Africa offers untapped potential for UAE businesses
EVENT OUTLINES ROAD MAP FOR DUBAI’S PARTNERSHIP WITH THE CONTINENT
Africa offers ‘untapped potential’ for investments and that is what Dubai is intent on exploring, according to a top official.
Shaikh Hamdan Bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, yesterday attended the 6th Global Business Forum (GBF) Africa 2021 in Dubai. The conference was organised by Dubai Chamber in partnership with Expo 2020 Dubai.
Shaikh Hamdan Bin Mohammad said: “Against the backdrop of a rapidly evolving global environment, the UAE and Africa have a unique opportunity to usher in a new phase of growth in their economic relationship. The 6th Global Business Forum (GBF) provides the ideal platform for both sides to explore ways to tap fresh synergies and add new dimensions to their ties. The countries of the African continent represent some of the world’s fastest growing markets, and as a leading global commercial and trading hub, Dubai is well placed to offer them the infrastructure, connectivity and expertise required to expand their worldwide reach.”
Highlighting the global economic recovery and the road ahead for Africa, GBF Africa 2021 outlines a road map for the next stage of Dubai’s partnership with the continent and lays the foundations for a future where companies, businesses and investors can tap into the wealth of opportunities provided by the African market.
Keen to explore
“Companies from the UAE are keen to explore,” said Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry. “African markets have strategic importance to Dubai, as part of this ambitious strategy. And it’s also aligned with African countries across the continent that are looking to diversify their economies.”
The UAE accounts for 88 per cent of GCC’s $1.2 billion investment in Sub-Saharan Africa between January 2016 and July 2021, according to a whitepaper issued by The Economist Intelligence Unit (EIU) and commissioned by Dubai Chamber. A total of 25,000 African companies are now registered with Dubai Chamber.
Reem Al Hashimy, UAE Minister of State for International Cooperation and Director-General of Expo 2020 Dubai, said, “We’re not only looking at business connections, but also looking at people connections. We look at opportunities in the DRC (the Democratic Republic of the Congo), whether it’s infrastructure, digitisation, or port management and create a situation that benefits, families, communities, and enterprise.”
Oil and petrochemicals are the top GCC exports to Africa, accounting for 24 per cent and 16 per cent, respectively, between 2016-20.