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Dubai World eyes Mauritania development

Dubai: His Excellency Sultan Ahmed Bin Sulayem, Dubai World chairman, has expressed interest in managing and developing Nouakchott port in Mauritania and has identified great potential for a freezone nearby. During a meeting with the Mauritanian President, His Excellency Sidi Mohamed Ould Cheikh Abdallahi, Bin Sulayem (pictured left) discussed investment opportunities in various sectors of the economy, including minerals, mining and power generation.

"We held very fruitful talks with His Excellency the Mauritanian President, during which he welcomed investments from Dubai World and expressed keen interest in the Dubai development model, and admiration for the vision and foresight of its leaders," said the Dubai Word chairman, who is currently touring West Africa along with a number of senior company officials to identify areas of investment.

"Our interest in Mauritania goes beyond the traditional historic trade ties, as we see plenty of potential for growth in the country's mining, and energy sectors," he added. "After touring the port, we feel that there is ample opportunity for the development of a Freezone that can help increase business for the port, which we would like to manage and develop as well."

Mauritania has extensive deposits of iron ore, which account for almost 50% of its total exports. The nation's economy is expected to grow by 4.5% this year, and to continue growing at a steady rate of 4% up to the year 2010.

During 2007, Dubai's non-oil trade with Mauritania stood at around AED157m ($42.7m), with re-exports (around $32m) accounting for a majority of this amount.  [16/04/08]

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