AN investment deal between the United Arab Emirates and Nelson Mandela Bay in the local property development industry is to be concluded soon, following an invitation by black business to UAE ambassador Ismail Obaid Yousef al-Ali to address its four-day conference in Port Elizabeth this week.

Yousef al-Ali is expected to outline what his country‘s investment deal with the Mandela Bay municipality would entail during his address at the National African Federated Chamber of Commerce (Nafcoc) conference that starts today.

In a media briefing at the City Hall yesterday the UAE ambassador in South Africa gave a hint about a huge investment in the property industry (including tourism) once the deal has been formalised.

Acting mayor Bicks Ndoni confirmed that such an investment involving millions of rands was “in the pipeline”.

“We are still discussing the areas of co-operation with the country, which includes tourism and skills development.”

He said the council would this week meet with Yousef al-Ali to arrange for a trip, which will include business leaders from the two chambers of commerce, to the UAE where a formal deal would be concluded.

“It will happen very soon and we are treating it with urgency,” Ndoni said.

Yousef al-Ali has also urged the Eastern Cape and the municipality to vigorously develop their tourism industry to attract tourists from the UAE to expose them to many investment opportunities in the city. “The UAE is attractive for investment, has political stability, has clean environment, no bureaucracy, no corruption and has legislation that protects business and investment.”

He said he hoped the municipality would promote itself more vigorously to create this kind of environment for itself.

Nafcoc president Kutloano Headbush said the purpose of the conference was to welcome the UAE ambassador to the city to interact with business and council as a way of strengthening relationships between the city and UAE.

He said the issue of business unity between Nafcoc and the PE Regional Chamber of Commerce and Industry (Percci) in Nelson Mandela Bay would feature prominently during the conference.

“We will be taking a resolution on that issue as well,” he said.