The United Arab Emirates (UAE) has emerged as the foremost investor in new business initiatives across Africa, having allocated $110 billion to diverse projects from 2019 to 2023.
As reported by Middle East Monitor, this investment encompasses $72 billion directed towards renewable energy, exceeding the contributions made by the UK, France, and China.
The report also notes that UAE firms have committed $110 billion to various projects throughout Africa, surpassing the investments of traditional players like the UK, France, and China.
A significant portion of the investment has been allocated to renewable energy, with $72 billion earmarked for green energy initiatives. Also, leaders across Africa have expressed their approval of this heightened investment, particularly in the areas of energy and infrastructure.
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Numerous prominent Emirati corporations play a pivotal role in the investment strategy of the UAE in Africa. DP World, based in Dubai, manages six ports across the continent, while Abu Dhabi Ports has broadened its operations in nations such as Guinea, Egypt, and Angola.
In Zambia, International Resource Holdings, associated with Sheikh Tahnoon bin Zayed, has successfully obtained a $1.1 billion agreement for a 51 percent ownership in Mopani Copper Mines. These investments illustrate the UAE’s commitment to diversifying its economy beyond oil and gas and enhancing its footprint in African infrastructure.
