African market creating tremendous business opportunities for Dubai
The evolving technology and changing political landscape has boosted the confidence of Africa to achieve economic growth with the world. Be it reformist Ethiopias Prime Minister Abiy Ahmed who won the Nobel prize for peace or mutual agreement on African Continental Free Trade Agreement (AfCFTA) for creating a single market for Africa, the country is aiming for great future growth.
Along with the world, UAE is also strengthening its partnership with Africa for a couple of years. The country is reviving one of the oldest trade routes with the continent, which not only a key gateway to Africa, but it also made UAE the second-largest foreign investor on the continent after China.
The total trade between Africa and UAE in 2018 rose up to USD 20 billion. Most of this trade traveled through DP World, operating in several African countries. Representing 10 percent of the port giants global revenue, the continent is achieving steady growth.
UAEs expertise in infrastructure and construction, tax breaks, easy access to visa and finance, led many African enterprises attracted to the country. There are around 21,000 operating in the Emirate, and its growing.
In the last five years, UAEs trade with the world was fluctuating either up, down or flat but, trade with Africa has been increasing, with almost double the size.
The onset of 2020 brings lots of opportunities in African trade. Traditional sectors like agriculture, mining, construction are continues to grow as Africa wants to establish itself as a manufacturing hub.