Economy

Dubai’s non-oil trade with Africa to exceed AED1trn by end of 2019 -Chamber Chairman

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By: Edwin Nwachukwu

Dubai (UAE) Nov. 19, 2019  Dubai’s non-oil trade with Africa will exceed Dhs1 trillion for the period extending from 2011 until the end of 2019, the Chairman of Dubai Chamber, Mr Majid Al Ghurair has said,

Al Ghurair made this known while declaring open the 5th edition of the Global Business Forum on Africa (GBF Africa) which opened on Monday in Dubai.

Nigeria News Agency reports that the forum which  is organised by Dubai Chamber of Commerce and Industry (Dubai Chamber) under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and the Ruler of Dubai, end on Tuesday.

Al Ghurair highlighted the long-established UAE-African relations in all fields, and Dubai’s status as Africa’s gateway to new markets building on its strong presence on the global economy map and its role in advancing international trade.

He said that over the course of its five previous editions, GBF Africa had become a leading Platform for expanding UAE-Africa economic cooperation and forging partnerships across different markets.

”The African continent is a key partner in Dubai’s plans to diversify its economy.

”With the support of Sheikh Mohammed Bin Rashid Al Maktoum, the forum has seen considerable growth in terms of significance and number of participants, bringing together heads of state, policymakers and business leaders to identify exciting business prospects emerging across the continent.

”The African market is a market of strategic importance to Dubai and a key focus of Dubai Chamber’s expansion strategy and we are closely monitoring developments and the business climate in Africa to identify growth opportunities available for our members,” Al Ghurair added.

He, however, underlined the huge potential to boost UAE-Africa trade and investment flows following the launch of the African Continental Free Trade Area earlier in the year.

Al Ghurair also asserted that Dubai was well-equipped to support Africa’s next phase of growth and development, especially as the emirate offers valuable expertise in several key sectors, including logistics services, infrastructure, retail, tourism and finance.

“Held under the theme ‘Scale-Up Africa’, GBF Africa 2019 is among the world’s largest events focusing on Africa’s economic potential, highlighting business and investment potential and opportunities on the continent.

“Africa’s changing economic landscape is creating new business opportunities,” he said.

Participants at the event included George Weah, President of Liberia; Danny Faure, President of Seychelles; Emmerson Mnangagwa, President of Zimbabwe and Carlos Agostinho do Rosario, Prime Minister of Mozambique.

Others are Ruhakana Ruganda, Prime Minister of Uganda; Reem Al Hashimy, Minister of State for International Cooperation and Director-General, Expo 2020 Dubai; Majid Saif Al Ghurair, Chairman of Dubai Chamber; Hamad Buamim, President & CEO of Dubai Chamber and Dr Raja Easa Al Gurg, President of Dubai Business Women Council, among other prominent speakers.

edited by Sadiya Hamza

 

 

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