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.

Hamad Buamim, president and CEO of Dubai Chamber said, "Our leadership's directions, which not only build on our traditional link with the continent but also bet on Africa's future as one of the world's most promising areas, have helped Dubai make significant success in its attempts to deepen commercial, economic, and cultural relationships with Africa."

“We help Dubai's business community penetrate African markets by providing them with accurate knowledge about the continent through in-depth research, most notably the series of region-specific publications produced through our flagship 'Why Africa?' project,” Buamim added.

East Africa, the continent's largest populated area with roughly 456 million people, has the highest cumulative annual growth rate (CAGR) between 2015 and 2020, according to a recent Dubai Chamber analysis.

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 $12.2 billion — a 24.4% share of Dubai's trade with Africa.

Dubai's exports to the area in 2020 are expected to equal $1.97 billion. The principal exports include manufactured tobacco, mineral fuels, pearls and precious stones, and plastics. According to the survey, Dubai's largest export markets in Eastern Africa in 2020 would be Somalia (368.8%), Kenya (23.6%), and Djibouti (8.9%).

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 $355.1 billion. Ethiopia has the region's largest economy, accounting for 22.7% of total real GDP in 2020. Kenya ranks in second with a 20.5 percent stake, followed by Tanzania with a 17.5% share.

With a 6.9% CAGR from 2015 to 2020, Ethiopia and Tanzania are also the region's fastest-growing economies in terms of real GDP.

Foreign Direct Investment (FDI) is another important indication of economic development, and in 2020, East Africa ranked third on the continent in terms of FDI share, accounting for 17.1 percent of Africa's total inward FDI stocks of $167.8 billion.

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 by providing valuable expertise in key sectors such as logistics, infrastructure, retail, tourism, and finance, as well as the appropriate level of investment to help African countries scale up their economies,” Buamim stated.

According to Buamim, the number of African firms registered with the Dubai Chamber has climbed by 15.5 percent during 2019 to 24,800.

"Based on economic data, we can safely conclude that our efforts in Africa are reaping fruit. Despite the pandemic concerns, Dubai's non-oil commerce with Africa hit $50 billion in 2020, the biggest level in a decade," Buamim added.

He discussed the responsibilities of Dubai Chamber's representative offices in Ethiopia, Ghana, Mozambique, and Kenya in bridging the UAE and African business communities, finding potential investment prospects in Africa, and aiding African firms in entering the Dubai market.