The Arab Importer and Exporter Union, is planning to invest over $1.5bn into Sudan in various services, commercial and economic, the Union announced Saturday night.
Two Memoranda of Understandings (MoU) are expected to be signed between the Union and the Sudanese Free Zones & Markets in the coming days.
MoUs worth $500m to setup factories, one for household appliances and another one for manufacturing gas cylinders, are to be signed within the coming few days. They will be signed in the presence of Mosaad Rashed, General Secretariat of the Union.
Another MoU with the Egyptian Mills Company is expected to be signed, entailing the supply of a part of Sudan’s wheat needs by following the commodity exchange system.
Other MoU’s for developing Sudanese wheat mills will be signed, alongside another MoU with a Chinese company for the collection and production of solar energy through solar modules.
The Arab Importer and Exporter Union was established in December 2005, to develop and coordinate the work areas of its members and develop closer ties between them through economic and social growth.
Amongst the members of the Union are Egypt, Lebanon, Sudan, Qatar, the UAE, Saudi Arabia, Yemen, Oman and other Arab countries.
In February 2015, a MoU between the Union and the Egyptian Ministry of Local Development was activated. The MoU’s aim was to market craft products that were produced by workshops in various Egyptian governorates, and to raise the qualities of the products in order to match international quality standards.
Through cooperation between the Union and the ministry, craft products are to be sold locally and exported internationally, which is what the ministry had announced at the time.