January 11, 2012 (ABU DHABI) – As part of the ongoing efforts to mobilise foreign investment South Sudan has signed a Memorandum of Understanding (MoU) with Abu Dhabi Investment Company of the United Arab Emirates (UAE) in order to invest in various sectors in the six month old country.
The Abu Dhabi Investment Company, also known as ‘Investment AD’, was founded in 1977 by decree of the former President of the United Arab Emirates and ruler of Abu Dhabi, late Sheikh Zayed Bin Sultan Al Nahyan. It was originally set up to invest on behalf of the Abu Dhabi government.
In 2007 the company was given a new mandate, to attract and manage third-party funds, in addition to the investment of government assets.
Owned by the Abu Dhabi Investment Council, Invest AD is closely aligned with the long-term diversification and growth objectives of the Abu Dhabi authorities as expressed in the government’s long-term strategy, the Abu Dhabi 2030 Vision, with special focus on Africa and the Middle East.
The Company has expressed its willingness and readiness to invest in South Sudan and also help to mobilise other partners from Europe, America and Asia to invest.
On Wednesday, in Abu Dhabi city, South Sudan’s Vice President, Riek Machar, signed the MoU with the Company’s CEO, Nazem Fawwaz Al Kudsi.
The signing ceremony was witnessed by the South Sudan minister of Roads and Bridges, Gier Chuang Aluong, Governor of Unity state, Taban Deng Gai and Bank of South Sudan’s governor, Cornelio Koryom Mayik, among others.
The visit to UAE come after Machar’s delegation attended a conference in India.
Areas of cooperation and investment covered by the MOU include railways, roads and bridges, housing estate, aviation, shipping, energy and utilities, oil and gas services, financing and securitisation, telecommunications, IT services, minerals and mining, banking, sports facilities, among others.
Relevant ministries in South Sudan will work out the details of the priority areas or projects with the company.
The governor of Unity state, Taban Deng Gai, to this effect also signed a MoU with the same company, at the same occasion, on infrastructures projects in his state.
The Vice President’s Press Secretary, James Gatdet Dak, also said Machar met with a number of other potential investors who similarly expressed their interest to invest in the oil producing fertile country.
Macahr told the investors that his country is managing high expectations of the people after the region gained independence from north Sudan in July 2011.