Sudan to Develop Red Sea Port in $6-Bln Initial Pact with Emirati Group 

Sudan signed a preliminary agreement with a group led by the UAE's AD Ports Group and Invictus Investment to build and operate the Abu Amama port and economic zone on the Red Sea with a $6-billion investment. (WAM)
Sudan signed a preliminary agreement with a group led by the UAE's AD Ports Group and Invictus Investment to build and operate the Abu Amama port and economic zone on the Red Sea with a $6-billion investment. (WAM)
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Sudan to Develop Red Sea Port in $6-Bln Initial Pact with Emirati Group 

Sudan signed a preliminary agreement with a group led by the UAE's AD Ports Group and Invictus Investment to build and operate the Abu Amama port and economic zone on the Red Sea with a $6-billion investment. (WAM)
Sudan signed a preliminary agreement with a group led by the UAE's AD Ports Group and Invictus Investment to build and operate the Abu Amama port and economic zone on the Red Sea with a $6-billion investment. (WAM)

Sudan on Tuesday signed a preliminary agreement with a group led by the UAE's AD Ports Group and Invictus Investment to build and operate the Abu Amama port and economic zone on the Red Sea with a $6-billion investment. 

The project, located about 200 km (124 miles) north of Port Sudan, would include an economic zone, an airport and an agricultural zone of 400,000 feddans (415,000 acres). 

A 450-km-long (280 mile) road will connect Abu Amama port with the agricultural area of Abu Hamad in Sudan's River Nile State, the two sides said at the signing ceremony held in the Sudanese capital, Khartoum. 

Invictus Investment is headed by Osama Daoud Abdellatif, the chairman of Sudanese conglomerate DAL, who had previously described the port as a joint project between DAL group and AD Ports. AD Ports is owned by Abu Dhabi's holding company ADQ. 

Abdellatif had said the port would be able to handle all kinds of commodities and would compete with the country's main national port, Port Sudan, which has suffered recently from stoppages linked to the country's political turmoil. 

Sudan's Finance Minister Jibril Ibrahim said the country would be entitled to 35% of the net profits from the $6 billion Abu Amama venture. 

The deal was signed just over a week after Sudan's military and civilian political parties signed a framework agreement aimed at forming a civilian government and launching a new political transition after an October 2021 coup. 



Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
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Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)

Fitch Ratings affirmed on Friday Saudi Arabia’s credit rating at "A+" with a Stable Outlook, according to a recent report.

The agency stated that the rating reflects the strength of the Kingdom’s financial position. It noted that Saudi Arabia’s debt-to-GDP ratio and sovereign net foreign assets are significantly stronger than the "A" and "AA" rating category medians.

It also highlighted that the Kingdom holds substantial financial reserves in the form of deposits and other public sector assets.

Fitch expects sovereign net foreign assets to remain a core credit strength, reaching 35.3% of gross domestic product (GDP) in 2027 - a high ratio compared to the "A" median of 3.1% of GDP.

The agency also highlighted the Kingdom’s ongoing fiscal reforms, which aim to enhance the public budget's resilience to oil price fluctuations. These reforms, along with the continued improvement in non-oil revenues, are seen as supportive of Saudi Arabia’s credit profile.