The United Arab Emirates has announced its plans to make a $10bn investment into key sectors of the South African economy.
The commitment came as a result of President Cyril Ramaphosa’s first state visit to the Middle East, and has further established the strong relationship between the two nations.
In a statement released on Saturday, The Presidency said the investment “reaffirmed their deep commitment to further consolidate their strong bilateral relations across a variety of fields, including trade, transport, infrastructure development, tourism, mining, investment, and cultural cooperation.”
The investment marks a step towards President Ramaphosa’s goal of securing $100bn in investment over the next five years.
This announcement follows the signing of a $1bn investment with Saudi Arabian renewable energy developer, ACWA Power on Thursday.