The 6th Edition of the Global Business Forum Africa 2021, organised by the Dubai Chamber of Commerce, aims to strengthen the Dubai-Africa commercial bridge. We spoke to H.E. Hamad Buamim, the President and CEO of the Dubai Chamber, about the organization's initiatives.
Despite the global epidemic, Dubai's commercial sector has been able to go forward thanks to the Dubai Chamber of Commerce and Industry. Because trade, tourism, and innovation are all significant aspects of Dubai's status as a worldwide hub for business and industrialization, it's worth noting that the Dubai Chamber of Commerce and Industry has played an important part in the Emirate's success. As Dubai prepares to host the World Expo, the city's administration is focusing on issues such as sustainability and innovation as critical drivers of change.
The Dubai Chamber of Commerce and Industry operates on the basis of this objective. To develop bridges with markets that provide mutual benefits and comparative advantages in order to expand trade and commercial prospects.
The Dubai Chamber of Commerce and Industry is constructing the 'Dubai-Africa Bridge' through events such as the Global Business Forum Africa 2021 to allow African enterprises, entrepreneurs, youth, and, of course, nations themselves to reap the benefits of reciprocal cooperation.
You've witnessed remarkable progress in Africa as President and CEO of Dubai Chamber. The GBF Africa 2021 is the Forum's 6th Edition, with the major theme of 'Transformation Through Trade.'
Africa has enormous potential and has been getting publicity for years due to its remarkable performance on a variety of global economic and commercial metrics. Investors in the United Arab Emirates are becoming more aware of Africa's lucrative investment prospects.
Dubai tried to create commercial agreements with high-potential markets across Africa in order to better present itself as an appealing trading partner for the continent. This development occurred at a time when the UAE as a whole was quickly strengthening its relations with Africa, in tandem with the fast expansion of the African Continental Free Trade Area (AfCFTA) and regional integration. The UAE has spent USD 5.64 billion in 71 different projects, making it the fourth-largest foreign investor on the African continent.
Dubai's commercial ties with Africa have already grown significantly; nevertheless, as African economies continue to develop and expand, there is immense trade and investment potential that has yet to be realised.
This isn't to suggest we don't have greater plans for the future. As both Dubai and Africa look forward to bright futures, our fundamental aim is for our emirate to be Africa's gateway to the rest of the world, and for Africa to be a land of opportunity for UAE investment.
And it is for this reason that we established the Global Business Forum (GBF) Africa – to bridge the gap between business communities in the UAE and Africa, as well as to highlight the competitive advantages that Dubai can offer African companies looking to capitalise on emerging business opportunities.
Dubai is in a unique position to provide significant benefits to African economies and enterprises. The emirate has long been a favoured centre for African enterprises, and as such, it holds the key to unlocking Africa's untapped trade and investment potential. Because of our unique geographic location between Africa and Asia, Dubai provides an unrivalled edge for African exporters aiming to grow into rising markets throughout the world.
Dubai's strategic geographic location, near proximity to Africa, world-class airports and shipping ports, and innovative and customised services provided by free zones are all significant benefits that African enterprises may make use of.
The emirate's commerce with Africa has grown dramatically in recent years, owing to a rising desire by UAE and African businesses to form cross-border alliances and extend their worldwide footprint. AfCFTA provides another excellent chance for bilateral relations to grow. The historic pact, which established the world's largest continental free trade zone linking the continent's 55 countries, has the potential to change the continent's economic prospects.
According to a recent Dubai Chamber assessment, the emirate's commerce with Africa will rise at a pace of up to 10% per year for the next five years following the implementation of the AfCFTA.
By assisting investors in capitalising on Africa's vast untapped potential, we strengthen Africa's position as the most significant element in increasing Dubai's worldwide commerce. The foreign offices of Dubai Chamber, which are located in Ghana, Ethiopia, Mozambique, and Kenya, play an important role in facilitating and developing Dubai's commerce with African markets. The offices organise trade trips, do market research, discover commercial possibilities for our members, and help African firms interested in entering the Dubai market or using the emirate to extend their presence into other countries using Dubai as a gateway. Our recently established 'Why Africa' programme is an extension of these efforts, providing in-depth study of numerous African markets that offer the greatest promise to investors in the UAE.