UAE to invest $10-billion investment in South Africa

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President Cyril Ramaphosa says government has no intention of taking land away from the Ingonyama Trust.

ABU DHABI - The United Arab Emirates has announced plans to invest US10 billion in key sectors of South Africa’s economy, the presidency said on Saturday.

This followed President Cyril Ramaphosa’s first visit to the UAE on Friday, which marked the beginning of a new chapter in the long-standing relations between South Africa and the UAE, and constituted a step in further enriching the strong bilateral ties between the two countries, the presidency said in a statement.

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Ramaphosa&39;s visit followed an invitation by UAE President Sheikh Khalifa bin Zayed Al Nahyan. On the centennial of the birth of Sheikh Zayed bin Sultan Nahyan, founder and first president of the UAE, and Nelson Mandela, former president of South Africa, the leaders of the UAE and South Africa pledged to open a new chapter in bilateral relations.

To this end, 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 co-operation.

To support these efforts, a business forum was held between the UAE and South Africa, hosted by Sultan bin Saeed Al Mansoori, Minister of Economy. The UAE announced its plans to invest US10 billion in key sectors of South Africa’s economy, such as tourism and mining among others, to support the sustainable development of the country.

The UAE further welcomed South Africa’s positive role in supporting peace and stability on the African continent and the two sides pledged to work closely together to promote peace, stability, prosperity, and tolerance in Africa and the Middle East, the presidency said.