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UAE is the second largest investor in Sudan - Study
posted on 28/08/2008
The economic relations between Sudan and UAE witnessed accelerated development during the last five years, UAE becoming the second largest investor in Sudan after China with a total investment of about USD7 billion. The bilateral trade between the two countries also grew annually by more than 30 pc, a study by Dubai Chamber of Commerce and Industry (DCCI) showed.
Sudan's economy is booming on the back of the increase in oil production, high oil prices, and large inflows of foreign direct investment. Real GDP growth registered more than 10pc per since 2006. The country continues to take steps toward liberalization, the study carried by the third Economic Bulletin of DCCI said.
According to the country ranking list published by the International Monitory Fund (IMF), UAE ranks in the 37th place with nominal GDP of about $192 billion, while Sudan is ranked in the 65th place. In 2007, Sudan real GDP grew by 12.8pc indicating the large expansion of the economy.
Although the UAE economy is larger than that of Sudan in terms of GDP, but the GDP growth rate of Sudan is faster than that of UAE (12.8pc and 8.5pc respectively). On the other hand, the UAE per capita GDP of $49.9 thousand exceeds that of Sudan which was estimated at $2.5 thousand. The industrial and the services sectors are the major drivers of the economy of the two countries. Both sectors occupy the lead share of their respective GDPs. However, agriculture has an equivalent share in the economy of Sudan (31.5pc). Contrary to that, the agricultural sector accounted for only 2 pc in the UAE GDP, according to the study.
In 2006, Dubai trade with Sudan, not including the free zones, accounted for more than 90pc of the UAE total trade with Sudan. Therefore, Dubai trade with Sudan in the year 2007 inclusive of free zones is used to represent the recent UAE trade with Sudan.
Trade between Dubai and Sudan flourished during the recent years. In 2007, Dubai non-oil foreign trade with Sudan totalled Dh3.1 billion, out of which, 78pc were re/exports and 22pc were imports. During the period 2002-2007, Dubai imports from Sudan increased by cumulative annual growth rate (CAGR) of 50pc, while on the other hand, Dubai re/exports to Sudan increased by CAGR of 29pc (figure 1). In 2007, Dubai imports from Sudan increased by 66pc.
In 2007, Dubai imports of pearls, precious or semi-precious stones, precious metals from Sudan accounted for more than 88pc of the total imports followed by the mineral fuels, mineral oils, bituminous substances, mineral water, which accounted for 9pc. The less imported products are oil seeds, oleaginous fruit, industrial or medicinal plants (0.8pc) and aluminium and articles thereof (0.4pc).
Dubai re-exports to Sudan are dominated by the nuclear reactors, boilers, machinery , parts thereof that accounted for 21pc of the total exports/re-exports followed by electrical machinery and equipment and parts thereof (15pc), vehicles other than railway or tramway rolling-stock (12pc) and plastics and articles thereof (4pc).
The diversification of Sudan economy has opened the door for variety of investment opportunities in different fields such as agriculture, manufacturing and services.
Agricultural sector is one of the Sudan's strongest sectors. As the availability of cultivated land and natural irrigation systems provide an extra opportunity for investments in the agricultural sector. This is an opportunity that the UAE can look at, in terms of direct investment on food products, food processing and manufacturing and direct trade. This will assist UAE to ensure the availability of food stocks and achieve their strategy of food security, said the study. – Emirates News Agency, WAM
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