New office eases Dubai tycoons entry into Nairobi

Corporate News

CMC dealer which was acquired by Dubai’s Al Futtaim. PHOTO | FILE 

By VICTOR JUMA, vjuma@ke.nationmedia.com

In Summary

• Dubai Chamber of Commerce and Industry's Nairobi office is expected to provide members with market information, partner research, networking and business opportunities.
• Its establishment is expected to build on Dubai’s existing trade and investment ties with Kenya.

Dubai businesses are set to get an easier entry into Kenya with the opening of the Dubai Chamber of Commerce and Industry representative office in Nairobi.

Opening of the office was announced Tuesday at the start of a local tour by top officials of the chamber, Dubai’s businessmen and diplomats representing Kenya in the Emirate.

“The office will facilitate investments into Kenya and the country’s trade with the Middle East,” said Rami Halawani, the marketing and corporate communication director at the chamber in an interview.

The office is expected to provide members with market information, partner research, networking and business opportunities.

Its establishment is expected to build on Dubai’s existing trade and investment ties with Kenya.

Recent investments in Kenya by Dubai-based conglomerates include the acquisition of motor dealer CMC Holdings by Al Futtaim and the opening of several Carrefour retail stores by Majid Al Futtaim.

Dubai’s private equity firm Investbridge Capital is set to build a chain of schools in Kenya and other African countries through a joint venture with Sabis education network and Centum Investment which is listed on the Nairobi Securities Exchange.

The emirate’s real estate investors have also been marketing various property developments to Kenya’s high-net-worth individuals.

Abu Dhabi, which forms part of the United Arab Emirates (UAE) alongside Dubai and other regions, is a major source of petroleum products shipped to Kenya on a monthly basis.

READ: Dubai entrepreneurs seek investment and trade deals in Kenya

Kenya also imports a range of consumer goods, including cars and spare parts from the UAE.

The chamber said it wants to reinforce Dubai’s position as a gateway for global investments to and from Africa.

The delegates from Dubai are meeting local entrepreneurs and government officials to get insights into the investment climate and business opportunities in the region, the chamber said.

The organisation said Kenya is an attractive investment destination owing to its status as a commercial and logistics hub of East Africa.

It also noted the country’s rising economic power with a population of about 45 million people providing a large internal market.

Increased trade and investment with Africa and the rest of the world is part of Dubai’s plan to grow and diversify its economy.

The emirate has invested heavily in construction, real estate, logistics and tourism among other sectors.

After Kenya, the delegation is set to visit Ethiopia in the two-nation Africa tour that will end on Friday.

The Nairobi office follows the establishment of a similar branch in Mozambique earlier in the year as the chamber rushes to build its global network.

It also has offices in Mumbai (India), Accra (Ghana), Abuja (Nigeria), Shanghai (China) and Baku (Azerbaijan).

Dubai becomes the latest country to establish an office in Nairobi with a view to enhancing its trade and investment with Kenya.

The Netherlands last year opened an office in the capital to facilitate the expansion of Dutch businesses in the region.

The office, dubbed The Netherlands Business Hub, is an initiative of the Dutch business community, the Embassy of the Kingdom of the Netherlands in Nairobi, the Netherlands African Business Council (NABC) and the Netherlands Water Partnership (NWP).

Its establishment comes at a time when the Netherlands has raised its economic interests in Kenya through a number of high profile investments channelled mainly through state-owned and private equity funds.