UAE firms have committed to invest USD 19 billion in infrastructure projects across Africa.
The investment package, which will be provided through public-private partnerships (PPPs), will assist in the funding of a variety of projects, including roads, trains, airports, ports, power plants, and water facilities, among others.
Trojan General Contracting, an Abu Dhabi-based contractor that is part of HH Sheikh Tahnoon Bin Zayed Al Nahyan's Royal United Group, has made the largest investment.
Along with Earth Capital, it is investing in railway and road projects across the area, while Essar Projects, a subsidiary of India's Essar Group located in the UAE, is investing in road, bridge, airport, and thermal power plant projects in Benin, Guinea Bissau, and Niger.
Hasan Juma Backer Trading & Contracting, based in Oman, has also announced plans to spend USD 700 million in a dry port project in Cote d'Ivoire.
GFCL founder Arun Panchariya stated, 'Rapid economic growth has made infrastructure an incredibly exciting investment opportunity across Africa, particularly in the UEMOA area.'
'The first Africa Investment Forum, held in Dubai, is the pinnacle of this relationship, and the conversations and agreements that took place a few years ago illustrate the initiative's success. UAE firms, in particular, have demonstrated a strong commitment to investing in our project package, and we look forward to continuing to work closely with them in the months ahead.'