Increase in Economic Exchanges Between Gulf Countries and Africa
31 December 2014
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According to a report published by the Economist Intelligence Unit, economic exchanges between Gulf countries and Africa are sharply increasing.
Gulf countries are continuing their expansion into Africa. According to a report published by the Economist Intelligence Unit (EIU), economic exchanges between Gulf countries and Africa are sharply increasing, reported the Senegalese Press Agency (APS) on Tuesday. This report was written in collaboration with Falcon and Associates, described as a strategic consulting agency working on behalf of Dubai's leadership, and the Economist Intelligence Unit, described as "the world leader in economic intelligence".
This report, titled GCC Trade and Investment Flows, "explores the economic links of the GCC with each region of the world and identifies the main drivers of growth," according to APS. The report indicates that Gulf countries are strengthening their presence in Africa by sector and geographical area.
This study follows the Africa Global Business Forum (AGBF), organized in October 2014 in Dubai by the Dubai Chamber of Commerce and Industry. Around 1,000 representatives from 62 countries participated. Discussions focused on "ways to encourage investment opportunities and promote sustainable development in Africa".
Dubai and the United Arab Emirates have increased investments in Africa in recent years. According to the report, in 2014, the Investment Corporation of Dubai (ICD) signed a US$300 million agreement with Nigerian billionaire Dangote Cement in West Africa and purchased a significant stake in Kerzner International. Also in 2014, the Dubai-based Jumeirah Group expanded its operations to North Africa with a management agreement in Mauritius. Similarly, Emirates airline, which already operates more than 160 weekly flights to Africa, recently reached an agreement with TAAG Angola Airlines to improve connections to Central and Southern Africa. Furthermore, the Dubai International Financial Centre (DIFC) court signed its first protocol with its counterpart in the Kenyan Supreme Court to strengthen the legal framework and allow for safer investments.
Afrik.com
Gulf countries are continuing their expansion into Africa. According to a report published by the Economist Intelligence Unit (EIU), economic exchanges between Gulf countries and Africa are sharply increasing, reported the Senegalese Press Agency (APS) on Tuesday. This report was written in collaboration with Falcon and Associates, described as a strategic consulting agency working on behalf of Dubai's leadership, and the Economist Intelligence Unit, described as "the world leader in economic intelligence".
This report, titled GCC Trade and Investment Flows, "explores the economic links of the GCC with each region of the world and identifies the main drivers of growth," according to APS. The report indicates that Gulf countries are strengthening their presence in Africa by sector and geographical area.
This study follows the Africa Global Business Forum (AGBF), organized in October 2014 in Dubai by the Dubai Chamber of Commerce and Industry. Around 1,000 representatives from 62 countries participated. Discussions focused on "ways to encourage investment opportunities and promote sustainable development in Africa".
Dubai and the United Arab Emirates have increased investments in Africa in recent years. According to the report, in 2014, the Investment Corporation of Dubai (ICD) signed a US$300 million agreement with Nigerian billionaire Dangote Cement in West Africa and purchased a significant stake in Kerzner International. Also in 2014, the Dubai-based Jumeirah Group expanded its operations to North Africa with a management agreement in Mauritius. Similarly, Emirates airline, which already operates more than 160 weekly flights to Africa, recently reached an agreement with TAAG Angola Airlines to improve connections to Central and Southern Africa. Furthermore, the Dubai International Financial Centre (DIFC) court signed its first protocol with its counterpart in the Kenyan Supreme Court to strengthen the legal framework and allow for safer investments.
Afrik.com
