West African heads meet with Dubai reps for investment

11 September 2014

Eight heads of states from the West African Economic and Monetary Union (UEMOA) and the head of West African Development Bank (BOAD) have addressed an investment forum in Dubai seeking more investments from the region.

The event was attended by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai.

Reem Al Hashemi, Minister of State and Chairwoman of the Emirates Competitiveness Council (ECC) said the UAE and the Gulf region are committed to investments in the fast-growing African economies, especially the UEMOA region with which the UAE has a growing trade partnership.

“Currently, various Gulf entities together have more than $30 billion [Dh110.17 billion] in investments in Africa. Dubai fully recognises the huge opportunities in Africa and the UEMOA region and looks forward to a great partnership with the region,” said Al Hashemi.

The fast-growing West Africa region with a population of more than 100 million and a fast-growing economy that is growing at the rate of % is seeking more than $20 billion in infrastructure development and an additional $8 billion in public-private partnerships.

“Sound economic fundamentals and investment friendly reforms are expected to attract more investments into the region. We expect more GCC investors to participate in these opportunities,” said Cheike Hadjibou Soumare, President of the Commission of West African Economic and Monetary Union.

By Babu Das Augustine

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