Sudanese Prime Minister Abdalla Hamdok sought to market his impoverished country to European business leaders as an attractive investment destination on Tuesday, a day after Khartoum cleared a final hurdle to receiving broader relief on its $50 billion foreign debt.
We are in a much better position now to implement these plans
“We have often said that Sudan is a rich nation that has no need for grants. What it really needs is investment that will create jobs for our youth,” Mr Hamdok told European investors in a meeting in Paris on Tuesday.
“We need to see genuine investments coming to our country and working with us.”
Mr Hamdok, a career UN economist who became prime minister in 2019, echoed the same appeal in a separate meeting in Paris with French investors on Tuesday.
“We are talking about serious plans ... we are in a much better position now to implement these plans,” he said.
Sudan has a diverse and rich variety of natural resources, from farmlands to gold mines, and potential tourist attractions such as ancient archaeological sites and diving spots in pristine Red Sea waters.
It has perhaps Africa's largest agricultural potential and Sudanese officials displayed projects in Paris worth billions of dollars in energy, mining, infrastructure and farming.
Sudan has been in and out of economic crises since it gained independence in 1956, with the cycle of military rule, dysfunctional elected governments and civil wars constantly feeding instability and hampering efforts to reform the economy.
Widespread corruption under the 29-year rule of former dictator Omar Al Bashir devastated the economy, which could not recover from the loss of most of the country's oil wealth when the southern region seceded in 2011 at the end of two decades of civil war.
The loss of the oilfields led to Sudan's worst economic crisis, which was the chief cause of a 2018-2019 popular uprising that paved the way for the military to remove Al Bashir in April 2019.
At least 100 people were killed during a short but bloody popular protest movement that ousted the military government.
But the economic woes – faltering currency, shortages of basic goods, 300 per cent inflation and a fall in productivity owing to the coronavirus pandemic – endure to this day despite moves to reform the economy, such as devaluing the currency and removing state subsidies on fuel.
Political instability is also an issue.
Troops shot dead two protesters last week and injured at least 16 in Khartoum. On Monday night, the country's chief prosecutor stepped down and the head of the judiciary was fired. No official explanation was given for either decision.
Debt relief
But there were some encouraging signs this week in Paris, where French President Emmanuel Macron hosted an international conference to help Sudan through its post-Al Bashir period.
Mr Macron started the meeting by declaring his intention to cancel the $5bn debt owed by Sudan.
France also confirmed it would facilitate clearing Sudan's arrears to the International Monetary Fund through a $1.5bn loan covered by pledges made by member states, removing the final hurdle before Sudan can gain relief for its foreign debt.
Sudan has already cleared its arrears to the World Bank and the African Development Bank with loans from western donors.
With debts to multilateral lenders settled, Sudan can move forward and settle its estimated $38bnn bills to bilateral creditors. An additional $6bn of its external debt is commercial in nature.
Sudan's Ministry of Foreign Affairs said in a tweet that Italy and Germany committed to clearing their share of Sudan's debt, which total $1.8bn, according to IMF estimates.
Norway said it would cancel the $100 million owed to them.
Kuwait, Sudan's largest creditor at $9.8bn, said it would support debt-resolution discussions, while Saudi Arabia, another major creditor, said it would press strongly for a broad agreement on debt.
COMPANY%20PROFILE
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
A%20QUIET%20PLACE
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Killing of Qassem Suleimani
Mubadala World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
25%20Days%20to%20Aden
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Opening day UAE Premiership fixtures, Friday, September 22:
- Dubai Sports City Eagles v Dubai Exiles
- Dubai Hurricanes v Abu Dhabi Saracens
- Jebel Ali Dragons v Abu Dhabi Harlequins
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
More from Neighbourhood Watch:
Global state-owned investor ranking by size
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China
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Norway
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Canada
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Company%C2%A0profile
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Company%C2%A0profile
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
HOW TO WATCH
Facebook: TheNationalNews
Twitter: @thenationalnews
Instagram: @thenationalnews.com
TikTok: @thenationalnews
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More on animal trafficking
UAE currency: the story behind the money in your pockets
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Naga
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All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The%20specs
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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