to respond to their request.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button