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UAE to build Red Sea port in Sudan in $6 billion investment package – Financial Post

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CAIRO — The United Arab Emirates will build a new Red Sea port in Sudan, as part of a $6 billion investment package, said DAL group chairman Osama Daoud Abdellatif, a partner in the deal which marks the first major foreign investment since the military took power in an October coup.

Abdellatif said the package includes a free trade zone, a large agricultural project and an imminent $300 million deposit to Sudan’s central bank.

Western donors suspended billions in aid and investment to Sudan after the coup, plunging an economy that was already struggling into further turmoil and depriving the government of much needed foreign currency.

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Ibrahim told Reuters on Wednesday that a memorandum of understanding had been signed with the UAE for a port and agricultural project, but the details have not previously been reported.

The finance ministry did not immediately respond to a request for comment on details of the deal.

The $4 billion port, a joint project between DAL group and Abu Dhabi Ports, owned by Abu Dhabi’s holding company ADQ, would be able to handle all kinds of commodities and compete with the country’s main national port, Port Sudan, Abdellatif said.

Located about 200 km (124 miles) north of Port Sudan, it would also include a free trade and industrial zone modeled after Dubai’s Jebel Ali, as well as a small international airport, he said. The project is in “advanced stages,” with studies and designs complete, he said.

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Rumors of Gulf investments in Port Sudan, and in agricultural projects elsewhere in the country, have in the past stirred opposition and sometimes protests.

Port Sudan has long been plagued with infrastructure challenges and was shut by a political blockade for six weeks late last year, losing business from major international shippers.

The UAE deal also includes the $1.6 billion expansion and development of an agricultural project by Abu Dhabi conglomerate IHC and DAL Agriculture in the town of Abu Hamad in northern Sudan, Abdellatif said.

Alfalfa, wheat, cotton, sesame, and other crops would be grown and processed on the 400,000 acres of leased land, he said. A $450 million, 500 km (310 mile) toll road connecting the project to the port would be built as well, financed by the Abu Dhabi Fund for Development.

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Under the agreement, the Fund would also make a deposit of $300 million to the Central Bank of Sudan, Abdellatif said.

After the military ousted Omar al-Bashir in 2019, the UAE and Saudi Arabia pledged a combined $3 billion in grants and in-kind aid to Sudan, which military and civilian leaders say was not delivered in full.

Two high-level Sudanese government sources told Reuters the outlines of the new deal had been agreed between Sudanese leader General Abdelfattah al-Burhan and UAE President Sheikh Mohamed bin Zayed during a recent visit to the Gulf state.

A representative for Abu Dhabi Ports said the company had no comment, while representatives for ADQ, the Abu Dhabi Fund, IHC, and the Abu Dhabi and UAE governments did not immediately respond to requests.

“Ourselves and our partners in the UAE, we have already invested in a bank, a hotel, mining,” said Abdellatif, whose conglomerate has also bid for control of one of Sudan’s largest telecom companies, Zain Sudan.

“The UAE wants a stable Sudan so they can do more and more of these investments, but we are not waiting for everything to be perfect,” he added. (Reporting by Nafisa Eltahir and Khalid Abdelaziz; Additional reporting by Yousef Saba in Dubai, Editing by Aidan Lewis, William Maclean)

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Island's largest investment in affordable housing taking shape in Saanich | BC Gov News – BC Gov News

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Ahmed Hussen, federal Minister of Housing and Diversity and Inclusion –

“Everyone deserves a safe place to call home. Our government remains committed to working with our partners to ensure our seniors have access to housing that meets their needs. Today’s announcement is another important step in the right direction and will go a long way to support families in Saanich. This is the National Housing Strategy at work.” 

Parm Bains, Member of Parliament for Steveston–Richmond East –

“This investment from the National Housing Co-investment Fund is improving the economic and social well-being of the individuals, seniors and families who will soon call Nigel House their home and will make Saanich a better place to live. When people have a secure and stable home, they gain the confidence they need to succeed and fulfill their potential.”

Fred Haynes, mayor, District of Saanich

“It’s amazing what can happen when multiple stakeholders, including our local community associations, take a collaborative and proactive approach to challenges like housing. This project caters to a wide range of housing needs in Saanich and I look forward to seeing how it will enhance our community over the years to come.”

Derrick Bernardo, president and CEO, Broadmead Care –

“Broadmead Care has had a dream for years to build a new Nigel House. We are excited to see housing, health and social services coming together to make this dream a reality and more. The new Nigel House will be part of a beautiful community campus of care with a focus on aging in place, research and innovation.”

Geoffrey Ewert, CEO, Garth Homer Society –

“The Nigel Valley Project is a remarkable collaborative effort with the goal of meeting the needs of our diverse community. What we are creating is more than just housing – we are creating an inclusive community where people from all walks of life feel a true sense of belonging and have a place that feels like home.”

Bruce Homer, board chair, Garth Homer Foundation –

“The Nigel Valley project amplifies what can be achieved when stakeholders collaborate for the good of the community as a whole. Garth Homer is proud to be a part of this transformative initiative.”

Virginia Holden, executive director, Greater Victoria Housing Society –

“Greater Victoria Housing Society is really thrilled that we can increase the amount of affordable rental homes available in Saanich. We are very grateful to be a part of this strong partnership with the Province and other community non-profit organizations that will result in a transformation of this neighbourhood, and create a community where everyone feels at home.”

Chris Forester, executive director, Island Community Mental Health (ICMH) –

“Providing housing and recovery-oriented supports to people living with mental health challenges is at the heart of our work. ICMH is proud to partner in bringing 800 homes and the creation of an inclusive community to the Nigel Valley to serve so many of those in need.”

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Indigenous-led Winnipeg organizations' $620M investment plan proposes new hospital, housing – CBC.ca

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A hospital for Indigenous people and hundreds of new housing units are among the spending priorities laid out in an investment plan released Wednesday by a coalition of Indigenous-led organizations in Winnipeg.

The Winnipeg Indigenous Executive Circle — a coalition of 32 member organizations that work to support Winnipeg’s Indigenous population — is proposing a 10-year, $620-million spending plan, which it believes will make Winnipeg a better, healthier place for its communities.

“It’s essentially just laying out … in dollar terms, where we need help and where we see funding gaps that we need to actually hit these objectives,” co-chair Kendall Joiner said at at the Neeginan Centre on Higgins Avenue, where the plan was unveiled on Wednesday.

Spending proposals are broken down into four priority areas: health and well-being, housing and homelessness prevention, supports for families, and employment and education. 

One of the big-ticket items in the plan is a hospital specifically serving Indigenous people, estimated to cost $65 million.

The plan also calls for a commitment to build hundreds of new housing units, including supportive housing and units with rent geared to income, expected to cost at least $347 million.

Other priorities include $1 million for cultural programming through the Winnipeg Indigenous Friendship Centre and $1.2 million for the creation of Indigenous research institutes.

Leaders of the Winnipeg Indigenous Executive Circle —  whose membership includes organizations like Ma Mawi Wi Chi Itata Centre, End Homelessness Winnipeg and the Eagle Urban Transition Centre — say the goals in the plan would promote and elevate the work Indigenous-led groups are already doing.

“We’re a community that’s always been told, ‘this is what you need to do to move forward,'” said Crystal Laborero, chief executive officer of the coalition group.

“I think we’re in a day and a time that we are now realizing that … we have a lot of leaders in the community that are looking to make change for the urban Indigenous community and we have the solutions. We’re the experts in our field, so we feel that we can do this.”

The coalition says the plan shows governments and donors exactly what it would take to make Winnipeg a more welcoming and safer place for people who are First Nations, Métis and Inuit.

Success will be measured not by dollar value, but by how willing governments are to come to the table as equals, and how willing they are to understand that the Indigenous-led groups that make up the coalition know exactly what their communities need, the Winnipeg Indigenous Executive Circle said.

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Credit Suisse Nabs Truist's Wolfgram for Tech Investment Banking – BNN

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(Bloomberg) — Credit Suisse Group AG hired Rick Wolfgram as a managing director within its technology investment-banking group.

Wolfgram, who’s based in San Francisco, will report to Brian Gudofsky, the Swiss lender’s global head of technology investment banking, according to a memo to staff seen by Bloomberg News. A spokesman confirmed the memo’s contents, declining to comment further. 

Wolfgram was most recently a managing director at Truist Financial Corp., where he led internet and digital media investment banking. He’s worked on transactions including initial public offerings for Coursera Inc., DoubleVerify Holdings Inc., NerdWallet Inc., Udemy Inc. and Snap Inc., as well as a high-yield offering for Cars.com Inc., Gudofsky said in his memo. Wolfgram joined Truist in 2012 after working at ThinkEquity. 

Earlier this month, David Miller, Credit Suisse’s global head of investment banking and capital markets, said the Zurich-based firm plans to hire roughly 40 managing directors as part of its broader effort to rebuild. 

©2022 Bloomberg L.P.

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