ADQ, a company based in Abu Dhabi that specializes in investment and holding, has reached an agreement with the National Treasury and Economic Planning Ministry of the Republic of Kenya. The agreement aims to establish a finance and investment framework to explore potential investments in priority sectors of Kenya’s diverse economy, with a budget of up to $500 million.
The primary objective of this agreement is to identify and capitalize on investment opportunities in Kenya, thereby driving the growth and development of the country’s national economy. Kenya boasts the largest economy in the East Africa region, and it is projected to achieve a growth rate of 5 to 6 percent in 2024. Earlier this year, the two nations finalized a Comprehensive Economic Partnership Agreement (CEPA), which facilitates mutual trade opportunities in various sectors such as food production, mining, technology, and logistics.
Mohamed Hassan Alsuwaidi, managing director and chief executive officer of ADQ, expressed his views on the agreement, stating that it serves to reinforce the already strong economic ties between the UAE and Kenya, while also demonstrating ADQ’s dedication to forming partnerships in strategic markets that align with their investment strategy.
He further added that by leveraging the diverse expertise within their portfolio, ADQ aims to provide other nations with the opportunity to reap benefits. Alsuwaidi said he’s confident in the investment, anticipating notable opportunities, tangible value, and contributions to the economic growth of Kenya and the broader East African region, taking advantage of its considerable prospects for development.
Impressive growth in non-oil trade between UAE and Kenya
Kenya stands out as one of the most vibrant economies in East Africa, and it was among the first African countries to engage in bilateral trade negotiations with the UAE in 2022. Moreover, in 2023, non-oil trade between the UAE and Kenya witnessed a year-on-year increase of 26.4 percent, reaching $3.1 billion.
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