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Shunned by the West, Zimbabwe's UAE gamble hands economy a lifeline
The wealthy Gulf state has plowed US$1.4 billion into everything from gold trading to real estate
Author of the article:
Bloomberg News
Ray Ndlovu and Abeer Abu Omar
Published Feb 05, 2025 • Last updated 11 hours ago • 3 minute read
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Zimbabwean President Emmerson Mnangagwa’s six years of wooing the United Arab Emirates has given a lifeline to a nation that the West has ostracized for a quarter century and is unable to repay its loans to China.
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The wealthy Gulf state has overtaken China to become the resource-rich nation’s biggest export partner and since 2022 has plowed US$1.4 billion into everything from gold trading to real estate.
The steps are part of a wider effort by the UAE to build influence across Africa that’s seen it become the country that routinely pledges the most foreign direct investment into the continent.
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