UAE & Africa leverage on the digital economy to attract investments

The digital economy has become a crucial factor in driving economic growth and attracting investments globally. The United Arab Emirates (UAE) has been at the forefront of leveraging the digital space to propel its economy forward and attract foreign investors. CNBC Africa had the opportunity to speak with Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, to gain insights into the strategic plans and key incentives being offered to foreign investors by the UAE. In the interview, Lootah highlighted the UAE's efforts in expanding its international offices network, particularly in Africa, to facilitate foreign direct investment and promote global expansion for Dubai-based companies. The UAE's strategic focus on Africa as the next growth frontier signifies a strong commitment to fostering economic partnerships with the continent. Developing closer ties with Africa has been a priority for the UAE, as evidenced by the increasing number of active African companies becoming members of the Dubai Chamber. With Africa projected to grow at about 3.7% this year, the UAE's collaborations with the continent are set to unlock new opportunities for mutual economic growth and development. The UAE's approach of working closely with chambers and investment promotion authorities globally, coupled with outbound trade missions to key African markets, demonstrates a proactive effort to support Dubai-based companies in expanding their presence and tapping into lucrative investment prospects. By providing valuable insights and facilitating access to investment opportunities, the UAE is fostering a conducive environment for companies to thrive and contribute to the economic prosperity of both the UAE and Africa.