The Ministry of Investment of the UAE and the Ministry of Finance and National Treasury of Kenya have signed an investment memorandum of understanding, setting the stage for investment collaboration in mining and technology sectors.
Simultaneously, ADQ, the Abu Dhabi-based investment and holding company, announced a finance framework agreement with Kenya’s ministry, facilitating investments in priority sectors of the Kenyan economy, with a potential investment sum of up to $500 million.
The MoU focuses on mineral exploration, mine development, mineral processing, refining, and mineral marketing in Kenya.
UAE, Kenya to explore opportunities for technology transfer
One of the key objectives is to explore opportunities for technology transfer in Kenya’s mineral sector that would support innovation and growth.
The two countries will also assess avenues for collaboration in promoting responsible stewardship of the mineral sector, with a strong emphasis on environmental, social, and governance practices, in addition to exploring avenues for collaboration in research and development within the designated sectors.
Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, said the MoU marks a new chapter in the shared economic journey of the UAE and Kenya.
“Through this partnership, we are laying down the foundation for a future where sustainable mining practices, innovation, and responsible stewardship form the pillars of our mutual growth,” the minister said.
Kenya’s mining sector boasts significant growth potential owing to its abundant reserves of gold, copper, ilmenite, tantalum, and various non-metallic minerals.
The advancement of this industry can substantially strengthen Kenya’s economy by generating employment opportunities, improving livelihoods, and positioning the nation as a prominent mining participant in Africa.
Known as the “Silicon Savannah”, Kenya is also the dominant economy in East Africa, contributing to more than 40 percent of the region’s GDP.
The MoU and investment agreement have been signed on the heels of a bilateral investment cooperation, signed last month, to advance Kenya’s digital infrastructure sector.
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