Page 407 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/27/24, 9:31 AM UAE and Kenya finalize terms of a comprehensive economic partnership agreement

The CEPA will have significant positive impact on accelerating investment flows in high

potential areas such as logistics, healthcare, travel and tourism, infrastructure, and ICT,

and will offer a platform for SME cooperation and expansion on both sides.

His Excellency Dr Thani bin Ahmed Al Zeyoudi said: “The UAE-Kenya Comprehensive
Economic Partnership Agreement marks a significant milestone in our CEPA program. It is

a testament to our commitment to strengthening economic ties with the African continent
and to creating new opportunities for businesses and investors in both of our countries.

The UAE-Kenya CEPA will not only boost trade and investment, but also foster innovation

and sustainable growth in key sectors such as agriculture, technology and tourism. We
look forward to deepening our relationship with Kenya and to further expanding our

presence in Africa as a trusted partner and investor.”

Her Excellency Rebecca Miano, Kenya’s Cabinet Secretary for Investments, Trade and

Industry, said: “The Kenyan leadership has identified trade as a key lever of economic
growth and transformation. We are on a national development path that is seeking to

increase industrial output, enhance the quality and global competitiveness of that output,
and to expand the opportunities for its export. The Comprehensive Economic Partnership

Agreement with the United Arab Emirates will play a key role in these efforts, enabling our

exports to reach important markets in Asia and the Middle East, and also in stimulating the
investment inflows that will further develop our national capabilities. We look forward to its

implementation and the mutual benefits it will deliver.”

Kenya's economy, one of the most promising in Africa, experienced real GDP growth

accelerating from 4.8% in 2022 to an estimated 5% in 2023, while it is projected that real
GDP will grow between 4.5% and 5.2% in 2024. Among others, its services sector, which

accounts for 53.6 percent of Kenya’s GDP, and agriculture sector, comprising around a
quarter of national GDP, offer vast potential for UAE businesses looking to expand into the

region.

Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s

non-oil trade in goods reached an all-time high of $710 billion, a 12.6% increase on 2022 –
and 34.7% more than 2021. The UAE has already concluded CEPAs with India, Israel,

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