Dubai’s non-oil trade with Africa to exceed Dhs1 trillion by end of 2019

Dubai’s non-oil trade with Africa will exceed Dhs1 trillion for the period extending from 2011 until the end of 2019, said Majid Saif Al Ghurair, Chairman of Dubai Chamber, noting that it had already reached Dhs926 billion in the 2011-2018 period.

Al Ghurair made the announcement in his opening speech at the fifth edition of the Global Business Forum Africa (GBF Africa) in Dubai as the two-day forum kicked off on Monday (Nov.18), asserting that the African continent is a key partner in Dubai’s plans to diversify its economy.

Organised by Dubai Chamber of Commerce and Industry (Dubai Chamber) under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and the Ruler of Dubai.

In his opening speech, Al Ghurair highlighted the long-established UAE-African relations in all fields, and Dubai’s status as Africa’s gateway to new markets building on its strong presence on the global economy map and its role in advancing international trade.

Al Ghurair noted that over the course of its five previous editions, GBF Africa has become a leading platform for expanding UAE-Africa economic cooperation and forging partnerships across different markets. “With the support of Sheikh Mohammed Bin Rashid Al Maktoum, the forum has seen considerable growth in terms of significance and number of participants, bringing together heads of state, policymakers and business leaders to identify exciting business prospects emerging across the continent,” Al Ghurair explained.

“The African market is a market of strategic importance to Dubai and a key focus of Dubai Chamber’s expansion strategy and we are closely monitoring developments and the business climate in Africa to identify growth opportunities available for our members,” Al Ghurair explained, underlining the huge potential to boost UAE-Africa trade and investment flows following the launch of the African Continental Free Trade Area earlier this year.

Al Ghurair asserted that Dubai is well-equipped to support Africa’s next phase of growth and development, especially as the emirate offers valuable expertise in several key sectors, including logistics services, infrastructure, retail, tourism and finance.

Held under the theme ‘Scale Up Africa’, GBF Africa 2019 is among the world’s largest events focusing on Africa’s economic potential, highlighting business and investment potential and opportunities on the continent.

“Africa’s changing economic landscape is creating new business opportunities,” said the industry experts. Sessions held on the first day of the Global Business Forum Africa 2019 in Dubai examined key trends and technologies driving business growth across the continent.

The new technologies and trends are reshaping Africa’s economic landscape and creating plenty of business opportunities and investment prospects which were not there before, industry experts said during opening sessions on the first day of the Global Business Forum Africa 2019 in Dubai.

During a session entitled Finding the Sweet Spot - Momentum for Change, Dr. Carlos Lopes, professor at Nelson Mandela School of Public Governance, University of Cape Town, said that Africa couldn’t be ignored for two reasons.

“Africa is positioning itself as the continent where you have the highest young consumer concentration. Secondly, it’s not just the size, but because it’s easier for younger people to absorb the new technologies,” he explained.

Sharing his insights and perspective, Jonathan Berman, author of Success in Africa: CEO Insights from a Continent on the Rise, noted that continent’s growing appeal as an attractive investment destination is being driven by widespread digitisation.

“The visibility and scale of opportunities across borders is like never before. The range and size weren’t there seven years ago,” said Berman, who stressed the importance of initiatives like Dubai Chamber’s GBF Mentorship Programme which has created new growth opportunities for African entrepreneurs who are looking to scale their businesses and expand beyond borders.

During another interactive session entitled Linking Back - the Entrepreneurial Support Chain’ saw Toyin Sanni, Group Chief Executive Officer, Emerging Africa Capital Group, shared her views on a changing business landscape in Africa.

“A great deal has changed and there is now a lot more support. At the beginning of my career I was dependent on the goodwill of my superior - now we have in-house mentorship programmes and I’m happy to see entrepreneurs coming to the table,” Sanni said. Dr. Divine Simbi-Ndhlukula, Founder and Managing Director, Securico, Zimbabwe, stressed the importance of investing in education and skills development.

WAM/Agencies