South Africa Taps Gulf Know-How for $9.5 Billion Property Plan. Middle East sovereign wealth funds, backed by trillions of dollars in assets, have advised South Africa to create a fundraising vehicle as part of a plan for a new state firm that will manage its 155 billion-rand property portfolio.

Authorities in Africa’s biggest economy recently held discussions with Johannesburg’s stock exchange about how to set up a development fund, after taking advice from sovereign wealth funds in the Gulf, Public Works and Infrastructure Minister Dean Macpherson said in a Bloomberg TV interview. President Cyril Ramaphosa first announced the establishment of the South African National Property Company in February.

South Africa has courted Gulf wealth funds to help fund development. The nation needs about 1.6 trillion rand in public-sector investment to meet infrastructure targets by 2030. Officials are focused on boosting construction to revive the economy and restore public finances.

“We know that government cannot fund the entire infrastructure pipeline itself,” Macpherson said from Dubai, where he is due to meet investors. “External funding is going to be important and we know that there’s a big appetite within the Middle East to do that.” South Africa remains committed to opening an infrastructure office in the Middle East, likely in Dubai.