Saudi Arabia, UAE amp up Africa investments amid growing competition

News Snapshot:

March 30, 2024 Nowadays, Riyadh and Abu Dhabi are competing for strategic influence and trade in Africa. Having established itself as a global player, the UAE has become the fourth largest investor in Africa after China, the European Union and the United States. Between 2012 and 2022, the combined foreign direct investment of the top Gulf Cooperation Council (GCC) states in Africa amounted to around $101.9 billion, according to greenfield investment data service FDI Markets, and the main beneficiaries of these inflows were Egypt, Morocco, Algeria, Nigeria and South Africa. However the UAE was way ahead of the others when...