The Kenya National Chamber of Commerce and Industry (KNCCI) aims to attract UAE investors to the agribusiness and real estate sectors.
During the UAE- East Africa Trade mission 2023 at Villa Rosa Kempinski, Nairobi, Ronald Meru, Chairperson of the Economic Diplomacy Committee at The Kenya National Chamber of Commerce and Industry (KNCCI), expressed Kenya’s desire to engage with UAE investors.
As a major producer of cash crops like tea, coffee, and flowers, Kenya primarily exports these commodities in their raw or semi-processed form. Meru’s invitation extended to UAE investors to enhance the value of these agricultural products, contributing to increased foreign exchange earnings.
Real estate and infrastructure investment opportunities
Alongside agribusiness, Kenya sought to entice UAE investors into the real estate and infrastructure sector. Kenya’s rapidly growing cities provide attractive investment returns and play a pivotal role in the nation’s growth strategy.
Kenya and UAE – Widening trade and investment prospects
Recent data from the Kenya National Bureau of Statistics (KNBS) indicates that in 2022, the state exported goods valued at 44 billion Kenyan shillings (approximately 291 million U.S. dollars) to the UAE. Concurrently, imports from the Gulf nation to Kenya were valued at 2.69 billion dollars during the same period.
The Chairman of Sharjah Chamber of Commerce & Industry (SCCI), H.E Abdullah Sultan Al-Owais expressed his enthusiasm for the forum and its potential to benefit both UAE and Kenyan traders, bridging the trade gap between the two nations. He highlighted the significant growth in trade value over the years as a positive indicator of increased trade and business.
Salem Ibrahim Al Naqbi, the United Arab Emirates Ambassador to Kenya, emphasized that this forum offers an ideal platform for broadening trade and investment prospects between the two countries, presenting a spectrum of opportunities for engagement through exports and imports.
Furthermore, Ambassador Al Naqbi disclosed that UAE investors are keen to leverage modern technology to augment Kenya’s agro-processing sector. The rapid urbanization of Kenya provides promising avenues for investors, particularly in the infrastructure and real estate sectors.
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