UAE becomes the largest GCC investor in Africa

According to the report, which was based on a survey of 200 sub-Saharan African business executives, the UAE invested $1.2 billion in Sub-Saharan Africa during the previous five years, or 88% of all investments made between January 2016 and July 2021.

The paper, which Dubai Chamber commissioned, looked at a number of themes that changed the business environment in Africa during the epidemic, how African markets responded to these problems, and the prognosis for the continent’s economy after the pandemic. The research also highlighted opportunities for the Gulf Cooperation Council (GCC) and Africa to increase trade and investment flows in the near future.

Fintech, healthcare, agriculture, and e-commerce are listed in the research as high-potential industries where business executives anticipate revenue growth in 2022. Around 90% of CEOs who were polled predicted that fintech would experience the greatest growth in 2022, followed by healthcare (89%) and agriculture and food (87%).

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The findings, according to Hamad Buamim, president and chief executive officer of the Dubai Chamber, revealed enormous untapped economic potential in Africa that UAE companies may take advantage of. He pointed out that the research supports the efforts made by the Dubai Chamber to find new business prospects and promote cross-border trade.

According to the white paper, the UAE provides the Africa region with the appropriate degree of knowledge, capital, and resources required to close market gaps in Africa and promote the continent’s sustainable growth and development.

“Africa is one of our main trading partners and is essential to the expansion of our economy. In the meantime, Dubai has long been a preferred location for African enterprises wishing to grow outside of the continent and into international markets. As part of our efforts to illuminate investment prospects for Dubai’s business community, we provide precise data and studies regarding emerging markets,” Buamim continued.

The report urges African countries to establish the fundamentals, such as laws, rules, and infrastructure, to support growth in important sectors. The report also emphasizes the digital economy as a key driver of the continent’s growth in its conclusions before highlighting the importance that the GCC nations can play in helping Africa fill infrastructure deficiencies.