UAE firm plans to invest $500m in Tanzania

 

A United Arab Emirate (UAE)-based company- GSG Energies is poised to invest $500 million in Tanzania, focusing on transport, mining, manufacturing, and petroleum product distribution.

This substantial investment is projected to generate over 3,000 jobs over the next five years.

 In recent years, both governments have emphasized strengthening bilateral ties, with Tanzania seeking more foreign direct investment (FDI) from the UAE to support its industrialization and economic diversification goals.

Also, efforts are being made to increase Tanzanian exports to the UAE, including enhancing the production of agricultural goods, value-added products, and minerals. 

Tanzania is also looking to benefit from the UAE's logistical and transport hub status to access broader markets in the Middle East and Asia.

(Source: IPP Media)