DUBAI // The vice president of South Sudan has hailed investment talks with the UAE this week as productive as his country looks to become Africa's newest economic centre.
Dr Riek Machar met the Minister of State for Foreign Affairs, Dr Anwar Gargash, on Wednesday with a view to sealing several investment deals for his country, which was formed in July 2011.
Dr Machar also met high-level officials in Abu Dhabi and Dubai, and hopes to gain premises in Abu Dhabi for an embassy and in Dubai for a consulate.
South Sudan wants the UAE to fund several development projects, including an airport for its new capital and a hospital, both of which UAE companies would operate for up to 25 years.
The planned city of Ramciel will replace Juba, the economic centre of the country, as the capital after the South Sudanese government approved the move in December last year.
Dr Machar expects it will take five years to complete the airport, which will become a major centre in Africa, opening the routes for trade and economic exchange through major airlines such as Emirates, Etihad Airways, Lufthansa and British Airways.
The airport will enable South Sudan to become economically independent, he said.
"The airport will be in a city called Tali, which is next to the new capital in Ramciel, which is 350 kilometres from Juba," he said.
"We're landlocked and our access to the rest of the world is through the skies, so we want to make a mark and have a continental airport that is used by big airliners.
"Since we are at the centre of Africa, they can originate flights from that airport to Latin America, America, Europe and be connected to Africa."
South Sudan also wants the UAE to invest in plans to build an 800-bed hospital and several schools, while setting up a South Sudan Investment Forum is also on the agenda.
When built, the hospital will be named the John Garang Memorial Hospital, said Dr Machar.
He said he hoped the largest UAE investment in South Sudan could be put back on track, after a wildlife project stalled because of instability in the central African country.
Started in 2009, the project by Al Ain National Wildlife, operators of Al Ain Zoo, will involve building luxury hotels and tented resort camps in Boma National Park in Jonglei state, near the Ethiopian border.
The area is known for its wildlife and grasslands, and is twice the size of Qatar at more than 2.2 million hectares.
"The issues with Sudan delayed the investment project work from the UAE," Dr Machar said. "Despite the fact that it is located near Pibor, in a very safe and serene region.
When complete, the wildlife conservation and tourism park will have an airport to serve its clients.
Dr Machar also met officials from Al Dahra Agriculture and DP World to discuss investments.
"During a meeting with the chairman of Dubai World, Mr [Sultan] bin Sulayem, we discussed opportunities for them to set up dry ports in our various borders," he said.
The dry ports would be at the 10 border crossings with the country's northern neighbour, Sudan, and in crossings with its five other neighbours.
"We would like to utilise Dubai World's expertise to regulate the borders and develop infrastructure to be able to implement Customs regulations," Dr Machar added.
The country has grand ideas and is keen to entice foreign investment.
"Despite our economy being affected during the period of instability with Sudan, our currency remains strong. US$1 (Dh3.67) now is at 3.96 South Sudanese pounds," Dr Machar said.
"We welcome investments and are a free-market economy, therefore we can address any concerns coming from any of our partners."
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
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Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
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Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
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.
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
