Dubai seeks to deepen trade collaboration with Africa

The Dubai Chambers recently hosted the Dubai Business Forum under the theme of transforming business for the future. The two-day conference brought together global business leaders and players to invest and unlock new opportunities. In a conversation with CNBC Africa's Fifi Peters, Mohammad Ali Lootah, President of The Dubai Chambers, emphasized the importance of Africa as a key market for Dubai's future trade collaborations. Lootah highlighted Africa, Latin America, and ASEAN as crucial markets for Dubai to focus on in the next decade. Currently, Dubai Chamber boasts 19,000 active members from Africa, with approximately 600 members specifically from South Africa. The trade relationship between Dubai and Africa has been robust, with exports to the continent from Dubai Chambers members averaging over 60%. This demonstrates Dubai's role as a global connector, facilitated by its strong logistical network including airlines and ports, managed by DP World across the African continent. Dubai International Chamber has strategically positioned itself in Africa with seven offices covering all regions, from North to South and East to West. Lootah disclosed plans for an outbound mission to Africa, with upcoming visits to Rwanda, Kenya, Ivory Coast, and Nigeria, underscoring Dubai's commitment to enhancing trade and investment relations with Africa. The decision to open an office in South Africa has proven strategic, reflecting the importance of the South African market for Dubai. The Johannesburg office is positioned to not only cater to South Africa but also to serve as a gateway to the wider southern African region. Since the office's establishment, there has been a notable increase in inquiries from South African companies seeking to tap into the opportunities presented by Dubai and the GCC. Looking ahead, Lootah emphasized the need to address trade tariffs and non-tariff barriers to facilitate further investments between Dubai and Africa. The Dubai Chambers offers a concierge service to support companies in penetrating new markets smoothly, addressing bottlenecks through collaboration with relevant government bodies and chambers of commerce. With a close relationship with the government sector, Dubai Chamber actively advocates for policy changes to streamline trade processes and foster economic growth. The Dubai Business Forum aims to generate tangible outcomes, moving beyond discussions to action. Introducing new elements like the deals hub, the forum provides a platform to announce significant deals that will catalyze future investments. The addition of the future theater allows participants to delve into emerging topics like AI, robotics, and the future of work, guiding global expansion plans with valuable insights. Lootah expressed high expectations for the forum, anticipating a showcase of major investments and impactful collaborations that will shape the future of business in Dubai and Africa.