(MENAFN- Dubai PR Network)
UAE is the number one GCC and the fourth largest global investor in Africa with investments totaling USD 60 billions
UAE's investments in clean & renewable energy in Africa valued at USD 4.5 billion
Abu Dhabi, 5 November 2024 :
In cooperation with Invest Africa, the Ministry of Economy organized a new edition of The Africa Debate – UAE in Dubai. Bringing together more than 400 businessmen and representatives of local, regional and global investment, finance and trade agencies and institutions, the event explored the emerging economic, trade and investment opportunities in Africa, contributing to enhancing cooperation between Asian and African markets through the UAE in sectors of common interest. The UAE hosted the latest edition of The Africa Debate after the event held its last 10 successful editions in London.
The hosting of The Africa Debate aligns with the UAE's adoption of an economic openness outlook and the strengthening of trade and investment relations with all global partners, especially the African continent, which is an economic, investment and trade destination full of sustainable partnership opportunities in the fields of energy, infrastructure, digital transformation, renewable energy, agriculture, food safety, and new economy. This will cement the UAE's position as a leading economic powerhouse that links the African continent and various global markets in line with the 'We the UAE 2031' vision.
The economic and investment cooperation between the UAE and Africa continues to grow, with the UAE currently being the number one GCC and the fourth largest global investor in Africa. The UAE's investment in Africa currently totals USD 60 billion, and the country is home to more than 21,000 African companies that operate in key economic sectors. The UAE is also a leading export destination for African markets.
The Africa Debate – UAE served as a key platform to enhance strategic cooperation at all levels between the UAE and the continent as well as drive joint efforts to activate and develop the trade and investment corridor between the two sides. This corridor includes various economic sectors, especially logistics, infrastructure, digital transformation, renewable energy, agriculture and food safety, which will benefit the interest of both parties and support their growth plans.
In detail, the forum hosted several panel discussions shedding light on opportunities available to enhance cooperation frameworks between the UAE and Africa in a range of sectors. These include financial and logistic services, supply chains, energy, infrastructure, information and communications technology and digital transformation. They called on investors and entrepreneurs to expand and invest in these vital sectors in African markets, harnessing their natural and human resources which form the axis for shaping the continent's economic future.
The sessions discussed the remarkable growth in the UAE's investments in clean and renewable energy projects in Africa, which amount to USD 4.5 billion. It forms part of the country's efforts to bridge the climate projects financing gap in the continent; optimally exploit energy resources in Africa as well as opportunities to enhance trade and investment relations between the Gulf region and Africa in this vital sector. Also addressed was the need to direct investments towards infrastructure development projects in Africa with a focus on transportation and digital communication projects.
The forum highlighted the UAE's strategic role in developing Arican ports, particularly the role of Abu Dhabi Ports Group in developing logistics and trade networks in the continent, reducing trade costs, improving market access, and creating new paths for more investments. The importance of the partnership between the British International Investment Institution and DP World, which aims to develop logistics services for African ports to enhance their connectivity with global markets, was also highlighted. Furthermore, participants examined ways to enhance the partnership between the UAE, the United Kingdom, and Africa in developing digital trade, emerging trends with investment priority in African markets, in addition to the means to encourage them to adopt digital solutions and integrate the latest technologies in key economic sectors.
The participants of the forum emphasized the vital role of agricultural technology in enhancing food security, within the framework of the UAE-Africa trade corridor. In addition, the sessions reviewed the UAE's experience in transitioning from a major food importer to a major player in the global economy and supply chains. Besides, it underlined the importance of sustainable financing strategies in supporting trade relations between the UAE and Africa, which enhances the positive impact of the UAE's role in providing sustainable financing solutions for investments in Africa.
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