This archive report was first published on 6 December 2019.
On December 6, 2019, the Global Business Forum Africa was held in Dubai, marking a significant milestone in the strengthening ties between the UAE and Africa.
The Dubai Chamber of Commerce and Industry, in conjunction with the General Directorate of Residency and Foreigners Affairs (GDRFA) and Dubai Free Zone Council, announced that up to 200 prominent African investors would receive UAE golden permanent residency visas as part of the 'Be Part of Dubai Initiative'.
This initiative aims to provide African Ultra High-Net-Worth Individuals (UHNWIs) with an easy way to obtain long-term residency and contribute to the economic activity in Africa and Dubai.
From 2011 to 2018, non-oil trade between Africa and Dubai totalled over AED 926 billion, expected to top AED 1 trillion by the end of 2019.
Dubai's geographic position, diverse mix of cultures, and iconic skyline make it a critical global hub and gateway to the rest of the world.
Within a four-hour flight time, Dubai can access 10 leading global cities, including Riyadh and Delhi, or a third of the world's population.
As business confidence in Africa gains momentum, given the launch of the African Continental Free Trade Area (AfCFTA), growth rates are expected to increase, leading to a 20% growth in the number of UHNWIs between 2018 and 2023, according to the Knight Frank Wealth Report.
Political uncertainties in the continent, currency fluctuations, and economic uncertainties are likely to underpin stronger levels of investment flows from the African continent to Dubai, with African investors adopting an outward look in a bid to diversify risk.
According to James Lewis, MD, Knight Frank, Middle East and Africa, 'Political uncertainties in the continent, currency fluctuations, as well as economic uncertainties are likely to underpin stronger levels of investment flows from the African continent to Dubai with African investors adopting an outward look in a bid to diversify risk.'
