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    BREAKING NEWS
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    Sudan Signed $6 billion Deal With a Consortium to Develop a New Port

    Posted On 19 Dec 2022
    By : New Africa Business News, Staff Correspondent
    Comments: 16

    By Richard Adorsu-

    Photo Credit: eTrade for all

    NEW AFRICA BUSINESS NEWS (NABN) Accra GHANA- Sudan has signed a $6 billion agreement with a consortium led by the United Arab Emirates’ AD Ports Group and Invictus Investment to develop a new port and economic zone in the Red Sea.

    “This mammoth project, estimated to cost around $6 billion, will give a powerful boost to the national economy and bring countless benefits to the country as a whole,” said Sudanese Finance Minister Gibril Ibrahim at the signing ceremony.

    The Abu Amama port, which will be built north of the Port Sudan, through which almost all of the country’s imports and South Sudan’s oil exports pass, will include an industrial zone, an international airport and an agricultural zone covering more than 400,000 acres, Ibrahim said.

    AD Ports Group is majority owned by ADQ, an Abu Dhabi sovereign wealth fund, while Invictus Investment is headed by Osama Daoud Abdellatif, head of the Dal Group, Sudan’s largest conglomerate.

    The signing of the agreement came a week after Sudan’s ruling military leadership signed a framework agreement with several civilian groups on Dec. 5 that is supposed to pull the country out of the morass it has been in since October 2021 putsch led by the army chief Abdel Fattah al-Burhane.

    Calling Sudan a “major trading partner” of the UAE, Wam agency said Sudan’s exports to the UAE amounted to $1.86 billion in 2020, while the UAE exported $1.14 billion worth of goods to Sudan in the same year.

     

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

     

     

     

    About the Author
    New Africa Business News Staff Correspondent
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    16 Comments

    1. Ahmed December 19, 2022 at 2:33 am Reply

      Thank you. So happy to see many first class projects all over our great Continent. Ahmed in Cairo EGYPT

      • New Africa Business News, Staff Correspondent December 19, 2022 at 2:51 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Linda December 19, 2022 at 2:35 am Reply

      Journalist Richard many thanks for the many excellent reports during 2022. Excellent. Linda in London, England

      • New Africa Business News, Staff Correspondent December 19, 2022 at 2:52 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Lucy December 19, 2022 at 2:37 am Reply

      The great Africa is growing by first. We will be their very soon. Luanda in Angola. Lucy

      • New Africa Business News, Staff Correspondent December 19, 2022 at 2:50 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Saul December 19, 2022 at 2:39 am Reply

      Thank you, Richard. Bob don’t you love seeing Africa growing faster than yours. Saul in Paris FRANCE

      • New Africa Business News, Staff Correspondent December 19, 2022 at 2:50 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Kenneth December 19, 2022 at 2:40 am Reply

      Love your weekend newsletters. Thank you. Nairobi in Kenya. Kenneth

      • New Africa Business News, Staff Correspondent December 19, 2022 at 2:50 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Dola December 19, 2022 at 2:43 am Reply

      I just voted for my pick for new Africa business news person of the year. And President of the year. Benin City in Nigeria. Dola

      • New Africa Business News, Staff Correspondent December 19, 2022 at 2:50 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    7. Patrick December 19, 2022 at 2:45 am Reply

      I also voted for my pick. Thanks for being Africa’s fasting growing online newspaper. Our stories and our newspapers. Kigali in Rwanda. Patrick

      • New Africa Business News, Staff Correspondent December 19, 2022 at 2:50 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    8. Johannes December 19, 2022 at 2:47 am Reply

      Fan of new Africa news. I also voted. Johannes in Walvis Bay NAMIBIA

      • New Africa Business News, Staff Correspondent December 19, 2022 at 2:49 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

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    • Nigeria Launches National Domestic Payments Card Program
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