Dubai Chambers, a non-profit organization, has revealed that more than 1,600 new African companies have registered with them since October 2021, growing 6.5% to reach 26,420 as on June 27.
In October 2021, the Chamber hosted the sixth edition of the Global Business Forum Africa (GBF Africa) on the side lines of Expo 2020 Dubai – a global forum which brought together UAE companies and their African counterparts to explore and discuss concrete business prospects and investment opportunities.
GBF Africa was one of the key factors that boosted membership growth over the last eight months, as well as the new strategy implemented by Dubai International Chamber, which aims to attract promising companies and foreign direct investment from the continent to the Dubai market and boost the emirate’s trade with African countries.
Dubai International Chamber maintains a strong presence in Africa as it operates four representative offices in Kenya, Ethiopia, Mozambique and Ghana. These offices play a crucial role in facilitating trade and investment flows between the continent and Dubai, while they also identify opportunities in African markets that offer the most potential for UAE companies.
Dubai Chambers Chairman Abdul Aziz Al Ghurair said the Dubai International Chamber – one of three chambers operating under Dubai Chambers – played an active role in attracting African businesses to the Dubai market and connecting local companies with business opportunities emerging across the continent.
He noted that Expo 2020 Dubai provided an ideal platform to promote Dubai as a preferred hub for African businesses, explore new avenues of economic cooperation and foster cross-border partnerships.
President and CEO of Dubai Chambers Hamad Buamim described Africa as a market of strategic importance to Dubai and a key focus of Dubai International Chamber’s efforts is to boost the Emirate’s foreign trade to $540 billion in the next five years.
“The UAE-Africa economic ties have evolved following Expo 2020 Dubai – with GBF Africa serving as a catalyst for boosting bilateral trade and investment,” he added.
A total of 550 bilateral business meetings were held on the side lines of GBF Africa last year, and the event attracted 3,000 participants from 91 countries, 600 of whom attended virtually.