Kenya, Dubai strike trade deal for more investments

Kenya’s trade ties with the United Arab Emirates (UEA) went a notch higher Tuesday following the signing of a deal with the Dubai International Chamber.

The bilateral agreement between the Kenya National Chamber of Commerce and Industry (KNCCI) and the Dubai International Chamber will see 18 Dubai-based companies invest in the country.

With the trade value between the two countries currently standing at USD 2.1 billion (Sh315 billion), it is expected that this will significantly increase following the deal.

Kenya’s leading imports from Dubai were electronics, machinery, vehicles, spare parts and plastic.

On the other hand, minerals which include gold, coffee and other perishable products were exported to the UAE.

Dubai Chambers President and CEO Mohammad Ali Rashed Lootah emphasized during the forum in Nairobi the pivotal role of bilateral meetings in fostering economic alliances between the business communities of the two countries.

Lootah highlighted Kenya's potential as a lucrative market for Dubai-based companies seeking expansion opportunities on the African continent.

The event, he noted, marked a significant step toward forging mutually beneficial partnerships and exploring new opportunities in the thriving East African market.

"Through our meetings in Nairobi, we aim to diversify the exports of Dubai-based companies into the Kenyan market and facilitate the establishment of branches and offices in Africa,” he said.

This initiative aligns with the objectives of the Dubai Economic Agenda (D33) and our chamber's strategic priorities, furthering the global expansion of Dubai-based enterprises.

“We remain committed to providing all necessary support to enhance the competitiveness of our emirate's companies in international markets,” he added.

KNCCI President Erick Rutto reaffirmed their commitment to improving the business environment and fostering trade between Dubai and Kenya.

Rutto said the agreement promotes, facilitates, and develops economic and commercial cooperation between the business communities of both countries by their respective laws and regulations.

On his part, UAE Ambassador Salim Ibrahim Al Naqbi said the cooperation will enhance trade and investment by eliminating trade barriers in the movement of goods and people through Kenya’s support.

Kenya Investment Authority (KenInvest) Managing Director June Chepkemei who was also present reassured the Dubai business delegation of Kenya's commitment to facilitating investments.

“We serve as a one-stop shop to guide investors through every step of the investment process by ensuring a seamless experience,” she said.

The MoU outlines a series of cooperative measures, including prospective business missions, study trips, commercial events, trade fairs, exhibitions, joint seminars, training programs, symposiums, and the exchange of business delegations.

It is also set to create numerous opportunities for businesses on both sides.

The cooperation touches on sectors such as chemicals, construction, electrical, energy and renewable, food and beverage, hospitality and furnishing, information technology, retail, and trading.