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UAE pledges to invest $10bn in SA

Source: SA Gov News, 15/07/2018

The United Arab Emirates (UAE) has committed to invest US $10 billion
in key sectors of South Africaâ€™s economy, including tourism and
mining, to support the sustainable development of the country.
The announcement follows Fridayâ€™s State visit by President Cyril
Ramaphosa, who met with his counterpart, Sheikh Khalifa bin Zayed Al
Nahyan, in Abu Dhabi.
In a statement on Saturday, the Presidency said President Ramaphosaâ€™s
first visit to the UAE marked the beginning of a new chapter in the
long-standing relations between South Africa and the UAE.
â€œThe 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 cooperation,â€
the Presidency said.
To support these efforts, a business forum was held between the UAE
and South Africa, in which the UAE announced its plans to invest the
$10 billion in key sectors.
On arrival in Abu Dhabi, President Ramaphosa was accorded a ceremonial
reception and was received by Sheikh Mohammed bin Zayed Al Nahyan,
Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE
Armed Forces.
President Ramaphosa also met with Sheikh Abdullah bin Zayed Al Nahyan,
the Minister of Foreign Affairs and International Cooperation.
The Presidency said the UAE further welcomed South Africaâ€™s positive
role in supporting peace and stability on the African continent.
The two sides pledged to work closely together in order to promote
peace, stability, prosperity, and tolerance in Africa and the Middle
East. - SAnews.gov.za

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