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Dubai Chamber invests AED100 million to promote awareness of investment opportunities in Africa
(2 November 2017)

 

The Dubai Chamber of Commerce and Industry has announced that it has invested AED100 million to raise awareness of trade and investment opportunities in Africa, and promote Dubai as an attractive business hub for companies on the continent.

Over the last five years, the chamber has stepped up its efforts aimed at strengthening economic ties between Dubai and Africa by opening four representative offices on the continent and organising the Global Business Forum on Africa in Dubai.

Other activities carried out by the chamber in recent years include organising frequent trade missions to African countries, conducting specialised research and studies, and developing the Africa Gateway app to expand is members' access to opportunities opening up in the fast-growing market.

Hamad Buamim, President and CEO of Dubai Chamber, explained that these efforts have given a major boost to UAE-Africa trade ties by facilitating cooperation between businesses and investors on both sides. He noted that the Global Business Forum on Africa was launched in 2013 with the intention of establishing an ideal platform to explore business potential in Africa, adding that participation in the forum has increased significantly in recent years.

He revealed that Dubai's non-oil trade with Africa has grown to exceed AED700 billion in the last five years, while 10,000 African companies have joined Dubai Chamber over the same period, bring the total number of African businesses registered with the chamber to over 17,000 today.

The Global Business Forum on Africa, organised by Dubai Chamber, is the largest event of its kind that is hosted outside of the continent, while it remains one of the most high-profile international forums dedicated to exploring investment opportunities in fast-growing African markets.

This year's forum, held under the theme, "Next Generation Africa", examined the role of young African entrepreneurs who are stimulating economic growth and building relationships and partnerships with companies around the world. In addition, sessions focused on how technology and digitalisation are reshaping African economies and meeting the demand of a growing middle class.

Held under the patronage of the Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the 4th Global Business Forum on Africa in Dubai saw the participation of four African heads of state, top-level CEOs and decision makers, government and business leaders, entrepreneurs, and industry experts from Africa and the Middle East.

The high-level forum, held on 1st and 2nd November, was a prime opportunity to showcase Dubai's position as a gateway for trade and investment into Africa, as well as the emirate's status as a preferred business hub for African companies.

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