Page 496 - MOE ENGLISH PR REPORT - JULY 2024
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7/16/24, 3:44 PM       Thani Al Zeyoudi, Cote d'Ivoire Prime Minister inaugurate UAE-backed cashew processing factory in West African nation
           processing factory in the West African country, signaling an important milestone in

           the two nations' economic relations.




           The state-of-the-art facility, which is located in the northern city of Boundiali, is

           owned and operated by Pan African Agro Commodities Holding Limited (PAACH),

           an entity incorporated in the Abu Dhabi Global Market (ADGM) that seeks to

           promote West Africa's domestic agriculture sector and support the development of

           its key exports.

           Cote d'Ivoire is one of the top five exporters of cashews globally, with around 80

           percent of its annual production sold to overseas markets. Cashews are also Cote

           d'Ivoire's second-most important export product, contributing 9 percent to the

           nation's GDP. With a daily processing capacity of 100 metric tonnes, the facility is

           expected to create 500 direct and 3,500 indirect jobs and enhance the country's role

           in global supply chains.

           In remarks delivered at the launch ceremony, Al Zeyoudi said the facility is an

           embodiment of the UAE's commitment to West Africa and expressed his optimism

           for the future of relations between the UAE and Cote d'Ivoire. "The opening of this

           impressive cashew-processing factory underlines the UAE's belief in the economic

           potential of Cote d'Ivoire, and offers a compelling model for further investments

           into the region as a whole. This is one of the most dynamic economies on the

           continent, one that is adopting bold economic policies and ambitious reforms

           designed to deliver sustained, diversified growth. We envision huge potential for

           private-sector collaboration between our nations as we support the development of

           Cote d'Ivoire's industrial, agricultural and supply chain capabilities. My visit this

           week marks an important step in strengthening the economic partnership between

           our two countries, which I look forward to building on in the years ahead."

           In his remarks at the inauguration, Abdul Jabbar Al Sayegh, Chairman of the Board

           of Directors of Pan African Agro Commodities Holding Limited, stressed that Cote

           d'Ivoire is a country rich in potential. "This factory not only represents a major

           investment in the Cote d'Ivoire market, it is also testament to the strength of the



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