Dubai’s Chamber chairman stated it in an announcement made at the opening of Global Business Forum Africa that the overall Aggregated trade alongside the tertiary to close at Dh926bn for the 2011-2018 period.
As the Emirate continues its positive overall show along with building up more stronger ties with the African continent, further diversifying its economy, Dubai’s overall aggregated non-oil trade amongst African nations between the 2011-till end of the year will reach a staggering Dh1trillion. Majid Saif Al Ghurair, chairman of Dubai Chamber of Commerce and Industry stated at the recent fifth Global Business Forum Africa conference in Dubai that “Overall netted cumulative non-oil trade with the African continent has already touched Dh926billion for the said period”.
The conference is a two-day forum kickstarted off this Monday with the assertive statement presented by Mr. Al Ghurair stating that “African tertiary is one amongst the topmost emerging crux markets of a strategic vitality for the entire Dubai and its Chamber.”
He also added in his opening speech statement that “they have been exercising on adoption and quickly initializing upon an ambitious expansion strategy with African tertiary emerging as the key powerhouse on global economy map and as well role in boosting the International trade and have entirely focused on the continent and is already on roll in the four offices set up primarily in Ethiopia, Ghana, Mozambique, and Kenya”.
He also added that for the identification of the various growth opportunities available for their members, the Dubai Chamber-Business institution aiding in the overall economic development across Emirate is also planning harder to have the following: –
- Monitoring ample business development as well as founding the crux of the prevailing business climate in the tertiary to boost up international trade by launching up African Continental Free Trade Area (AFCFTA) which provides a broadened African free trade agreement between 54 countries – offering a huge potential for bolstering UAE-Africa trade and investment flows.
- Emirates will also offer its expertise for the African countries for keeping them engaged with the global markets within the sectors like logistics, infrastructure, retail, tourism, and finance.
- Dubai is considered to be the foundation for unearthing Asia’s economic potential that is expected to get accelerated at 4 percent in 2019 and 4.1 percent during 2020, that would be a tad slower than expected and comparatively to India and China, however, slightly higher in contrast to other emerging as well as developing countries.
- Dubai will aid African economies like South Africa and Opec members Nigeria, Gabon, Algeria and Congo to shed tag of being touted as global last frontier of growth and home to around one billion population to provide enough investment opportunities, modernise infrastructures across various sectors like Energy, renewables, health care, education, agriculture, rail and roads, airports, trade and logistics zones in different African countries bolstering their economy and bridging the otherwise wide gap between different continents.
According to a printed statistic as released from the Dubai Chamber and Economist Intelligence Unit ahead of the conference, the Emirates form the topmost frontier for its aid for the foreign direct investment within the Sub-Saharan tertiary.
This printed report also showcased the vitality of the native integrational resources in the form of East Africa Economic Community, Single African Air Transport Market and African Continental Free Trade Area AfCFTA that aid in the removal of all trade barriers, liberalization of investment-related policies, and relaxing operational challenges related to cross border financial transfers and payments.
These initiates African SME’s (Small-Medium sized Enterprises) for expanding their base across all markets and as well as in the creation of attractive opportunities for the Middle East investors.