Investment in Sudan’s Red Sea port is part of a $6 billion package from the United Arab Emirates, says DAL group chairperson Osama Daoud Abellatif, a partner in the transaction, which is the first big foreign investment since the military seized control in an October coup.
An agricultural project worth $300 million, a free trade zone, and a $300 million deposit to Sudan’s central bank are all part of the package, according to Abdellatif
After the coup, Western donors withdrew billions of dollars in help and investment from Sudan, causing an already unstable economy to spiral out of control and depriving the government of much-needed foreign money.
In order to compete with Abu Dhabi’s primary national port of Port Sudan, the $4 billion port, a joint project between DAL Group and Abu Dhabi Ports, controlled by Abu Dhabi’s holding firm ADQ, would be able to handle many goods.
An agreement for a huge agricultural project linked by road to a new port to be developed on the Red Sea was announced by Sudan’s Finance Minister Gibril Ibrahim on June 15 to Reuters.
The finance ministry’s public relations office promptly answered a request for comment on the deal’s specifics.