A recent visit by European Union officials to the United Arab Emirates has resulted in a bilateral agreement to focus future collaborations on several development projects in the African continent.
According to the exclusive report by the UAE-based The National News, the UAE will partner with the EU to support its ongoing Global Gateway strategy planned between 2021 and 2027 with a budget of 300 billion Euros ($321.9 billion), half of which will be dedicated to projects in African countries.
UAE and European Union further expand their cooperation in developmental policies and sub-Saharan Africa.#UAE #EU #Partnership #Cooperation pic.twitter.com/qDlIIdveoq
— Amir Peretz (@AmirPeretz3) June 10, 2022
Even though the report does not name particular African countries, it states that cooperation will be focused on the global strategy for people and the planet, taking challenges posed by Climate Change as a main field of work.
UAE-EU projects in Africa will support current health and educational programs, at a time it will support the continent's needs for clean energy using renewable sources that keep the continent's carbon print as low as possible, while it grants millions of people more regular access to electricity.
African countries are among the world's least contributors to carbon emissions.
Nairobi City Center, Kenya - Shutterstock
In addition to these sustainability and green goals, the collaboration between the European Union and the UAE aims to boost the continent's economic recovery post the pandemic, through digital transformation and the expansion of transportation networks.
Past UAE Investments in Africa
This partnership with the European Union will not be the UAE's first venture in African countries. The UAE is the largest foreign investor in African countries, contributing $25 billion between 2014 and 2018.
By October 2021, the UAE was the largest Arab investor in Sub-Saharan African countries with $1.2 billion between 2016 and 2021.
The UAE, in addition to Saudi Arabia, is also among the top investors in the Horn of Africa, especially in Ethiopia, Sudan, Somalia, and Djibouti, with $3.9 billion between 2005 and 2015.
A report published in March 2022 highlighted a 300% jump in trade between the UAE and Zimbabwe during the last three years, from $400 million in 2019 to $1.6 billion this year.
