UAE to grow Asia, Africa trade, seek $150 billion investment

Published 05 Sep,2021 via Bloomberg Technology & Innovation - The United Arab Emirates is deepening its trade ties in fast-growing economies in Asia and Africa, and plans to draw $150 billion in foreign investment from mainly older partners to reposition itself as a global hub for business and finance.

The UAE -- which has been the Middle East’s business and financial capital for more than a decade and has been facing growing regional competition from neighbor Saudi Arabia -- will work on economic partnerships with eight countries that show high potential for growth, officials said in a media briefing on Sunday. Only one of the countries in Sunday’s announcement is from the region, suggesting a growing shift toward markets further afield.

They include South Korea, Indonesia, Kenya, Ethiopia and Turkey, where ties with President Recep Tayyip Erdogan have warmed dramatically in recent months after years of tensions over regional politics. It will also expand economic ties with Britain, India and Israel, where the Gulf state normalized ties a year ago.