Kenya’s National Treasury and Economic Planning Ministry and ADQ, the largest Sovereign Fund in the United Arab Emirates (UAE) have signed a deal that will see the Fund pump up to US$ 500 million in various key projects.
This deal seeks to establish a finance and investment framework to explore potential investments in priority sectors of Kenya’s diverse economy. Kenya was among the first African countries to engage in bilateral trade negotiations with the UAE in 2022.
Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, said this latest deal builds on the already strong economic ties between the two states. In early 2024, the two countries inked a Comprehensive Economic Partnership Agreement (CEPA), which facilitates mutual trade opportunities in various sectors such as food production, mining, technology, and logistics.
Available figures indicate that the volume of non-oil trade between the UAE and Kenya reached US$ 3.1 billion in 2023, up 26.4% in 2022. The main products Kenya exports to the UAE include Tea, Sheep and Goat Meat, and Tropical Fruits.
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