Kenya’s stock of foreign direct investments (FDIs) from Dubai hit $253 million (Ksh38.3 billion) in the five years to June 2023, data by the Financial Time’s investment tracker fDi Intelligence shows, signalling growing deals in key sectors such as food processing, financial services, IT and software. Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers said the FDI is projected to grow significantly as more firms from the Gulf nation eye Kenya deals.“We always believe that trade and investment give a positive value and more companies in Dubai are targeting deals in Kenya,” he told Business Daily in Nairobi on Wednesday on the sidelines of a trade meeting between Dubai and Kenyan firms.
“We have had meetings with Ken Trade (Kenya Trade Network Agency) as well as various business groups in Kenya and they have pointed us to various bankable investment opportunities,” he said.—Zawya
