Multi-billion deal with Al Mansour of Qatar cheers President Hichilema

President Hakainde Hichilema witnessed the signing of a momentous partnership between Zambia and Al Mansour Holdings of Qatar at State House, noting that such agreements unlock vast opportunities for economic cooperation and investment.

The signed agreement is worth US$19 billion and ranks among the biggest bilateral pacts in Zambia’s investment history.

Acting Minister of Foreign Affairs and International Cooperation Rodney Sikumba and Qatar’s Sheikh Mansour Bin Jabor Bin Jassim al Thani signed the joint statement that spells out the focus areas of the memorandum of understanding (MoU).

The MoU focuses on banking and finance, among other areas.

“This involves establishment of a national investment and development bank, financial sector reforms and new sovereign-backed investment vehicles,” the joint statement reads in part.

Zambia and Qatar also agreed to collaborate on aspects of housing and urban development and this will see the construction of about 1.5 million houses and smart city solutions, among other positives.

Other than that, the MoU will also involve development of agriculture and food security, development of value chains, irrigation, training centres and food processing for the exports.

At the same event, Industrial Development Corporation (IDC) and Al Mansour Holdings signed an MoU focused on transport, mining, communication and energy.

Before the signing of the MoUs, President Hichilema said what is agreed upon should be implemented.

The President said Zambia and Qatar share warm and friendly relations, which were emboldened by his visit to that country’s capital, Doha, in 2023.

From March 3 – 9, 2023, President Hichilema was in Doha, Qatar where he participated at the 5thUnited Nations (UN) conference on the Least Developed Countries (LDCs).

President Hichilema added that the signing of MoUs with a Qatari firm marks a new chapter in the two countries’ partnership.

 “These agreements unlock vast opportunities for economic cooperation and investment.

“Beyond economic collaboration, Zambia and Qatar will also work together to address global challenges, especially in the promotion of peace, stability, and security, for without peace, there can be no sustainable development,” President Hichilema said.