UAE is Now Largest Investor in New African Business Projects: Media
15:03 25.12.2024 (Updated: 12:18 26.12.2024)
© AP Photo / Kamran Jebreili
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According to the official UAE government data, the country's total investment in Africa currently amounts to $60 billion, making it the fourth-largest investor in the continent.
The United Arab Emirates has become the largest investor in new African business projects, raising hopes for green energy funding, Western media reported.
Between 2019 and 2023, Emirati companies reportedly pledged $110 billion in African projects, including $72 billion for renewable energy. This was more than double the investment of companies from the UK, France, or China, who scaled back infrastructure projects due to poor returns.
African leaders were also dissatisfied with climate finance pledges from wealthy nations at COP29, where a $300 billion promise fell short of the requested $1.3 trillion.
"African countries are in dire need of this money [for] their own energy transitions. And they plug huge holes, the Emirati investors, that the West failed to," Ahmed Aboudouh, an associate fellow at the Chatham House think tank, said, cited by the West media.
The UAE invests in African ports, airlines, agriculture, telecoms, carbon credits, and mining, with a recent significant investment in a Zambian copper mine.
