Business | Investment
Dubai unveils $100m investment plans for Ethiopia
Dubai will invest about $100 million in several Ethiopian economic sectors beginning in October, a visiting group of financiers said.
- Reuters
- Published: 23:29 July 11, 2008
Addis Ababa: Dubai will invest about $100 million in several Ethiopian economic sectors beginning in October, a visiting group of financiers said.
Sultan Ahmad Bin Sulayem, head of the Dubai World delegation, said the Dubai government firm would invest in mining, trade, agriculture, real estate and catering.
"A team of experts from Dubai is in the process of finalising agreements with the governme-nt," he told state-run Ethio-pian television on Thursday.
Ethiopia has forecast economic growth in 2008 of 10.8 per cent, boosted by agriculture and services, but the country of 81 million people remains one of the world's poorest.
Sovereign wealth funds like Dubai World have been enriched by record oil and commodity prices, and are looking to emerging markets, as well as the richer economies, for new opportunities.
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