Luanda — The United Arab Emirates (UAE) has recently expressed its intention to intensify economic relations with Angola, investing in the energy, technology and maritime logistics sectors, ANGOP learnt from a press release disclosed Tuesday.
It adds that in addition to these investments, there are also opportunities in the field of food security, through partnerships between the two countries and that the UAE sees Angola as a growing consumer market and emphasizes that several leading Emirati companies are already investing in key sectors of the Southern African nation's economy, including the port sector, with companies such as 'Masdar', 'DB World', Abu Dhabi Ports Group, 'Edge' Group and 'G42'.
It recalled that the Middle Eastern country continues to import diamonds from Angola and has plans to turn the country into a food supplier in the coming years and that this move is part of a wider strategy by the UAE to become a centre connecting Africa, the Middle East and Asia.
The statement indicates that the UAE's total direct investment in Africa between 2012 and 2022 was 59.4 billion dollars, making it the third largest source of investment in the continent after China and the United States.
The UAE's interest in Africa is driven by the growth prospects of emerging economies such as Ethiopia, Kenya and Tanzania, which have growing potential as food suppliers and energy consumers.
According to the statement, the UAE seeks to benefit from the rapid transformation of these countries, positioning itself as a link between Africa and Asia, channeling capital and goods, increasing access to essential food and mineral supplies.
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Since 2021, economic relations between the UAE and Angola have been strengthened significantly. Angola, with a rapidly growing population and a recovering economy, is now the sixth largest economy in sub-Saharan Africa.
The country has agricultural potential, with fertile soil and a suitable climate, which can help the UAE diversify its food imports.
Angola is also one of the world's largest diamond exporters, with more than two thirds of its production currently sold to the UAE.
In addition to diamonds, Angola has mineral potential, with vast unexplored areas containing large reserves of basic and rare metals such as copper, cobalt, manganese and lithium, essential for the UAE's ambitions in technology and renewable energy.
Economic relations between the UAE and Angola are growing significantly, with investments in key sectors and mutual development opportunities.
This strategic partnership is intended to benefit the two countries, boosting economic growth and regional cooperation. HM/QCB/DAN/AMP
