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Dubai / Emirates Business
The Dubai Chamber of Commerce and Industry’s efforts in backing small and medium enterprises in Africa have led to further Gulf Cooperation Council (GCC) investment in the continent, concluded the Economist Intelligence Unit (EIU) report, “New Horizons: Next generation Africa-GCC business ties in a digital economyâ€.
Sponsored by the Dubai Chamber and launched in preparation for the 4th Global Business Forum on Africa “Next Generation Africa†on November 1-2, the report investigates the prospects of building relationships between young entrepreneurs and investors in Africa and the GCC in order to determine the challenges to overcome, as well as the future opportunities to benefit from.
The report reveals that the UAE and Saudi Arabia were the second ($11bn) and fifth ($3.8bn) largest investing countries, respectively, in Africa by capital investment in 2016, according to fDI Intelligence, a division of The Financial Times. HE Hamad Buamim, President and CEO of the Dubai Chamber of Commerce and Industry, said, “Dubai is well-positioned to serve as a gateway for African companies that are looking for growth opportunities and easy access to expand their footprint in the GCC, Asia, and Europe. Dubai Startup Hub, an initiative of Dubai Chamber, is an ideal platform to assist innovative startups and SMEs from Dubai and around the world.â€