Dubai Chamber of Commerce study looks at Gulf investment in Africa
The findings of the study, titled “Beyond Commodities: Gulf Investors and the new Africa,” were unveiled recently during the Third African Global Business Forum hosted by the Dubai Chamber. Research was done with assistance from the Economist Intelligence Unit.
The study showed factors that made Gulf investment attractive included demographic trends, growing consumer markets, economic stability and an improving business environment. Manufacturing in Ethiopia, leisure, retail and tourism in Mozambique and Kenya and education in Uganda were also popular with Gulf investors.
"Most studies and global indicators point toward a future that is very bright in sub-Saharan Africa, and so we’re putting our trust in these markets that we think will drive the engine of growth in the region, ensuring that the Dubai Chamber is, once again, at the forefront of the investment community and committed to ensuring that all our capabilities are being used to reinforce the competitive nature of the private sector in Dubai, mirroring the high reputation that Dubai has managed to build for itself in such a short space of time," Dubai Chamber President and CEO Hamad Buamim said.
The study also highlighted the Gulf's airlines and the role they have played in making Africa accessible to international tourists.
The sub-Saharan African nations that have attracted the largest number of Gulf investors in the last few years include Nigeria, South Africa, Kenya and Uganda. Countries with the most developed tourism sectors include South Africa, Ghana, Tanzania and Kenya.