Hamad Buamim, President & CEO of Dubai Chamber speaking at the Africa Global Business Forum
Africa will have a projected population of 2 billion by 2050. The continent has strong investment potential and that in itself is enough reason for Dubai to look at new and emerging investment opportunities in Africa, according to Hamad Buamim, President & CEO of Dubai Chamber. The recent Tripeartite Free Trade agreement between 26 African States, is set to attract future FDIs from the world and the GCC into Africa. This will see Dubai playing a major role in connecting the continent with the rest of the world and supporting businesses investing in Africa, says Hamad Buamim.
For the third consecutive year, The Dubai Chamber will organise the Africa Global Business Forum in Dubai, on the 17th and 18th of November, under the patronage of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister, Ruler of Dubai.
Under the theme of ‘New Drivers, New Partners’, the two-day conference will be held at Atlantis, The Palm. Government, business and finance leaders from across Africa and around the world will meet in Dubai to explore how they can best work together to sustain the continent’s impressive recent momentum and ensure Africa becomes a long-term engine of global growth. Participants will also discuss growth potential- including technology, development of African cities, pension funds and transforming agriculture into big business, in addition to the impact of low oil and commodities prices on growth.
H.E. Hamad Buamim, President & CEO, Dubai Chamber, noted that this year’s forum is set to take place amidst significant economic changes including low oil prices and slowdown in some of the worlds’ largest economies. AGBF will thus be an ideal platform for participants to discuss the economic trends which will align the African economy with global demands and ensure adequate human, social and infrastructure development.
Dubai’s foreign trade with Africa accounted for 118 billion dirhams in 2014, where imports reached 60.8 billion dirhams, exports 13.7 billion dirhams and re-exports 44 billion dirhams.
The World Investment Report 2015 by the UNCTAD has pointed out that the rise of non-traditional investors from the UAE, particularly Dubai, has been a new factor underpinning FDI flows into Africa in recent years. The country accounted for 6 percent of total capital expenditure related to greenfield FDI projects into Africa in 2014, targeting consumer industries, infrastructure and services.
Buamim concluded that since its establishment 50 years ago, Dubai Chamber has striven to strengthen economic ties between Dubai and the rest of the world. As far as Africa is concerned, the Chamber recently opened a representative office in Ghana, and is aiming to open other African offices, most notably in Mozambique.
This year’s content is once again being developed by The Economist Intelligence Unit (EIU) as the conference’s second edition drew in more than 1000 officials, ministers and executives from 33 countries, and saw more than 132 bilateral meetings.
