28/11/2014 06:19 AST
Dubai’s non-oil trade with Africa has increased by 700 per cent over the last decade, according to the Dubai Chamber of Commerce & Industry. During that time, Kenya has emerged as a major hub for East Africa, with non-oil trade between Dubai and Kenya estimated to be worth Dhs4.5 billion in 2013, making the African country the emirate’s 50th biggest trade partner.
Africa is emerging to be one of the fastest growing continents in the world despite the weaker global economic environment, with Kenya being one of the most lucrative investment destination in the East African state, Kenya’s Ambassador to the UAE, Mohammed Gello disclosed on Thursday in Dubai.
Gello noted that the UAE has been identified as one of the leading export market for Kenyan exports and this trend, he added is will likely to continue over in the near future. This he said is because Kenya has comparative advantage in agricultural products for which it intends to position itself as a reliable source market.
Gello made the remarks while speaking to journalists at the sideline of an Investment conference, entitled “Africa: Bridging the Gulf”, which was hosted by Africa Legal Network (ALN) the network’s Dubai chapter, AC&H Legal Consultants.
During the same event, a Memorandum of Guidance (MoG) to improve understanding among the business community in the UAE and Kenya was signed. It is also the first such MoG the DIFC Courts has signed with an African country.
The document was signed by Michael Hwang, SC, Chief Justice of the DIFC Courts, and Prof. Githu Muigai, the Attorney General of Kenya in the presence of Sheikh Nahyan Bin Mubarak Al Nahyan, UAE Minister of Culture, Youth and Social Development, who was the Chief guest at the conference.
Upon signing the MoG Kenya’s Attorney General said that the agreement adds an additional layer of certainty for companies operating in both the UAE and Kenya by defining for the first time the procedures for mutual enforcement of money judgments between the DIFC Courts and High Court of Kenya.
The one-day conference attracted close to 100 Africa based senior executives, business owners and lawyers, together with over 200 UAE and the GCC based senior business personalities and professionals. The envoy said that most of them are working in hospitality industry, especially in airlines and hotels.
The agenda of the conference also included discussions over investment opportunities in a number of sectors including Energy, Banking & Finance, Oil & Gas, Future Emerging Cities of Africa, Hospitality, Private Equity and Commercial Property on the African continent.
Leading business leaders and professionals, with deep experience of working in Africa, engaged in panel discussions and shared their collective and candid insights on the various challenges, opportunities, rewards and risks.
Ambassador Gello revealed that the UAE has a large influx of Kenyan manpower from the East African State that are totaling to about 45,000 spread across the different emirates.
Gello said that Kenya offers a unique location for UAE investors to penetrate this important emerging market which according to recent reports, may enjoy renewed economic growth fueled by new oil and gas findings in the Eastern Africa region.
Addressing the conference, Prof. Mungai also shared the envoy’s sentiment, saying that UAE continues to be one of Kenya’s leading bilateral trade partners.
“As trade between our two countries continues to flourish, it is important that our respective judicial systems support and protect cross-border commerce,” said the Attorney General.
He added that the signing of the Memorandum of Guidance between the DIFC Courts and the Kenya Judiciary, marks a key milestone in the investment circle.
Prof. Muigai noted that the MoG will enhance understanding of judicial procedures for foreign judgment enforcement in the respective courts.
The Gulf Today
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