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Dubai Chamber study highlights investment opportunities in Sub-Saharan Africa [Emirates News Agency (WAM) (United Arab Emirates)]
[August 24, 2014]

Dubai Chamber study highlights investment opportunities in Sub-Saharan Africa [Emirates News Agency (WAM) (United Arab Emirates)]


(Emirates News Agency (WAM) (United Arab Emirates) Via Acquire Media NewsEdge) DUBAI, 24th August, 2014 (WAM) -- Ahead of the 2nd Africa Global Business Forum (AGBF) this October, the Dubai Chamber of Commerce and Industry, in collaboration with the Economist Intelligence Unit (EIU), has developed a detailed study highlighting economic and investment potential in Sub-Saharan Africa and its potential to become the world's fastest growing region.



Hamad Buamim, President and CEO, Dubai Chamber, said that the Chamber always strives to provide companies and investors with access to studies and research that will help them take informed investment decisions in target markets, namely the African market where the future of business is very promising.

He also highlighted that the increase in economic reforms, rising fiscal spending and ties with fast growing economies in Asia are the main factors supporting the economy in Sub-Saharan Africa, adding that the AGBF will shed light on the economic and investment realities in Africa and will give business leaders and decision-makers from Africa, Dubai and the wider GCC region an ideal platform to discuss business partnerships and opportunities.


Also, challenges, opportunities and cooperation between African and Dubai based companies will be discussed further by leaders and businessmen attending AGBF in October, he said.

The President and CEO of Dubai Chamber further stressed that this study is one in a series of studies on Africa developed by the Chamber, and is aimed at introducing businesses in Dubai to investment opportunities available in the continent.

The study further informs that Africa holds 60% of the world's uncultivated arable land, but remains a net importer of several food products as well as processed foods. Encouraging growth in domestic production and reducing reliance on imports is a key goal to governments and investors.

It states that investment opportunities are particularly significant in the telecoms sector. Although there are over half a billion mobile subscribers, most countries are still far from saturation and internet access is still almost non-existent in many countries.

The study emphasises that with the emergence of middle class, formal retail is starting to develop, offering "value" products aimed at lower income customers while infrastructure needs are enormous, with an estimated US$100bn a year required by the power sector alone.

On South Africa, the study states that the country's business environment is among the most advanced in Sub-Saharan Africa and the private sector is well-established. Banking is well-developed and traditional mobile phone market has reached saturation point. The country remains a key destination for non-oil FDI which exceeded US$5bn.

Economic growth is forecast to average 3.5% per year up to 2016 and the study has ranked the market opportunities as moderate. Expansion of low-cost housing and welfare will boost demand for consumer durables.

Non-oil trade between Dubai and South Africa accounted for almost AED8.1bn in 2013. Imports reached around AED5.5bn and exports and re-exports around AED2.6bn. Traded commodities included prepared food stuff, vegetable products, chemicals, minerals, textiles, vehicles, machinery and electronic equipment. South Africa ranks 37th on the list of Dubai trade partners.

(c) 2014 Emirates News Agency (WAM) Provided by SyndiGate Media Inc. (Syndigate.info).

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