This week, Bola Tinubu, the President of Nigeria, Paul Kagame, the President of Rwanda, and over 35 ministers from across Africa participated in the Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh. The emerging economic relations between Africa and the Gulf Cooperation Council (GCC) ' namely the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman ' are poised for significant growth, driven by mutual interests in diversification, investment and sustainable development. More pointedly, last year, companies in the GCC announced 73 Foreign Direct Investment (FDI) projects in Africa worth more than $53 billion. Over the last decade GCC countries have collectively invested over $100 billion in Africa. The UAE has invested $59.4 billion. Saudi Arabia and Qatar have invested $25.6 billion and $7.2 billion respectively. Notably, during this period, the UAE has been the fourth largest foreign direct investor in Africa, behind China, the EU and the United...
learn more
