As a result of the recent government backed Africa-UAE Trade promotions, investors from the United Arab Emirates have offered USD 2 billion in investments in the African mining industry.
Economic observers state that the investment promises were made through the office of the former ruler of Abu Dhabi, UAE, Sheikh Hamdan bin Khalifa, at a business meet held in Dubai. Mrs. Olayinka Fayomi, Chairman of FIN, highlighted Africa as one of the UAE's most significant markets.
She stated that the meeting intended to consolidate and enhance commercial and investment synergies between Africa and the UAE, as well as to open doors for foreign investors and project finance institutions to connect with current infrastructure and investment gaps in Africa.
'Recently, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, singled out Africa as one of the most potential economic partners for Dubai in the next years,' she added.
According to figures recently issued by the UAE's Ministry of Foreign Commerce, the UAE's overall trade with six non-Arab African nations, including Angola, Kenya, Nigeria, Ethiopia, South Africa, and Tanzania, exceed USD 8 billion in 2020.
She added that Africa was in dire need of significant investments in essential infrastructure, and that the UAE has the expertise and technology to assist the continent through private sector investment.