Uae's Africa Push Prompts Cautious Optimism

With 60bn of investment in Africa in over a decade, the United Arab Emirates is emerging as one of Africa's most consequential investment partners.

COP28 in Dubai in December 2023 was key in outlining a roadmap for the years ahead. There, concessions were given to Emirati companies to develop green initiatives in Angola, Uganda, the Republic of Congo, Kenya and Mozambique including solar, hydraulic and geothermal energy projects.

Between 2019 and 2023, Emirati companies announced 110bn of projects in Africa according to data provider FT Locations - 72bn of them renewable energy projects.

Elsewhere, logistics giant and UAE-based DP World is making large investments in port facilities and operations on the continent, and UAE's International Holding Company - which has a market cap of AED892.8bn 243bn is pursuing projects in health, fintech and mining.

The Africa Debate event, held in October 2024 in Dubai, offered a chance for the United Arab Emirates as a whole to boast of its willingness to invest in key sectors across the continent.