The United Arab Emi­rates and Saudi Ara­bia pledge bil­lions for in­vest­ment in key SA sec­tors

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The United Arab Emi­rates (UAE) has com­mit­ted to in­vest US$10 bil­lion in key sec­tors of South Africa’s econ­omy, in­clud­ing tourism and min­ing, to sup­port the sus­tain­able de­vel­op­ment of the coun­try.

Pres­i­dent Cyril Ramaphosa re­cently paid a state visit to the UAE, where he met with his coun­ter­part, Sheikh Khal­ifa bin Zayed Al-Nahyan, in Abu Dhabi.

In a state­ment fol­low­ing the visit, the Pres­i­dency said Pres­i­dent Ramaphosa’s first visit to the UAE marked the be­gin­ning of a new chap­ter in the long-stand­ing re­la­tions be­tween South Africa and the UAE.

“The lead­er­ship of the two coun­tries reaf­firmed their deep com­mit­ment to fur­ther con­sol­i­date their strong bi­lat­eral re­la­tions across a va­ri­ety of fields, in­clud­ing trade, trans­port, in­fra­struc­ture de­vel­op­ment, tourism, min­ing, in­vest­ment and cul­tural co­op­er­a­tion,” the Pres­i­dency said.

To sup­port these ef­forts, a busi­ness fo­rum was held be­tween the UAE and South Africa, in which the UAE an­nounced its plans to in­vest the $10 bil­lion in key sec­tors.

The Pres­i­dency said the UAE fur­ther wel­comed South Africa’s pos­i­tive role in sup­port­ing peace and

sta­bil­ity on the African con­ti­nent.

The two sides pledged to work closely to­gether in order to pro­mote peace, sta­bil­ity, pros­per­ity and tol­er­ance in Africa and the Mid­dle East.

Ear­lier, Pres­i­dent Ramaphosa also em­barked on a state visit to Saudi Ara­bia.

Dur­ing that visit, Saudi Ara­bia made a $10 bil­lion in­vest­ment pledge into the South African en­ergy sec­tor that is set to en­hance en­ergy se­cu­rity, cre­ate ca­pac­ity and re­duce the cost of en­ergy in South Africa.

“This com­mit­ment from the King­dom is a demon­stra­tion of con­fi­dence in our econ­omy and gives fur­ther im­pe­tus to South Africa’s drive to raise US$100 bil­lion in new in­vest­ment over the next five years, to cre­ate jobs and for de­vel­op­ment,” said Pres­i­dent Ramaphosa.

Pres­i­dent Ramaphosa char­ac­terised his state visit to the King­dom of Saudi Ara­bia as a re­mark­able suc­cess. He en­gaged in of­fi­cial talks with King Sal­man bin Ab­du­laziz al Saud, the Crown Prince Muham­mad bin Sal­man and the govern­ment of Saudi Ara­bia dur­ing his one-day state visit to the Ara­bic coun­try.

It pro­vided a plat­form for Pres­i­dent Ramaphosa and the King­dom of Saudi Ara­bia to de­lib­er­ate on var­i­ous is­sues of mu­tual con­cern, as well as to deepen and strengthen bi­lat­eral, po­lit­i­cal, eco­nomic and cul­tural re­la­tions be­tween the two coun­tries.

Pres­i­dent Ramaphosa was also con­ferred with the Order of King Ab­du­laziz, the high­est hon­our by the King­dom of Saudi Ara­bia awarded to cit­i­zens of Saudi Ara­bia and for­eign­ers for mer­i­to­ri­ous ser­vice to the King­dom and is named af­ter King Ab­du­laziz Al Saud, the founder of the modern Saudi state.

Dur­ing the visit, Saudi Ara­bia pledged sup­port for South Africa to be ac­corded ob­server sta­tus in the Or­gan­i­sa­tion of Is­lamic Co­op­er­a­tion (OIC).

The OIC is the sec­ond largest in­ter-gov­ern­men­tal or­gan­i­sa­tion af­ter the United Na­tions, with a mem­ber­ship of 57 states spread over four con­ti­nents.

It aims to safe­guard and pro­tect the in­ter­ests of the Mus­lim world in the spirit of pro­mot­ing in­ter­na­tional peace and har­mony among var­i­ous peo­ple of the world.

Pres­i­dent Cyril Ramaphosa with His High­ness Sheikh Mo­hammed bin Zayed Al-Nahyan dur­ing a state visit to theUnited Arab Emi­rates.

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