This archive report was first published on 20 November 2019.
On November 20, 2019, the Dubai Chamber of Commerce Chairman, Majid Saif Al Ghurair, made a significant announcement at the Global Business Forum Africa in Dubai. The emirate has pledged to support trade with Africa as non-oil trade between Africa and the UAE continues to soar.
According to Al Ghurair, the two regions have an increasing capacity to advance trade, with non-oil trade hitting the $252 billion mark between 2011 and 2018. The Chairman expects this figure to increase to $272 billion by the end of 2019.
The Dubai Chamber Chair commended the long-established trade relationship between the two regions, highlighting the potential for growth as Africa seeks foreign markets and Dubai pursues economic diversification.
Speaking at the forum, Al Ghurair emphasized the strategic importance of the African market to Dubai and the UAE. He noted that the emirate is closely monitoring developments and the business climate in Africa to identify growth opportunities for its members.
Additionally, Al Ghurair highlighted the vast potential to boost UAE-Africa investment flows following the launch of the African Continental Free Trade Area (AfCFTA) earlier in the year.
Dr. Carlos Lopes, a professor at the Nelson Mandela School of Public Governance, also spoke at the conference, noting that digitization is key to making Africa an attractive investment destination, particularly driven by young people.
As part of Dubai's support for Africa's trade, the emirate has launched a mentorship program, the GBF Mentorship, which aims to create opportunities for African entrepreneurs looking to grow their business beyond African borders.
