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In the first three quarters of 2024, non-oil trade between the UAE and Kenya soared to US$3.1 billion, reflecting a remarkable 29.1% increase compared to the same timeframe in 2023. This impressive growth highlights the strengthening economic relationship fostered by the CEPA.
The UAE and Kenya have entered a Comprehensive Economic Partnership Agreement (CEPA) designed to bolster mutual trade and investment. This is a major highlight of UAE’s inaugural bilateral trade agreement with an African nation, showcasing its commitment to diversifying its economy beyond oil dependency.
In the first three quarters of 2024, non-oil trade between the UAE and Kenya soared to US$3.1 billion, reflecting a remarkable 29.1% increase compared to the same timeframe in 2023. This impressive growth highlights the strengthening economic relationship fostered by the CEPA.
Kenya, recognized as one of Africa’s most promising economies, achieved a real GDP growth rate of 5.6% in 2023. Forecasts suggest an average growth rate of 5.2% from 2024 to 2026.
Key sectors such as services, which contribute 53.6% to Kenya’s GDP, and agriculture, accounting for approximately 25%, offer substantial opportunities for UAE businesses looking to expand in the region.
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The CEPA is poised to enhance investment in high-potential areas, including information and communications technology (ICT), banking, tourism, infrastructure, and renewable energy. The agreement seeks to eliminate trade barriers across a range of goods and services, opening new avenues for importers and exporters in both nations. The CEPA with Kenya is expected to solidify the UAE’s role as a reliable partner and investor in Africa.
