Africa News of Monday, 25 November 2024

Source: www.capitalfm.co.ke

Africa and Middle East urged to rethink economic narratives

Boni Nyaga, CEO of Mawaitha Africa Boni Nyaga, CEO of Mawaitha Africa

Economic players from Africa and the Middle East are calling for a shift in perceptions and deeper collaboration to unlock the vast potential between the two regions. The call comes as both regions prepare to converge in Dubai for the Elite Jamboree on December 4, an event designed to foster stronger economic ties.

Boni Nyaga, CEO of Mawaitha Africa, highlighted key challenges hindering the partnership, pointing to persistent misconceptions on both sides.

“We’re confronting two primary narratives: the African perception of Dubai as an overly restrictive environment, and the UAE’s outdated view of Africa as underdeveloped,” Nyaga said.

These narratives, he noted, have created barriers to unlocking opportunities, even as both regions hold complementary economic strengths. Africa boasts 60% of the world’s uncultivated arable land, while the UAE imports 80% of its food. This disparity, Nyaga emphasized, could be transformed into a monumental opportunity for agricultural partnerships that address food security and economic growth.

Experts argue that Africa and the Middle East are uniquely positioned to benefit from mutual collaboration. Beyond agriculture, sectors such as finance, technology, and infrastructure offer untapped potential for growth.

William Stenhouse, founder of the UAE-Africa Networking Group, highlighted the scale of opportunities available through platforms like his organization, which connects over 16,000 professionals, investors, political figures, and government agencies.

“Numbers tell a story, and 16,000 represents more than just contacts; these are 16,000 potential pathways for innovation, investment, and mutual economic growth,” Stenhouse said.

The UAE’s access to global investment platforms, combined with Africa’s need for capital to develop key industries, sets the stage for transformative ventures.

In this context, the Elite Jamboree is seen as a catalyst for bridging the gaps in Africa-Middle East economic relations. Organized by Estilo De Vida, the event is expected to bring together business leaders, investors, and government officials at Atlantis the Royal in Dubai.

The event’s agenda will focus on building partnerships across sectors such as agriculture, finance, and technology, with the aim of creating sustainable connections that go beyond surface-level engagements.

“Transforming these relationships requires more than just an exchange of business cards,” Stenhouse noted. “It’s about reimagining the narrative and building systems of trust and mutual benefit.”

With Africa’s industrialization efforts gaining momentum and the UAE’s position as a global hub for trade and innovation, the Elite Jamboree promises to shape the future of economic collaboration between the two regions.