East Africa, the continent's largest populated area with approximately 456 million people, was also the fastest-growing district between 2015 and 2020, with a cumulative annual growth rate (CAGR) of roughly 4.3 percent.
According to Hamad Buamim, president and CEO of the Dubai Chamber, the city-state has achieved significant success in its attempts to strengthen commercial, economic, and cultural connections with Africa.
According to the Dubai Chamber of Commerce, East Africa, the African continent's fastest-growing economic zone, has significant prospects for the Dubai business community.
'Dubai has made significant progress in its efforts to strengthen commercial, economic, and cultural ties with Africa, guided by our leadership directives that not only build on our historic relationship with the continent but also bet on Africa's potential as one of the world's most promising regions,' said Hamad Buamim, president and CEO of Dubai Chamber.
East Africa-Dubai bilateral trade numbers show that the region's part of overall Dubai commerce has grown significantly over the years. According to Dubai Chamber's study, it was the emirate's third-largest trading partner in Africa in 2020, with total trade value reaching USD 12.2 billion — a 24.4% share of Dubai's trade with Africa.
Dubai's overall re-exports to East Africa were valued at USD 3.9 billion in 2020, with electrical machinery, mineral fuels, cars, and digital automatic data processing devices leading the way. They predominantly visited Kenya (24.2%), Tanzania (14.2%), and Djibouti (13.1 percent).
East Africa is the continent's third-largest area in terms of real GDP, accounting for 15% of Africa's GDP with an average value of USD 355.1 billion. Ethiopia has the region's largest economy, accounting for 22.7% of total real GDP in 2020. Kenya ranks second with a 20.5 percent stake, followed by Tanzania with a 17.5% share.
Ethiopia and Tanzania are also the region's fastest-growing economies in terms of real GDP, with a 6.9 percent CAGR from 2015 to 2020.
East Africa's inward FDI stocks increased by 9.1 percent between 2015 and 2020, demonstrating the region's continued appeal to global investors.
According to Buamim, Dubai, one of the world's fastest-growing metropolitan economies, provides the key to unlocking Africa's vast economic potential.
'We believe that Dubai, as one of the world's fastest-growing city economies, holds the key to unlocking Africa's economic potential, offering valuable expertise in key sectors such as logistics, infrastructure, retail, tourism, and finance, as well as the right level of investment needed to support African countries scaling up their economies,' said Buamim.