Home » UAE Also Pledges $10-Billion to South Africa After Ramaphosa’s Visit

UAE Also Pledges $10-Billion to South Africa After Ramaphosa’s Visit

South African President Cyril Ramaphosa has certainly enjoyed a successful state trip to the Middle East this week, as news comes that the United Arab Emirates (UAE) has committed to invest $10-billion in South Africa. This follows the announcement on Thursday that Saudi Arabia had pledged $10-billion to South Africa as well (of which at […]

By Jenni Baxter
15-07-18 13:45
in Business

South African President Cyril Ramaphosa has certainly enjoyed a successful state trip to the Middle East this week, as news comes that the United Arab Emirates (UAE) has committed to invest $10-billion in South Africa.

The multibillion dollar pledge will go a long way towards building SA’s economy. Source: SANews.gov.za

This follows the announcement on Thursday that Saudi Arabia had pledged $10-billion to South Africa as well (of which at least a quarter will go towards the energy sector).

The UAE plans to invest its $10-billion in key sectors of SA’s economy – including tourism and mining, amongst others – to boost the sustainable development of South Africa.

President Ramaphosa is on a mission to attract $100-billion in investment to revive South Africa’s ailing economy.

The Presidency made the announcement in a statement on Saturday, after President Ramaphosa’s meeting with Sheikh Khlifa bin Zaed Al Nahyan in Abu Dhabi on Friday.

The President said this marks the beginning of a new chapter in the long-standing relations between SA and the UAE.

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”, said the Presidency.

According to the Presidency, “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 in order to promote peace, stability, prosperity, and tolerance in Africa and the Middle East.”