Dubai’s ongoing efforts to enhance its position as a gateway to African markets have played a crucial role in building new bridges of economic cooperation.
The UAE is one of Africa’s top sources of foreign investment and the country is supporting the continent’s economic development in a big way by funding infrastructure projects and filling market gaps in fast-growing sectors of Africa’s economy, from transportation to power generation and telecommunications.
The emirate’s trade and investment relationship with Africa has gone from strength to strength in recent years as more African companies have entered the UAE, while many UAE firms have extended their presence across the continent.
The launch of the African Continental Free Trade Area (AfCFTA) will likely open up African economies further and boost UAE-African trade and investment flows.
At a time of growing challenges for free trade, we see this as a positive development that can potentially lead to a new era of economic cooperation and integration.
Realising this market need, Dubai Chamber has introduced a brand new element to the GBF platform with the launch of the GBF Mentorship Programme.
It has become clear that entrepreneurs alone cannot revitalise Africa as they require the support of large businesses and the public sector.
Retail, real estate, tourism, logistics and financial services are among the key economic sectors where UAE companies are entering the African market.
UAE-Africa ties are rapidly expanding, supported by several important developments such as improved connectivity and business confidence, economic reforms and regional integration.