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Businessmen from the UAE invest 2 billion USD in Africa's mining sector.

As a result of the Africa-UAE Trade, investors from the United Arab Emirates have offered 2 billion USD investments in the African mining sector.

According to a statement from the Foreign Investment Network, the investment promises were made through the office of Sheikh Hamdan bin Khalifa, the former ruler of Abu Dhabi, UAE.

The investments would strengthen commercial and bilateral ties between Africa and the UAE, according to the announcement, which referenced Zulfiquar Ghadiyali, the UAE's Khalifa and UN Global Peace Ambassador.

According to the announcement, the Governor of Kaduna State, Mallam Nasir el-Rufai, has called for additional investments in Africa.

Mr Uchechukwu Ogah, Minister of State for Mines and Steel Development, was described as thanking Khalifa for the money he pledged to Africa's sustainable development effort.

Mrs. Olayinka Fayomi, the Chairman of FIN, highlighted Africa as one of the UAE's most important markets.

She explained that the purpose of the trade was to strengthen and grow commercial and investment links between Africa and the UAE, as well as to open doors for foreign investors and project finance institutions to interact with Africa's existing infrastructure and investment gaps.

'Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, has singled out Africa as one of Dubai's most potential economic partners in the next years,' she stated.

The UAE's overall commerce with six non-Arab African nations, including Angola, Kenya, Nigeria, Ethiopia, South Africa, and Tanzania, topped eight billion dollars, according to figures issued by the UAE's Ministry of Foreign Trade.

By 2025, trade between the UAE and the Common Market for Eastern and Southern Africa is expected to attract 600 million consumers.

According to her, the UAE's entire non-oil commerce with Africa is valued at 25 billion USD, and this figure is likely to expand in the future years.

Fayomi said Africa's dire need of massive investments into infrastructure and the UAE having the capacity and technology to help the continent through private sector investment, with Africa having 18 per cent trade share with UAE.

Source :
Posted on :4/7/2022