United Arab Emirates were biggest investor in Mozambique in 2012

19 March 2013

In 2012 companies from the United Arab Emirate were those to invest the most in Mozambique, with 20 projects approved to the value of US$309.14 million, the director for the Mozambican Centre for Investment Promotion (CPI) said in Dubai.

As part of a visit to the UAE by the Mozambican President, Lourenço Sambo also said that this was the first year in which this had happened, given that in 2011 the UAE were ranked seventh on the investor list after investing less than US$30 million that year.

In 2011 the list was headed by china, followed by South Africa, Portugal, Mauritius, the United States of America, and the United Kingdom.

According to Mozambican news agency AIM, Sambo also said that the 20 investment projects were spread across the industrial, tourism and hotel, transport and communications, and construction and services sectors.

Most of the investments – US$196.5 million – was for the CLIN-Linhas Ferroviárias project, which involves construction of a railway between Moatzie, in the coal-rich province of Tete, and the port of Nacala, passing through Malawi.

Sambo noted that, although the project was the responsibility of Brazilian mining group Vale, the funding is from the UAE, a country that is fast becoming the main financial centre of the Arab world, overtaking Saudi Arabia, which until recently was the financial hub for this group of nations. (macauhub)