Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Dubai Chamber explores Africa investment potential  Join our daily free Newsletter

MENAFN - Khaleej Times - 25/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The Dubai Chamber of Commerce and Industry, in collaboration with the Economist Intelligence Unit (EIU), has developed a study highlighting economic and investment potential in Sub-Saharan Africa.

Hamad Buamim, president and CEO, Dubai Chamber, said that the Chamber always strives to provide companies and investors with access to studies and research that will help them take informed investment decisions in target markets, namely the African market where the future of business is very promising.

He also highlighted that the increase in economic reforms, rising fiscal spending and ties with fast growing economies in Asia are the main factors supporting the economy in Sub-Saharan Africa; adding that the second Africa Global Business Forum (AGBF) this October, will shed light on the economic and investment realities in Africa. It will also give business leaders and decision-makers from Africa, Dubai and the wider GCC region an ideal platform to discuss business partnerships and opportunities. Buamim further stressed that this study is one in a series of studies on Africa developed by the Chamber, and is aimed at introducing businesses in Dubai to investment opportunities available in the continent. The study further informs that Africa holds 60 per cent of the world's uncultivated arable land, but remains a net importer of several food products as well as processed foods. Encouraging growth in domestic production and reducing reliance on imports is a key goal to governments and investors. It states that investment opportunities are particularly significant in the telecoms sector. Although there are over half a billion mobile subscribers, most countries are still far from saturation and internet access is still almost non-existent in many countries. The study also emphasises that with the emergence of the middle class, formal retail is starting to develop, offering "value" products aimed at lower income customers while infrastructure needs are enormous, with an estimated 100 billion a year required by the power sector alone.

Focusing on Angola, the study states that high oil prices and increased production are forecast to keep the budget in surplus, with average real GDP expected to grow by 6.7 per cent up to 2017 as FDI inflows have increased in the past few years. Banking has developed rapidly, with a total assets growth of 45 per cent per year. However, the sector remains vulnerable owing to poor supervision and volatile liquidity.

On South Africa, the study states that the country's business environment is among the most advanced in Sub-Saharan Africa and the private sector is well-established. Banking is well-developed and traditional mobile phone market has reached saturation point. The country remains a key destination for non-oil FDI which exceeded 5 billion. Economic growth is forecast to average 3.5 per cent per year up to 2016. Unemployment, income inequality, skills shortages and loose fiscal policy are key issues.

Nigeria is a strong destination for investments in telecoms and retail due to the large population (20 per cent of the Sub-Saharan population). It is also a key market to multinationals. FDI has exceeded 6 billion mainly in the energy sector. Owing to the investment in oil and gas, the economy will remain robust but will not be sufficient for a sizeable improvement in living standard. Growth is expected to continue until 2017 owing to the investment in the oil and gas sector. Non-oil growth will be robust, led by telecoms, trade and infrastructure. Ghana offers a relatively business-friendly environment, however poor infrastructure remains a major obstacle. Gold and cocoa are the dominant source of exports. Ghana is Africa's second-largest gold producer and the world's second largest cocoa producer. For retailers, Ghana has the potential to become the gateway to West Africa's consumers, with GDP growth that will average 7.5 per cent annually until 2017, driven by the expansion of gold mines and burgeoning oil and gas sector.

On Tanzania, the study states that tourism is a vital source of revenue and the economy remains dependent on agriculture and mining. Real GDP growth is expected to average 7.1 per cent up to 2017, assuming tourism, agriculture, trade and investment pick up while growth in construction will be robust, led by investments in the gas industry and infrastructure projects.

 


Khaleej Times




  MENA News Headlines
 Jan 27 2015 - Qatar- We want to make history, says MaheThe Peninsula
(MENAFN - The Peninsula) Handball has always been in the centre of the Mahe family's life: Pascal Mahe was a successful player, later coach, so it was obvious that his son Kentin would fill his ...

 Jan 27 2015 - Qatar- Iran taste first major victory in handball with Chile scalpThe Peninsula
(MENAFN - The Peninsula) Iran claimed their first ever win at the global stage at handball when they edged out Chile in a close contest of the President's Cup yesterday. The first President's Cup ...

 Jan 27 2015 - Qatar- Germany, France cruise into quarters at WorldsThe Peninsula
(MENAFN - The Peninsula) A strong German side, who only qualified for the men's World Handball championships via a wildcard, set up a mouthwatering quarter-final clash with hosts Qatar after powering ...

 Jan 27 2015 - Qatar- Masraf Al Rayan posts QR2bn net profitThe Peninsula
(MENAFN - The Peninsula) Masraf Al Rayan recorded a solid net profit of QR2bn for the full-year 2014, reflecting a 17.6 percent increase compared to 2013. The bank's board recommended a dividend ...

 Jan 27 2015 - Qatar may build 2nd LNG terminal in ItalyThe Peninsula
(MENAFN - The Peninsula) Italy and Qatar are working to further deepening the bilateral economic ties. Both the countries are planning to build their second LNG receiving terminal in Italy to enhance ...

 Jan 27 2015 - Qatar- GDI signs deal with GLB for liftboat servicesThe Peninsula
(MENAFN - The Peninsula) Gulf Drilling International Limited (GDI), a subsidiary of Gulf International Services (GIS), the largest oilfield service company in Qatar, signed a contract with Gulf ...

 Jan 27 2015 - International Islamic wins Best Bank in Qatar AwardThe Peninsula
(MENAFN - The Peninsula) International Islamic (QIIB) won Citibank New York's "Best Bank in Qatar Award" for its excellence in 'Straight Through Processing' (STP) operations. This is the fourth time ...

 Jan 27 2015 - Libya deputy minister freed after brief kidnappingThe Peninsula
(MENAFN - The Peninsula) A Libyan deputy foreign minister was released Monday, a day after his kidnapping by gunmen in the eastern city of Al-Baida where the recognised government is based, his ...

 Jan 27 2015 - HRW slams Egypt police after revolt anniversary bloodshedThe Peninsula
(MENAFN - The Peninsula) Human Rights Watch on Monday accused Egyptian police of using "excessive force" against protesters after 20 people were killed in clashes on the fourth anniversary of its ...

 Jan 27 2015 - Lebanon migrant workers hope for union to end abuseThe Peninsula
(MENAFN - The Peninsula) Subjected to beatings and rape, and often driven to suicide, migrant domestic workers in Lebanon are trying to form a labour union in what would be a first for the Arab ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help