Page 446 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/27/24, 9:38 AM UAE and Kenya finalize CEPA negotiations to enhance trade
Kenya’s economy, one of the most promising in Africa, experienced

real GDP growth accelerating from 4.8 percent in 2022 to an

estimated 5 percent in 2023, while it is projected that real GDP will

grow between 4.5 percent and 5.2 percent in 2024. Among others, its

services sector, which accounts for 53.6 percent of Kenya’s GDP, and

its agriculture sector, comprising around a quarter of the 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 percent increase on 2022, and 34.7

percent more than 2021.

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