UAE continues to expand its economic interests in Africa, this time round inviting AfDB President Dr Akinwumi Adesina for a three-day visit.
The African Development Bank Group boss arrived in Dubai on Tuesday, March 29. According a statement by the AfDB, Adesina is expected to meet with UAE Finance minister Sheikh Maktoum Bin Mohammed Al Maktoum.
“Adesina will also have bilateral meetings with other senior members of government and heads of parastatal companies. They include discussions with Minister of State for International Cooperation, Her Excellency Reem Al Hashimy—who is also Managing Director of Expo 2020 Dubai—and the Minister of State for African Affairs, His Excellency Sheikh Shakhbout bin Nahyan bin Mubarak Al Nahyan,” the statement said.
Much of the visit’s focus will be on strengthening ties and building closer collaboration between AfDB and the UAE.
“We are keen to see the United Arab Emirates become a valued partner and a significant investor in Africa. There is a lot that the African Development Bank and the UAE can do together,” Adesina said.
Given the African Development Bank’s strong push on financing infrastructure on the continent—among its other equally important priority areas—Adesina will meet with the Dubai Ports World CEO Sultan Bin Sulayem. Dubai Ports World is the biggest port operator, operating in 78 marine and inland terminals in more than 60 countries.
The African Development Bank has been active in financing port infrastructure projects in Africa. Renewable energy is also expected to be a potential area of joint investment interest. The United Arab Emirates has made significant advances in green growth and renewable energy.
The AfDB is a major co-financer of the Desert to Power initiative in Africa’s Sahel—a project that will connect 250 million people to electricity, drawing on the region’s abundant solar resources. Adesina will also visit the Abu Dhabi Fund for Development. With Expo 2020 Dubai concluding this week and drawing visitors from around the world,
He will also tour the expo and visit the pavilions of the UAE, the AU and Nigeria. UAE has intensified its forays in Africa and other global markets.
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The UAE is one of the world’s top 20 economies in terms of FDI and according to the Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, it is is ranked 11th in the world for Ease of Doing Business and first in the region. This indicates the country’s strong economic performance. UAE plans to deepen its trade ties in fast-growing economies in Asia and Africa, and draw $150 billion in foreign investment from mainly older partners to reposition itself as a global hub for business and finance. “We’re going to open up the markets more aggressively with many countries,” Al Zeyoudi told Bloomberg News.
The eight targeted markets make up 10 per cent of the world’s economic output and are home to around a quarter of the world’s population.
According to Horn Institute for Strategic Studies, the UAE has through strategic political alliances, investment in development projects, humanitarian aid, security arrangements, and emboldened diplomacy, been steadily expanding its presence and influence across Africa.
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