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The UAE intends to invest as much as $10 billion in South Africa’s economy, with a focus on key sectors such as tourism and mining among others, to support the sustainable development of the country.
The commitment was made during the first state visit by South African President Cyril Ramaphosa to the Middle Eastern nation, the Presidency said in an emailed statement.
The visit of Ramaphosa marked the beginning of a new chapter in the long standing relations between South Africa and the UAE, according to a joint statement issued in Abu Dhabi at the end of Rama-phosa’s visit to the UAE.
On the centennial of the birth of the late Sheikh Zayed bin Sultan Nahyan, Founder and first President of the UAE, and Nelson Mandela, former President of South Africa, the leaders of the UAE and South Africa pledged to open a new chapter in bilateral relations.
To this end, the 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, inves- tment, and cultural cooperation, the statement said.