ADQ, an Abu Dhabi-based investment and holding company, has announced a groundbreaking agreement with the National Treasury and Economic Planning Ministry of Kenya to explore investments of up to USD 500 million in the East African country’s priority sectors. This move is set to boost Kenya’s already thriving economy, which is projected to grow between 5 and 6 percent in 2024.
The agreement comes on the heels of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Kenya, which aims to capitalize on mutual opportunities in sectors such as food production, mining, technology, and logistics. This partnership highlights the strong economic ties between the two nations and underscores ADQ’s commitment to fostering relationships in key markets.
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, expressed confidence in the investment, stating that it will unlock tangible value and contribute to the economic growth of Kenya and the broader East African region. Kenya, known for its dynamic economy, was one of the first African countries to engage in bilateral trade talks with the UAE in 2022.
In 2023, non-oil trade between the UAE and Kenya saw a significant increase of 26.4 percent year on year, reaching USD 3.1 billion. This latest agreement is expected to further strengthen the economic partnership between the two countries and pave the way for increased collaboration in various sectors.