Sudan and UAE sign multibillion-dollar agreement to create a port on the Red Sea

Sudan has signed a $6 billion deal with a consortium led by Abu Dhabi Ports Group and investment firm Invictus to create a new port at Abu Amama, which includes an economic zone, on the Red Sea.

During the signing ceremony, Sudan’s Minister of Finance and Economic Planning stated that “the project is worth $6 billion and will give a strong boost to the Sudanese economy and bring innumerable benefits to the country,” Sudan said. News Service.

Jibril Ibrahim indicated that the port of Abu Amama, which will be built north of Port Sudan, through which the vast majority of oil imports and exports from South Sudan passes, will include “an industrial and tourist zone, an international airport and a power plant, in addition to processing 400,000 acres” (about 162,000 ha).”

For its part, Emirates News Agency, WAM, said the agreement “gives the alliance the rights to develop, manage and operate a port and economic zone assets in Sudan”, calling Sudan a “major trading partner” for the United Arab Emirates.

It states that UAE exports to Sudan totaled $1.14 billion in 2020, while Sudan’s exports to the UAE totaled $1.86 billion in 2020.

It is worth noting that Abu Dhabi Ports Group is mainly owned by Holding Company (ADQ), which is a sovereign wealth fund in Abu Dhabi, while Invictus Investment Company is managed by Osama Dawood Abdul Latif, who is the Chairman of the Board of Directors of Dal Company, the largest private group in Sudan .

Source: AFP