The United Arab Emirates (UAE) recently sealed a Ksh67 billion deal with the Kenyan government. President William Ruto revealed this during a meeting with UAE’s Minister for Investment Mohamed Alsuwaidi, at State House Nairobi.
The United Arab Emirates has emerged as a key player in Africa’s investment landscape, with a focus on infrastructure development, energy projects, and tourism. Kenyan government officials have actively courted UAE investors in recent years, seeking to attract foreign capital and expertise to drive the country’s economic growth.
“This memorandum of understanding represents a new chapter in joint economic cooperation between the UAE and the Republic of Kenya. Through this partnership, we are laying the foundation for a future in which sustainable mining practices, innovation and responsible stewardship are the pillars of our mutual growth. We are committed to leveraging technology to improve capabilities and establish strong governance practices that will advance the mineral sector and ensure the overall prosperity of our countries.” Mohamed Alsuwaidi, said.
Kenya and the United Arab Emirates have agreed on a financing and investment framework through which our two countries will explore programmes and investment opportunities worth $500 million (KSh67 billion).
Additionally, our two governments have also agreed on a MoU in mining… pic.twitter.com/c5UmLJanze
— William Samoei Ruto, PhD (@WilliamsRuto) April 24, 2024
The UAE has a strong track record of successful investments in Kenya, with projects ranging from real estate developments to renewable energy initiatives. The recent Ksh67 billion deal is yet another example of the growing partnership between the two countries, with Arab investors looking to capitalize on Kenya’s booming economy and investment-friendly policies.
According to the latest data, Kenya’s economy has been on a steady growth trajectory in recent years, with GDP expected to expand by 5.7% in 2021. The country’s strategic location in East Africa, combined with its skilled workforce and strong entrepreneurial spirit, has made it an attractive destination for foreign investors.
The Ksh67 billion deal is set to create hundreds of jobs in Kenya and boost the country’s infrastructure development efforts. This significant investment will not only stimulate economic growth but also strengthen the ties between Kenya and the UAE, paving the way for future collaborations in various sectors.
The Ksh67 billion deal between UAE and the Kenyan government is a testament to the growing confidence in Kenya’s economic prospects and investment climate. With the support of foreign investors, the country is well-positioned to achieve its development goals and drive sustainable growth in the years to come.
This landmark deal underscores the importance of international partnerships in fostering economic progress and creating opportunities for all stakeholders. By working together, Kenya and the UAE can unlock new avenues for growth and prosperity, benefiting both nations and their respective citizens.
