Tuesday 5 March 2024

Africa ‘poised to be a $3trn economy by 2030’

DUBAI, June 13, 2017

The African continent is expected to grow to a $3 trillion economy by 2030, said the organisers of the upcoming Africa Legal Network’s (ALN) fourth Annual International Conference in Dubai, UAE, citing Ernst & Young’s Attractive Program Africa 2017 report.

The invite-only event, running on October 4 and 5 at the Park Hyatt, will bring together high-calibre and relevant business professionals and government representatives to discuss opportunities for foreign investment in Africa.

The strongest economies over the last two years have included commodity-importing East African countries such as Tanzania, Ethiopia, Kenya and Rwanda while the West African economies of Côte d’Ivoire and Senegal have also emerged as star performers – presenting Gulf investors with new markets, ripe for investment opportunities.

The ALN conference comes at a time when trade between the two regions is at an all-time high. The UAE is Africa’s leading trading partner within the GCC, with approximately 80 per cent of the UAE’s imports from Africa being primary products, such as food produce and beverages. Total non-oil trade between the two regions is valued at about $24 billion: a 700 per cent increase over the last decade, according to the Dubai Chamber of Commerce.

With the UAE Minister for Culture, Youth and Social Development, Sheikh Nahyan bin Mubarak Al Nahyan, as the Guest of Honour, the conference will include a range of panels and talks from speakers with a deep understanding of working in Africa, including former General Army and President of Nigeria, Olusegun Obasanjo and director of Brenthurst Foundation, Dr Greg Mills.

ALN chairman and former Malian Prime Minister, Dr Cheick Modibo Diarra, said: “African economies continue to be among the most resilient in the world and present unparalleled opportunities for foreign investment. The continent’s growth has recovered from recent global economic headwinds and the slowdown in 2016.

“This year’s ALN conference will provide a crucial platform for gaining valuable insights into the renewed opportunities available to investors across the Gulf region and beyond. With top-calibre panel members and engaging presentations that highlight Africa’s growth story, we expect to see even stronger relationships between global leaders to encourage investment in the promising opportunities Africa presents.”

This year’s conference will feature a presentation by Dr Greg Mills and former President Olusegun Obasanjo on their latest book, ‘Making Africa Work’.

Over 400 delegates are expected to attend the event, including senior government officials, stakeholder executives and key members of the international investment community.

Topics discussed at the conference will include Africa’s risk landscape, private equity investing on the continent, Africa’s power and infrastructure sectors, financing, trends in real estate, family businesses, innovation and technology, among others.

Conference sponsors include MCB, Emirates NBD, Control Risks and Axis.

ALN is an independent alliance of leading law firms in Africa. It is the largest and most integrated grouping of its kind in Africa, with close working relationships across its members and an established network of “Best Friends” across the continent. – TradeArabia News Service

Tags: Africa |

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