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A report by the Economist Intelligence Unit (EIU), in conjunction with Falcon and Associates, has revealed that GCC nations are turning towards eastern, western and southern African nations to enhance trade volumes
The study, titled GCC Trade and Investment Flows, showed that the GCC’s interest in Africa is broadening by sector and geographical location.
Specifically, the UAE is a major trade and investment partner. With strong infrastructure, geographic advantage and global connectivity, the country is well positioned as a business hub.
The Investment Corporation of Dubai (ICD) signed a US$300mn agreement with Africa’s Dangote Cement and bought a stake in Kerzner International. Dubai’s Jumeirah Group expanded operations in North Africa through a management agreement. Dubai’s flagship airline Emirates flies 160 flights a week to Africa. In addition, the Emirates-TAAG Angola Airlines deal would improve connections to central and southern Africa, stated the report.
Additionally, other sectors such as telecommunications, private equity and energy are also receiving investments from the GCC, said the report.
Further on, infrastructure development is considered a primary growth driver in Africa while fast moving consumer goods (FMCG) is one of the fast-emerging opportunities on the continent, driven by increased spending power and rising consumer needs.