The value of Dubai’s foreign trade with Africa amounted to AED118 billion in 2014, according to figures released by Dubai Customs, where imports amounted to AED 60.8bn, exports AED13.7bn, and re-exports to AED44bn.
The Director General of the Dubai Chamber of Commerce and Industry (DCCI), Hamad Buamim, pointed to the conclusion of a free trade agreement between 26 African countries, which contributes to the enhancement Dubai’s position as a crossing bridge to Africa and services destinations, service terminals for companies investing in the continent and potential investment markets for UAE and Gulf companies, Emaratalyoum reports.
The foreign direct investment flows to the African continent last year have not changed from the previous year, reaching $54bn, reveals the World Investment Report 2015 issued by Unctad.
According to the report, the non-traditional investors, especially from the United Arab Emirates and Dubai have formed an important element in the flow of foreign direct investment to the continent during the past few years.
The UAE contributed six per cent of the total capital expenditures related to foreign direct investment, which were directed to the green fields in Africa in 2014 and targeted the consumer industries, infrastructure and services.