UAE's Global Sphere inks deal with Liechtenstein
Dubai - Global Sphere will arrange the necessary approvals from select African governments for projects to be submitted to the foundation best known for its widespread presence in the global markets.
Global Sphere, a UAE-based investment company, has signed a partnership agreement with the Liechtenstein Foundation for State Governance, under which several development projects with huge budgets in several African countries - namely Tunisia, Mauritania and South Sudan - will be carried out.
Global Sphere will arrange the necessary approvals from select African governments for projects to be submitted to the foundation best known for its widespread presence in the global markets.
The partners' focus will initially be on the establishment of a strong financial structure so as to attract financial institutions and international companies to these countries after obtaining the final approvals from the above mentioned countries.
The partnership agreement was recently signed by Prince Hans-Adam II, Ruler of the State of Liechtenstein, and Dr Abdullah Al Sayegh, chairman of Global Sphere, specialised in the financial investment sector, in the presence of representatives of a number of companies and financial institutions wishing to invest in Africa.
Al Sayegh said: "The State of Liechtenstein, which is considered one of the smallest countries in the world with an economy fully dependent on financial services, is keen to provide all the economic, political, social and educational services through programmes that include education modules with fields of knowledge in vital areas, developing infrastructure projects in terms of legislation and implementation. This is to serve the interests of emerging markets in order to develop the economy, education and raise the ratio of per capita income in these countries."
The State of Liechtenstein has developed itself in a way that mirrored its quest to join the countries that are trying to take advantage of development opportunities available in the new African markets." Dr Sayegh said the company projects are not linked to geographical extent but are linked to selected investment opportunities that the company aims to seize.