UAE And Kenya Strengthen Ties With Comprehensive Economic Partnership Agreement Signing
The UAE and Kenya have signed a Comprehensive Economic Partnership Agreement (CEPA) in Abu Dhabi. President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Kenyan President Dr. William Samoei Ruto attended the ceremony at Qasr Al Bahr. This agreement aims to enhance trade, investment, and market access between the Middle East and Africa.
His Highness Sheikh Mohamed bin Zayed Al Nahyan highlighted the UAE's dedication to strengthening economic ties with Africa through this agreement. He believes the CEPA will boost trade, investment, innovation, and sustainable growth in sectors like agriculture, retail, healthcare, financial services, technology, and tourism.
Dr. William Samoei Ruto expressed gratitude to Sheikh Mohamed for his commitment to enhancing UAE-Kenya relations. He described the CEPA as a significant advancement in their economic relationship. The agreement reflects Kenya's eagerness to achieve mutual benefits for both nations.
The signing was conducted by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Dr. Musalia Mudavadi, Kenya's Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs. This agreement builds on existing cooperation between the two countries.
Bilateral non-oil trade between the UAE and Kenya reached US$3.1 billion in the first nine months of 2024, marking a 29.1% increase from the same period in 2023. Kenya's economy is one of Africa's most promising, with a real GDP growth of 5.6% in 2023 and an estimated average of 5.2% from 2024 to 2026.
The services sector contributes 53.6% to Kenya’s GDP, while agriculture accounts for about a quarter of it. These sectors present significant opportunities for UAE businesses seeking expansion into the region.
Investment Flow Acceleration
The CEPA is expected to accelerate investment flows in high-potential areas such as ICT, banking, tourism, infrastructure, and renewable energy. Foreign trade remains crucial to the UAE’s economic strategy as it aims to double its economy to over US$800 billion by decade's end.
This partnership marks a step towards deeper relations between the UAE and Kenya while expanding developmental partnerships across Africa.
With inputs from WAM
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