The UAE’s public and private firms, which have traditionally looked to invest more in Europe and Asia, are now focusing attention on Africa and the level of investment is expected to rise sharply in the next few years.

The co-head of Africa and Middle East global banking business at Standard Chartered said, the UAE government, state controlled entities and major private sector enterprises will scale up investments into Africa next year as the continent prepares to roll out a pan-African trade treaty.

Mr Malik, who oversees the bank's business with large multinationals that come to African markets from Europe, the US, Japan and elsewhere, also deals with large African family groups and does advisory work with sovereigns.

He was recently in the UAE meeting government related entities and major private sector firms and sees the UAE becoming a “player” in the African investment scene next year. He also look forward to state-owned enterprises to join the fray as well.

According to a Standard Chartered report, UAE to Africa trade with sub-Saharan African countries was approximate at about $22bn in 2018, making the UAE Africa’s fifth-largest trading partner behind Europe ($155bn), China ($120bn), India ($60bn) and the US ($38bn).

According to a white paper released by Dubai Chamber and Economist Intelligence Unit in November, the UAE is also among the top 10 source countries for foreign direct investment in sub-Saharan Africa.

Africa’s economy is forecast to accelerate to 4 per cent this year, and 4.1 per cent in 2020 faster than other emerging and developing countries, according to the African Development Bank.

Mr. Malik said, it has seen increased capital flow into Africa and the lender expects further momentum in 2020, based on the discussion it is engaged in with clients in both Africa and the UAE.

Africa offers investment opportunities across sectors as countries look to modernise their infrastructures. Energy, renewables, health care, education, agriculture, rail and roads, airports, trade and logistics zones are some areas open to investment. Several African countries are also trying to improve their oil and gas infrastructure and expand their industrial bases.

Interest is coming from large private enterprises, particularly retail and consumer sector companies and commodities-led groups, he said.

“I think it is a mix of commodities and consumer side. Everyone wants to know [about Africa]. Everyone wants to see what they can do there,” he noted.

UAE investments into Africa is expected to flourish.