Page 424 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/27/24, 9:34 AM UAE and Kenya finalize terms of a Comprehensive Economic Partnership Agreement
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, Indonesia, Türkiye, Georgia,
Cambodia, Mauritius, Congo-Brazzaville, Colombia, South Korea, Costa Rica.

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