UAE's ADQ Signs Agreement to Pump $500 Million into Kenya's Economy

UAE's ADQ Signs Agreement to Pump $500 Million into Kenya's Economy

By Emirates News Agency, 26 April 2024

DQ, an Abu Dhabi-based investment and holding company, today agreed to establish a finance and investment framework with the National Treasury and Economic Planning Ministry of the Republic of Kenya to explore intended investments of up to US$500 million in priority sectors of the East African country's highly diversified economy.

The agreement aims to explore and leverage investment opportunities in Kenya to promote the growth and development of its national economy, which is the largest in the East Africa region and is projected to achieve growth between 5 and 6 percent in 2024. Earlier this year, the two countries concluded a Comprehensive Economic Partnership Agreement (CEPA) that will enable the trading partners to capitalise on mutual opportunities in sectors including food production, mining, technology and logistics.

Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, said: “This agreement not only strengthens the robust economic ties between the UAE and Kenya but also underscores ADQ’s commitment to developing partnerships in key markets that complement our investment strategy, allowing other nations to benefit from the considerable and diverse expertise within our portfolio. We are confident that our investment will bring forth notable opportunities that will unlock tangible value and contribute to the economic growth of Kenya and the broader East African region, harnessing its vast potential for development.”

Kenya is among East Africa’s most dynamic economies and was one of the first African countries with which the UAE initiated bilateral trade deal talks in 2022. In 2023, non-oil trade between the UAE and Kenya rose by 26.4 percent year-on-year to $3.1 billion.

Hatem Mohamed / Tariq Al Fahaam

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