Dubai- Dubai Chamber of Commerce and Industry continues seeking investment opportunities in Africa; considering this continent suitable for UAE’s investment projects as there are many factors available, including rise in the middle class society, presence of different natural resources, and its geographical proximity that results in numerous opportunities for increased bilateral relations.
Leading Dubai-based investors and businessmen unanimously agreed that the African continent is an ideal destination for investments. The investors agreed that the untapped markets of Africa provide fertile ground for UAE investments, especially with local companies with extensive experience in a wide variety of economic sectors positioned to be key players in the economic future of the African continent.
Chairman of Dubai Chamber Majid al-Ghurair said the Chamber has succeeded in exploring some of the most promising markets of the world for UAE investors, and now it is for these investors to convert their discussions into strategic partnerships after the recent Chamber-organized trade mission to South Africa and Mozambique.
Al Ghurair further stressed that Dubai Chamber enthusiastically pursues its expansion strategy of penetrating new markets while promoting its competitiveness globally. This is part of the Emirate’s strategy of economic diversification, which reinforces Dubai’s reputation as one of the world’s leading centers of business and finance.
For his part, President and CEO of Dubai Chamber Hamad Buamim stated that the Chamber-organized trade missions and the opening of its international offices not only promote two-way trade and investment flows from Dubai to Africa but also bring more African companies to Dubai, which is a trade and investment gateway to the world.
Buamim noted that 3,356 of the 16,000 new companies that joined the Chamber’s members in 2015 were African, while 23% or 839 of the 3,709 new members of the first quarter of this year were African.
“There are now over 12,000 African companies registered with the Chamber, which is in line with the goals and common interests of the business community in reaching out to target markets,” he said.
Recently, a delegation comprising Dubai’s most prominent businessmen and decision-makers from key economic sectors concluded their visit that was within the Chamber’s trade mission to both South Africa and Mozambique.
Speaking about the importance of his company’s investments in the African continent, Chairman of Essa Al-Ghurair Investments L.L.C Essa Abdulla Al Ghurair said that South Africa is the jewel of the African continent, offering great investment opportunities, but that the presence of obstacles might lead UAE investors to other African markets.
Al-Ghurair highlighted the need to overcome existing challenges, calling for easing up of the procedures of tourist visas, updating legislation and opening up new investment sectors for foreign investors.
He called upon African companies to market their agricultural and food products through Dubai, which offers excellent logistics support through its world-class airports, ports and warehouses network as well as advanced aviation and maritime transport.
Al-Ghurair also stressed the need to seek long-term investments in markets in East Africa including Kenya and Tanzania with the support of Dubai Chamber.
Moreover, Chairman of “EduHub” Rashed Bu Qara’a lauded the Chamber’s role in supporting UAE investors’ search for diverse economic sectors in which to invest.
He added that there are opportunities in education, construction and specialized free zones in logistics, technology and aviation.
Bu Qara’a highlighted the diverse opportunities in the region for economic development zones, and noted initiatives which would bolster bilateral trade; such as increased government cooperation to attract investment and the launch of direct flights between Dubai and Maputo.
He thanked Dubai Chamber for the opportunity to become more familiar with the region, and also expressed his desire to explore Latin American markets.