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Mon 18 Nov 2019 02:04 PM

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Dubai's non-oil trade with Africa forecast to break AED1trn barrier

Dubai Chamber chairman makes announcement in speech at opening of Global Business Forum Africa

Dubai's non-oil trade with Africa forecast to break AED1trn barrier

Majid Saif Al Ghurair, chairman of Dubai Chamber of Commerce and Industry.

Dubai’s non-oil trade with Africa will exceed AED1 trillion ($272 billion) for the period extending from 2011 until the end of 2019, according to Majid Saif Al Ghurair, chairman of Dubai Chamber of Commerce and Industry.

Noting that it had already reached AED926 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.

The two-day forum kicked off on Monday as he asserted that the African continent is a key partner in Dubai’s plans to diversify its economy.

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.

“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,” he said, underlining the huge potential to boost UAE-Africa trade and investment flows following the launch of the African Continental Free Trade Area (AfCFTA) earlier this year.

Al Ghurair said that Dubai is well-equipped to support Africa’s next phase of growth and development, especially in 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.