DUBAI — The United Arab Emirates intends to invest as much as $10 billion in South Africa’s economy, with a focus on tourism and mining.
The commitment was made during the first state visit by South African president Cyril Ramaphosa to UAE, the Presidency said in an emailed statement on Saturday. It matches a pledge by Saudi Arabia earlier this week when Ramaphosa visited that country too.
President Ramaphosa arrived on Friday and was received by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. President Ramaphosa also met with His Highness Lt. General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, Shaikh Tahnoun Bin Zayed Al Nahyan, National Security Adviser, Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Shaikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.
Ramaphosa is seeking to revive a flagging economy after taking over from Jacob Zuma as the nation’s leader in February and seeks to lure $100 billion in investment over the next five years. Business and investor confidence has slumped after an initial boost following Zuma’s departure as ruling-party leader in December.
The South African president also visited Nigeria this week, where he met with the nation’s leader, Muhammadu Buhari.
—Bloomberg
