Gulf
Co-operation Council (GCC) countries are placing more attention on new
markets in east, west and southern Africa as their trade flows with the
continent expand, according to a report released by the Economist
Intelligence Unit (EIU) in conjunction with Falcon and Associates.
The
EIU study, entitled GCCTrade and Investment Flows, explores the GCC’s
economic ties with each world region and identifies major growth
drivers.
Key
findings show the GCC’s push into Africa is broadening by sector and
geographical location. From telecommunications and private equity in
West Africa to energy projects in South Africa and Mozambique,
investment flows are diversifying.
Opportunities
in infrastructure are a primary growth driver, where, according to
World Bank estimates, US$96 billion a year is required to bridge the
gap, while fast moving consumer goods (FMCG) is one of the
fastestemerging opportunities on the continent, driven by increased
spending power and rising consumer needs.
Findings
show Dubai and the UAE as a major trade and investment partner across
the African continent. This year, the Investment Corporation of Dubai
(ICD) signed a US$300M agreement with Dangote Cement in West Africa and
bought a significant stake in Kerzner International.
2014
also saw Dubaibased Jumeirah Group expand operations into North Africa
with a management agreement in Mauritius and the recent deal between
Emirates Airline (which already operates more than 160 flights a week to
Africa) and TAAG Angola Airlines will improve connections to Central
and South Africa.
In
addition, the Dubai International Financial Centre (DIFC) Courts has
signed its first Memorandum of Guidance with their counterparts in the
High Court of Kenya advancing legal structures and enabling more
confident investing.
With
robust infrastructure, geographic location and global connectivity,
Dubai acts as a strategic and world-class hub for doing business with
Africa.
The
emirate not only facilitates trade and investment flows into and out of
the continent, it provides a stable and secure base from which global
firms can operate.
The
findings follow the success of the 2nd Africa Global Business Forum
(AGBF), held in Dubai earlier this year and organised by the Dubai
Chamber of Commerce and Industry, which was attended by more than 1000
delegates from 62 countries where discussions focused on encouraging
investment opportunities and promoting sustainable development across
Africa. GCC Trade and Investment Flows is an Economist Intelligence Unit
report based on desk research and interviews with experts, conducted by
The Economist Intelligence Unit in conjunction with Falcon and
Associates. Economist Intelligence Unit is the world leader in global
business intelligence.
It is the business-tobusiness arm of The Economist Group, which publishes The Economist newspaper.
The
Economist Intelligence Unit helps executives make better decisions by
providing timely, reliable and impartial analysis on worldwide market
trends and business strategies.
Falcon
and Associates FZ-LLC is strategic advisory company working on behalf
of the Dubai leadership. We build on the emirate’s many successes to
date by identifying and implementing new opportunities to help Dubai
fulfil its long-term potential, partnering with businesses and
government departments to deliver specific social, economic and
trade-related goals.
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