Dubai International Chamber seeks expansion into EA markets

Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, is embarking on a mission to expand investments within the East African region as part of the ‘New Horizons’ initiative. The initiative is aimed at supporting the expansion of the chamber's members into global markets. In a recent interview with CNBC Africa, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Stephen Ruzibiza, Chief Executive Officer of the Rwanda Private Sector Federation, discussed the investment opportunities that both Dubai and Rwanda are seeking to explore. The collaboration between the two entities underscores a strategic drive to enhance bilateral trade and foster economic growth. One of the primary objectives of this initiative is to bring together companies from Dubai to explore investment opportunities in the African market. The current focus of Dubai International Chamber lies in East Africa, with Rwanda being a key spotlight country for potential investments. The collaboration involves 18 companies from Dubai engaging in over 100 business-to-business meetings in Kigali. Working in tandem with partners such as the Rwanda Development Board and the Private Sector Federation, the initiative aims to drive bilateral trade and investment to new heights. The growth in bilateral trade between Rwanda and Dubai saw a significant increase of 33% in 2022, showcasing the potential for further economic collaboration between the two regions. Stephen Ruzibiza highlighted the importance of partnerships in facilitating bilateral trade, emphasizing the role of stakeholders such as chambers of commerce and government bodies in promoting a conducive environment for business operations. Through engagement and collaboration, the aim is to remove obstacles and enable smoother trade processes. Ruzibiza emphasized the need for business operators to meet and engage directly, reducing the reliance on intermediaries and enhancing direct trade relations. Mohammad Ali Rashed Lootah underscored the importance of identifying bankable investment opportunities and aligning them with the strategic plans of both Rwanda and Dubai. With a focus on sectors like ICT, digital transformation, and value addition in agriculture, Dubai International Chamber seeks to catalyze investment opportunities that drive economic growth and create sustainable business partnerships. The exploration of sectors such as tourism, business tourism exhibitions, and food processing presents avenues for collaboration and mutual benefit. The conversation also revolved around the significance of value addition and the services sector in enhancing bilateral cooperation. By promoting sectors like real estate, logistics, and agro-processing, both Dubai and Rwanda aim to leverage their strengths to create a conducive environment for investors. The integration of services like software development and utilizing local expertise in Rwanda for global markets demonstrates a collaborative approach to maximizing business potential. As both Dubai and Rwanda navigate the challenges posed by the global pandemic and seek to revitalize trade and investment opportunities, the emphasis remains on fostering partnerships, accessing finance, and building human capital. The need for strategic interventions that leverage the unique strengths of each region is essential for driving sustainable economic growth and promoting mutual prosperity. In conclusion, the collaborative efforts between Dubai International Chamber and the Rwanda Private Sector Federation signify a commitment to exploring new horizons in investment and trade. By identifying key sectors, promoting value addition, and facilitating direct engagement between businesses, the initiative holds promise for unlocking opportunities and creating a conducive environment for economic growth in East Africa and beyond.