Zambia Signs US$2.4 Billion in Agreements With the UAE

President Hakainde Hichilema has secured six agreements with the United Arab Emirates, worth a combined US$2.4 billion, in a major push for investment under the Grow Zambia Agenda.

The agreements were signed yesterday at the Zambia–UAE Business Forum in Abu Dhabi. The visit is the President's first foreign trip since the 13 August general election.

Among them is a memorandum of understanding with DIHAD Sustainable Project Management to develop a Medical City on 100 hectares near Kenneth Kaunda International Airport in Lusaka. The project aims to make Zambia a regional hub for healthcare. A second agreement, between Sekute International Free Zone Limited and Guidry Ports Services, covers logistics and port services. The rest span technology, biotechnology and other sectors.

President Hichilema also held talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan at the Presidential Palace, on strengthening ties and expanding economic cooperation.

"The UAE is a strategic partner for Zambia and never more so than now, as we implement the Grow Zambia Agenda," he said.

The President said the deals would help move the economy from stabilisation to faster growth, more jobs and more private investment.

He pointed to energy as a major opportunity. Producing three million tonnes of copper a year will need around 8,000 megawatts of electricity for mining alone. Recent reforms have opened the sector to independent power producers and private investment, backed by power purchase agreements of 20 to 25 years.

"Our goal is to double the size of our economy," the President said. "Partnerships like the ones signed today are how we get there."