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
 May 6 2015 - HE the Chief of Staff Meets French CommanderQatar News Agency
(MENAFN - QNA) HE the Chief of Staff of the Qatari Armed Forces Major General (Pilot) Ghanim bin Shaheen Al Ghanim met Wednesday with Chief of Staff of the visiting French Army General Jean-Pierre ...

 May 6 2015 - Croatian Deputy Prime Minister Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Deputy Prime Minister and Minister of the Interior of the Republic of Croatia, Ranko Ostojic, met here on Wednesday with Qatar's Ambassador to the Republic of Croatia, HE Sheikha Moza ...

 May 6 2015 - Pakistani Army Chief of General Staff Meets Qatar's AmbassadorQatar News Agency
(MENAFN - QNA) Pakistan Army Chief of General Staff Rashid Mahmood met here today with HE Qatar's Ambassador to Pakistan Saqr bin Mubarak Muhammad Saqr Al Mansouri. Talks during the meeting focused ...

 May 6 2015 - Advisory Council's Services Committee MeetsQatar News Agency
(MENAFN - QNA) The Advisory Council's Services and Public Facilities committee on Wednesday held its first meeting during the council's 43rd regular session under the chairmanship of its rapporteur ...

 May 6 2015 - Municipality Minister Meets Tunisian Environment MinisterQatar News Agency
(MENAFN - QNA) HE Minister of Municipality and Urban Planning Sheikh Abdul Rahman bin Khalifa Al-Thani on Wednesday met at his office with Tunisian Minister of Environment and Sustainable ...

 May 6 2015 - HE State Defense Minister Holds Meetings in TurkeyQatar News Agency
(MENAFN - QNA) HE Minister of State for Defense Affairs Major-General Hamad bin Ali Al Attiyah met Wednesday with Turkish Minister of Defense Ismet Yilmaz on the sidelines of the International ...

 May 6 2015 - Minister of Justice Meets Heads of GCC DelegationsQatar News Agency
(MENAFN - QNA) HE the Minister of Justice Dr. Hassan bin Lahdan Al Mohannadi met here on Wednesday with the heads of delegations participating in the first meeting of GCC officials for family ...

 May 6 2015 - Dubai's Jumeirah Group logs 5.2 percent revenue growth in 2014MENAFN
(MENAFN) Jumeirah Group, the Dubai-based hotel developer, recorded a revenue growth of 5.2 percent for 2014, marking a decline from the 8 percent reported a year ago, Arabian Business ...

 May 6 2015 - Two dead, 8 injured in Azraq - JordanJordan News Agency
(MENAFN - Jordan News Agency) Two citizens were killed and eight injured when two cars collided in Azraq town, north-east the Kingdom, Civil Defense Directorate said.Rescue teams in Zarqa governorate ...

 May 6 2015 - Israel test launches missile propulsion systemJordan News Agency
(MENAFN - Jordan News Agency) Israel tested a ballistic propulsion system for a satellite delivery Tuesday morning.A statement by the Defense Ministry said that the launch, conducted over central ...

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