UAE - Mubasher: The value of the bilateral non-oil trade between Dubai and Africa reached AED 1 trillion ($272 billion) in the last eight years, according to Dubai media office.
This announcement was made during a webinar organised by Dubai Chamber’s representative offices in Africa.
In the past five years, Dubai's trade with Africa registered a compound annual growth rate (CAGR) of 11%, an increase of exports and re-exports by 13% and 6%, respectively.
Meanwhile, the emirate's imports from Africa saw a 14% rise over the last five months.
Dubai’s trade with Africa could witness an annual rise of up to 10% over the next five years following the implementation of the African Continental Free Trade Agreement (AfCFTA).
Meanwhile, the chief business development officer at Dubai International Financial Centre (DIFC), Salmaan Jaffery, remarked that 5% of companies and 10% of the workforce at DIFC are from Africa.
