News Column

Dubai Chamber Impressed at Kenya Prospects

September 2, 2014

Antony Langat

THE Dubai Chamber of Commerce has identified Kenya as a favorable investment destination in East Africa.

The study terms Kenya's economy as having developed into a market-led hub for East Africa's telecommunications, retail and tourism sectors.

"Growth will pick up to 5,1 percent a year on average as banking, telecoms and the middle class continue to develop," stated the Dubai Chamber of Commerce in a study which painted the optimism it has on Kenya.

The study stated that investment opportunities were particularly significant in the telecoms sector.

Downsides of the Kenyan economy are however mentioned in the study.

"Prices of food and oil, and drought threat remain key risks," the study reported.

The few risks in the report did not however deter the President and Chief Executive Officer of Dubai Chamber of Commerce, Hamad Buamim, who said that Kenya's Foreign Direct Investments (FDIs) were under US$0,5 billion and target mainly telecoms and financial services.

The study, which has been released ahead of the second Africa Global Business Forum (AGBF), which will take place this October in Dubai, highlights economic and investment potential in Sub-Saharan Africa.

Buahim said that AGBF will shed a light on the economic and investment realities in Africa and will give business leaders and decision-makers from Africa, Dubai and the wider GCC region an ideal platform to discuss business partnerships and opportunities.

The study compliments an Ernst & Young study released in May 2014 which put Kenya among countries in Africa that are hotspots for foreign investments and are popular with investors looking for established economies to expand their operations.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

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