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Ramaphosa to return to SA after securing $20bn investment from Mideast

The United Arab Emirates has decided to match Saudi Arabia’s commitment to invest $10 billion in South Africa.

President Cyril Ramaphosa talking to His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. Picture: @PresidencyZA/Twitter.

ABU DHABI - President Cyril Ramaphosa returns home to South Africa on Saturday after securing $20 billion worth of new investment for the country from the Middle East.

The president went on a three-day, three country tour which included visits to Abuja, Jeddah and culminated in Abu Dhabi.

After meeting with the Crown Prince of Abu Dhabi Mohammed Bin Nahyan at the Royal Palace, Ramaphosa addressed a business forum from both countries.

The United Arab Emirates (UAE) has decided to match Saudi Arabia’s commitment to invest $10 billion in South Africa.

This comes as Ramaphosa went on a state visit to the two countries.

Ramaphosa, on Friday, confirmed that the UAE agreed to invest the equivalent of an R133 billion in the short term, with further investments pending.

“Our drive to get investment has been given a huge boost by our visit to the UAE and we’re greatly, greatly thankful.”

Ramaphosa lauded this commitment as his goal of attracting a $100 billion of investment in South Africa in the next five years moves closer.

He says the areas of investment from the UAE will still be ironed out.

(Edited by Zamangwane Shange)