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The importance of Africa-UAE trade relations
Since 1988, Dubai's total international trade has grown by over 11 per cent year-on-year as the Emirate's strategic geopolitical location reinforces its attraction given its unique trade hub along the modern-day Silk Road. But how can Africa reap from the Emirate's petrol-dollars? Omar Khan, Director of the Dubai Chamber of Commerce and Industry joins CNBC Africa for more on this.
Fri, 29 Mar 2019 10:03:36 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Dubai's Economic Landscape: From Core Industries to Emerging Sectors
- Incentives for African Investors: Nurturing a Dynamic Business Environment
- Empowering African Businesses through Dubai's Free Zones and Trade Partnerships
Dubai has long been recognized as a global trade and logistics hub, with key industries such as trade, supply chain, logistics, finance, and tourism driving its economy. Over the years, however, Dubai has seen the emergence of new industries like manufacturing, construction, real estate, ICT, innovation, and marketing, which have contributed significantly to its economic landscape. As Dubai continues to evolve and expand its business horizons, the Emirate has set its sights on strengthening trade relations with Africa to foster mutual growth and development. Omar Khan, Director of the Dubai Chamber of Commerce and Industry, sheds light on the various initiatives and incentives aimed at attracting African investors to Dubai and nurturing a dynamic business ecosystem. One of the pivotal aspects of Dubai's appeal to African businesses lies in its strategic position as a facilitation platform, offering a range of benefits and opportunities for entrepreneurs to thrive in the region. Through the establishment of free zones, Dubai provides a conducive environment for African exporters and growers to enhance their operations, move up the value chain, and maximize their profitability. The Dubai Multicommodity Center in the Free Zone, for instance, offers a comprehensive suite of services that enable growers and exporters to store, blend, brand, package, and manage the logistics of their products efficiently, thus increasing their competitive edge in the market. This exemplifies Dubai's commitment to empowering African businesses and fostering economic resilience across the continent. Trade plays a pivotal role in Dubai's economic growth, with the Emirate's total international trade surpassing 1.3 trillion dirhams. Dubai's extensive network spans 117 nations worldwide, with a keen focus on enhancing trade partnerships with African countries. East African nations like Kenya, Rwanda, Tanzania, and Southern African countries have emerged as key trading partners for Dubai, with the Emirate's proactive engagement aimed at deepening economic ties and exploring new avenues for collaboration. The Dubai Chamber's strategic presence in Africa, with offices established across the continent, underscores Dubai's commitment to forging lasting relationships and facilitating business exchanges that drive sustainable growth. As Dubai gears up for the upcoming Global Business Forum on Africa, scheduled for November, the Emirate aims to further enhance its engagement with African partners and provide a platform for investors to explore diverse opportunities and expand their footprint in the region. By fostering transformative trade relations and leveraging Dubai's strategic advantages, African businesses stand to benefit from the Emirate's robust ecosystem, innovative initiatives, and unwavering support for economic development. The future holds immense promise for Africa-UAE trade relations, with Dubai poised to play a pivotal role in shaping the trajectory of business growth and fostering mutual prosperity for both regions.
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