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Tuesday, June 18, 2024

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    UAE-Kenya deal to bolster EAC regional economic growth

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    Somali Magazine – The United Arab Emirates [UAE] and Kenya have inked an investment deal that will deepen trade between East African states and the Middle East.

    Both the Dubai International Chamber collaborated with Kenya National Chamber of Commerce & Industry (KNCCI) to host an investment forum aimed at exploring new opportunities in the thriving East African market.

    While addressing the media in Nairobi ,President & CEO of Dubai Chambers Mohammad Ali Rashed Lootah outlined the UAE’s plan for the region.

    “This week’s East African roadshow comes as part of our ‘New Horizons’ initiative, which aims to boost the value of Dubai’s foreign trade to AED 2 trillion by 2026, in line with the emirate’s five-year foreign trade plan, ”says Lootah.

    He further underscored Kenya’s potential as a lucrative market for Dubai-based companies seeking expansion opportunities on the African continent.“This initiative aligns with the objectives of the Dubai Economic Agenda (D33) and our chamber’s strategic priorities, furthering the global expansion of Dubai-based enterprises.”

    Last year,UAE’s non-oil trade with Kenya reached a value of US$ 2.1 billion, representing a growth rate of 6.8% compared to 2021.

    While Kenya exported US$ 998 million worth of gold globally and more than 50 % this went to the UAE. In terms of UAE exports to Kenya, electronics accounted for over US$ 500 million in 2022, with other significant sectors including machinery, mineral fuels, vehicles, precious stones and metals, and plastics.

    The World Bank group research indicates that Kenya is one of the most vibrant and diversified economies in East Africa.

    Kenya also has a well-developed financial services sector and strong banking ecosystem, especially in the fields of mobile banking and digital payments.

    The United Arab Emirates Ambassador to Kenya Dr. Salim Ibrahim Al Naqbi, highlighted the commitment of both countries to enhancing trade and investment by eliminating trade barriers in the movement of goods and people through Kenya’s support.

    The KNCCI’s President Dr. Erick Rutto , reaffirmed the chamber’s goals aimed at strengthening ties between the two nations.

    “The MoU signed outlines a series of cooperative measures, including prospective business missions, study trips, commercial events, trade fairs, exhibitions, joint seminars, training programs, symposiums, and the exchange of business delegations,”Dr Rutto comments.

    The agreement promotes, facilitates, and develops economic and commercial cooperation between the business communities of both countries in accordance with their respective laws and regulations.

    The Business-to-Business (B2B) component of the forum facilitated matchmaking between Kenyan companies and 18 Dubai-based enterprises operating in sectors such as chemicals, construction, electricals, energy and renewables, food and beverage, hospitality and furnishing, information technology, retail, and trading. This initiative further solidified the spirit of friendly collaboration between Dubai and Kenya.

     

     

     

     

     

     

     

     

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