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UAE pledges $10 bln in investment, South Africa says

South Africa's President Cyril Ramaphosa reacts as he arrives to attend the Commonwealth Business Forum Banquet at the Guildhall in London, Britain, April 17, 2018. PHOTO BY REUTERS/Simon Dawson

15/07/2018

JOHANNESBURG (Reuters) - 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)