Dubai's DP World, UK's CDC to Invest up to $1.7 Bln in Africa

The corporate logo of DP World is seen at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. (Reuters)
The corporate logo of DP World is seen at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. (Reuters)
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Dubai's DP World, UK's CDC to Invest up to $1.7 Bln in Africa

The corporate logo of DP World is seen at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. (Reuters)
The corporate logo of DP World is seen at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. (Reuters)

Dubai ports giant DP World and Britain's development finance agency CDC Group on Tuesday said they planned to jointly invest up to $1.72 billion in logistics infrastructure in Africa over the next several years, starting with modernizing three ports.

The investments will initially focus on expanding ports operated by DP World in Egypt's Ain Sokhna, Senegal's Dakar and Berbera in Somalia's breakaway region of Somaliland, CDC said.

State-owned DP Word has committed to investing $1 billion over the next several years, while CDC has committed $320 million and potentially investing up to a further $400 million.

The joint investments will eventually be expanded to other regions in Africa, in what DP World and CDC hope will accelerate inbound and outbound trade for the continent.

"We have an aligned vision with DP World in that we wanted to do this across the continent in as many ports as possible," CDC's Head of Africa Tenbite Ermias told Reuters.

The partnership plans to invest, along with ports, in infrastructure like container depots and business parks.

CDC will own minority stakes in the three ports, Ermias said, with DP World handing over some shares in each.

The expansion of the three ports would improve access to vital goods for 35 million people, including in neighboring countries, support 5 million jobs and add $51 billion to total trade by 2035, CDC said.

The partnership between DP World and CDC, who were both already active across Africa, is among a growing list of international and multilateral groups investing in the continent.

In July, the China-backed Asian Infrastructure Investment Bank (AIIB) approved its first project in sub-Saharan Africa, announcing a $100 million loan to Rwanda.



Morocco Receives 17.4 Million Tourists in 2024, Up 20% on 2023

FILE PHOTO: People walk outside the Cinema Museum of Ouarzazate, Morocco, October 23, 2024. REUTERS/Stelios Misinas/File Photo
FILE PHOTO: People walk outside the Cinema Museum of Ouarzazate, Morocco, October 23, 2024. REUTERS/Stelios Misinas/File Photo
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Morocco Receives 17.4 Million Tourists in 2024, Up 20% on 2023

FILE PHOTO: People walk outside the Cinema Museum of Ouarzazate, Morocco, October 23, 2024. REUTERS/Stelios Misinas/File Photo
FILE PHOTO: People walk outside the Cinema Museum of Ouarzazate, Morocco, October 23, 2024. REUTERS/Stelios Misinas/File Photo

Morocco received a record 17.4 million tourists in 2024, up 20% compared with previous year, with Moroccans living abroad accounting for nearly half the total, the tourism ministry said on Thursday.
Tourism accounts for about 7% of the North African country's gross domestic product and is a key source of jobs and foreign currency, Reuters reported.
The number of arrivals this year was two years ahead of target, the ministry said in a statement. It expects Morocco to receive 26 million tourists by 2030, when the country co-hosts the World Cup, together with Spain and Portugal.
Morocco has opened additional air routes to key tourist markets, while promoting new destinations within the country and encouraging the renovation of hotels.
From January to November, tourism revenue rose 7.2% to a record 104 billion dirhams, according to Morocco's foreign exchange regulator.