Government of South Sudan (Juba)
James Gatdet Dak, the Vice President’s Press Secretary
12 January 2012
press release
Abu Dhabi – UAE — As part of the ongoing efforts to mobilize foreign investment to the country, the newly founded and underdeveloped Republic of South Sudan has signed a Memorandum of Understanding (MoU) with the leading Abu Dhabi Investment Company of the United Arab Emirates (UAE) in order to invest in various sectors in South Sudan.
The Company has expressed its willingness and readiness to invest in South Sudan and also help to mobilize other partners from Europe, America and Asia to invest in the country. The Vice President of the Republic of South Sudan, Hon. Dr. Riek Machar, signed the MoU with the Company’s CEO, Nazem Fawwaz Al Kudsi yesterday in Abu Dhabi city.
Areas of cooperation and investment by the company include railways, roads and bridges, housing estate, aviation, shipping, energy and utilities, oil and gas services, financing and securitization, telecommunications, ICT services, minerals and mining, banking, sports facilities, among others.
Relevant respective 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, also signed a MoU with the same company, at the same occasion, on infrastructures projects in his state.
The Abu Dhabi Investment Company, also known as ‘Investment AD’, was founded in 1977 by decree of the late His Highness Sheikh Zayed Bin Sultan Al Nahyan, ruler of Abu Dhabi and President of the United Arab Emirates. It was originally 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.
Dr. Machar also met with a number of other potential investors who similarly expressed their interest to invest in the region. He told the investors that his country is managing high expectations of the people after the region gained independence from the Sudan in July 2011, adding that South Sudan seeks to mobilize up to 500 billion worth of investment in the next five years.
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