The United Arab Emirates and Kenya have accomplished negotiations on a commerce deal that might strengthen commerce and funding ties between the 2 nations because the Gulf nation expands its position throughout Africa.
Emirati information company WAM reported that UAE Minister of International Commerce Thani bin Ahmed Al-Zeyoudi and Kenyan Cupboard Secretary for Investments, Commerce and Business Rebecca Miano signed a joint assertion on Thursday on the finish of talks on the Complete Financial Partnership Settlement in Dubai. .
The settlement will safe very important provide chains for each side and facilitate investments in a number of areas, together with logistics, healthcare, journey and tourism, infrastructure and knowledge and communications expertise, WAM mentioned.
The 2 nations will formally signal the settlement at a later stage.
In a press release carried by the information company, Zeyoudi praised the settlement as “a testomony to our dedication to strengthening financial ties with the African continent and to creating new alternatives for corporations and buyers in each our nations.”
He added: “We stay up for deepening our relationship with Kenya and additional increasing our presence in Africa as a trusted associate and investor.”
Miano was quoted by WAM as saying the settlement will allow Kenyan exports to succeed in key markets in Asia and the Center East. “We stay up for its implementation and the mutual advantages it’ll deliver,” she mentioned
In a separate assertion on
He famous that non-oil commerce between the United Arab Emirates and Kenya reached $3.1 billion in 2023, a rise of 26.4% in comparison with 2022, including that the 2 nations will now work to broaden in different sectors, corresponding to meals manufacturing, mining, expertise and logistics.
Of @rebecca_mianoCS of the Ministry of Funding, Commerce and Business, the UAE and Kenya concluded a complete financial partnership settlement. It’s a landmark settlement with one of many continent’s most dynamic economies, providing new alternatives for development on each side. pic.twitter.com/OYN8C2WR4n
-Dr. Thani Ahmed Al Zeyoudi (@ThaniAlZeyoudi) February 23, 2024
The Emirates have sought to diversify their financial system in an effort to scale back their dependence on oil revenues. In September 2021, it launched its so-called Tasks of the 50, a collection of improvement and financial tasks aimed toward accelerating the nation’s development and making it a worldwide hub in varied sectors, based on the federal government’s web site Emirates.
Beneath this plan, the UAE has signed complete financial partnership agreements with ten nations. The primary was signed with India in February 2022 and got here into pressure in Could of the identical 12 months. In keeping with WAM, the opposite nations embody Turkey, Israel and Indonesia, in addition to Cambodia, Georgia, South Korea, Colombia, Mauritius and Congo-Brazzaville.
The settlement with Kenya is the second of its sort between the UAE and an African nation, after the one with Mauritius. The 2 nations started talks on the Complete Financial Partnership Settlement in 2022.
Kenya has the seventh largest financial system in Africa, with a GDP of $112.7 billion in 2023, based on the Worldwide Financial Fund.
The UAE has been actively investing within the African continent over the previous decade. In keeping with fDi Markets’ monitoring database, the Arab Gulf nation was the world’s fourth largest investor in Africa between 2012 and 2022, surpassing the opposite Arab Gulf states. In keeping with a report by fDi Markets, Emirati funding within the continent reached nearly $60 billion through the interval, greater than double that of Saudi Arabia.
