In 2022, the bilateral trade value was USD 2.1 billion (Sh315 billion).
Kenya's top UAE exports were electronics, machinery, automobiles, spare parts, and plastic.
Kenya's trade relations with the United Arab Emirates (UAE) have improved thanks to the signing of an agreement with the Dubai International Chamber.
The Kenyan National Chamber of Commerce and Industry (KNCCI) with the Dubai International Chamber recently signed a bilateral agreement that states that 18 Dubai-based companies will make investments in Kenya.
The two countries' trade worth is currently USD 2.1 billion (Sh315 billion), and it will likely increase greatly as a result of the agreement.
Electronics, machinery, automobiles, spare parts, and plastic were Kenya's major imports from Dubai.
Minerals, such as gold, coffee, and other perishable products, on the other hand, were exported to the UAE.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the importance of bilateral talks in creating economic alliances between the two nations' business groups during the summit in Nairobi.
Lootah emphasised Kenya's potential as a profitable market for Dubai-based corporations seeking African opportunities for growth.
He highlighted the event as a key step forward establishing mutually beneficial collaborations and exploring new potential in the burgeoning East African market.
"Starting with our conversations in Nairobi, they aim to diversify the exports of Dubai-based companies into the Kenyan market while assisting the opening of branches and offices in Africa," he told reporters.
This programme is in line with the goals of the Dubai Economic Agenda (D33) and our chamber's strategic priorities, and it will help Dubai-based organisations expand globally.
"All of us stand dedicated to offering every opportunity to enhance the competitive edge of our emirate's businesses in international markets," he said in a statement.
Erick Rutto, President of the Kenya National Chamber of Commerce, emphasised the organization's commitment to enhancing the business environment and promoting trade between Dubai and Kenya.
According to Rutto, the accord fosters, promotes, and expands financial and commercial relationships between the business industries of both countries via their unique regulations and laws.
UAE Minister Salim Ibrahim Al Naqbi, for his part, claimed the relationship will boost commerce and investment by removing obstacles to trade in the movement of goods and people alongside Kenya's help.
June Chepkemei, Managing Director of the Kenya Investment Authority (KenInvest), who also attended the event, guaranteed the Dubai business group of Kenya's commitment to encouraging investments.
"We are serve as a single point of contact that helps participants throughout every step of their investment procedure while ensuring an effortless experience," she added.
The Agreement or Memorandum of Understanding defines a number of cooperative actions, including potential business missions, educational trips, business events, trade shows, exhibitions, productive seminars, educational symposiums, and the sharing of corporate teams.
It is also expected to open up countless economic prospects on both ends.
The chemicals, constructing, electrical, energy and renewable, food and beverage, hospitality and furnishing, information technology, retail, and trading belong to the industries engaged in the agreement.