The United Arab Emirates has accounted for 88 percent of investment from the GCC region into Sub-Sahara Africa between January 2016 and July 2021, or $1.2 billion.
This was revealed in a whitepaper issued by Dubai Chamber titled Untapped opportunity: Deeping trade and investment between sub-Sahara Africa and the GCC.
The whitepaper was released at the end of the high-level event, organised by Dubai Chamber in partnership with Expo 2020 Dubai on October 13-14 which hosted a record 550 bilateral meetings between African and UAE investors.
Over 3,000 government officials, business leaders and industry experts representing 91 countries took part in the 6th Global Business Forum (GBF) Africa in Dubai, conducted by the Economist Intelligence Unit, which featured two days of thought-provoking sessions highlighting business opportunities emerging across the continent.
Speaking on the occasion, Hamad Buamim, President and CEO of Dubai Chamber revealed that 24,800 African companies are now registered with Dubai Chamber, marking a 15.5 percent increase compared to 2019 and reflecting the forum’s growing reputation as a leading platform for establishing economic partnerships and strengthening trade relations.
“Once again, GBF Africa has demonstrated that it is the ideal platform to launch partnerships, identify investment prospects and opportunities, and enhance economic cooperation between the local business community and their counterparts on the African continent,”Hamad Buamim said. “We are confident that this meeting of influential decision-makers from both sides will give a strong impetus to bilateral ties, especially in the post-pandemic period, laying solid foundations to build on in the stages ahead.”
Fintech, healthcare, agriculture, and e-commerce were identified in the report as high-potential sectors where business leaders see revenues expanding in 2022. Around 90 percent of surveyed executives said they expect fintech to see the most growth in 2022, followed by healthcare (89 percent) and agriculture and food (87 percent),
Established in 1965, Dubai Chamber of Commerce and Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai.