The UAE and Kenya have signed a Comprehensive Economic Partnership Agreement (CEPA) as the two countries look to boost a $3.1bn nine-month trade relationship.
President Sheikh Mohamed bin Zayed Al Nahyan and Dr William Samoei Ruto, President of Kenya, participated in the signing at Qasr Al Bahr in Abu Dhabi.
The UAE-Kenya Comprehensive Economic Partnership Agreement (CEPA) is a far-reaching and mutually beneficial agreement designed to deepen trade and investment ties, strengthen supply chains, and enhance market access across the Middle East and Africa.
UAE and Kenya trade
Sheikh Mohamed bin Zayed Al Nahyan welcomed the agreement as a testament to the UAE’s commitment to strengthening economic ties across Africa and creating new opportunities for businesses and investors.
He noted that the UAE-Kenya CEPA will boost trade and investment while also fostering innovation and sustainable growth in key sectors such as:
- Agriculture
- Retail
- Healthcare
- Financial services
- Technology
- Tourism
Moreover, Sheikh Mohamed stated that the UAE looks forward to deepening its relations with Kenya and further expanding its developmental partnerships in Africa.
Dr William Samoei Ruto, President of Kenya, expressed his gratitude to Sheikh Mohamed bin Zayed Al Nahyan for his commitment to strengthening ties between the UAE and Kenya.
He described the CEPA as a major step forward in their economic relations and reaffirmed Kenya’s keenness to achieve its goals for the mutual benefit of both nations.
The UAE-Kenya CEPA was signed by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Dr Musalia Mudavadi, Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs of Kenya.
The new agreement builds on growing cooperation between the United Arab Emirates and Kenya, which saw bilateral non-oil trade reach $3.1bn in the first nine months of 2024, an increase of 29.1 per cent compared to the same period in 2023.
Kenya’s economy, one of the most promising in Africa, experienced real GDP growth of 5.6 per cent in 2023, with estimates it will average 5.2 per cent between 2024 to 2026.
Among others, its services sector, which accounts for 53.6 per cent of Kenya’s GDP, and agriculture sector, comprising around a quarter of national GDP, offer vast potential for United Arab Emirates businesses looking to expand into the region.
The CEPA will also accelerate investment flows in high-potential areas such as ICT, banking, tourism, infrastructure, and renewable energy.
Foreign trade remains the cornerstone of the UAE’s economic agenda and a central pillar of the nation’s efforts to double the size of its economy to more than $800bn by the end of the decade.
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