JOHANNESBURG: The United Arab Emirates (UAE) has pledged to invest $10 billion in South Africa’s economy, including the tourism and mining sectors, the South African presidency said on Saturday.

Saudi Arabia committed a similar sum with a focus on energy during a Middle East visit by South African President Cyril Ramaphosa, who has set an ambitious target of attracting $100 billion in investment to kick-start an ailing economy. 

“The UAE announced its plans to invest $10 billion in key sectors of South Africa’s economy, such as tourism and mining among others, to support the sustainable development of the country,” the presidency said in a statement after Ramaphosa visited the federation of seven emirates on Friday.
(Reporting by Ed Stoddard; Editing by Kevin Liffey) ((Edward.Stoddard@thomsonreuters.com; +27 11 775 3160; Reuters Messaging: edward.stoddard.thomsonreuters.com@reuters.net))

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