
UAE and Kenya sign investment memorandum to develop mining and technology sectors
ADQ announces finance and investment agreement with Kenya worth up to US$ 500 million
Abu Dhabi, UAE, 24 April 2024 – The Ministry of Investment of the UAE and the Ministry of Finance and National Treasury of the Republic of Kenya have signed an investment memorandum, setting the stage for investment collaboration in mining and technology sectors. Simultaneously, ADQ, the Abu Dhabi-based investment and holding company, announced a finance framework agreement with Kenya’s ministry, facilitating investments in priority sectors of the Kenyan economy, with a potential investment sum of up to US$ 500 million.
Kenya’s mining sector boasts significant growth potential owing to its abundant reserves of gold, copper, ilmenite, tantalum, and various non-metallic minerals. The advancement of this industry can substantially strengthen Kenya’s economy by generating employment opportunities, improving livelihoods, and positioning the nation as a prominent mining participant in Africa. Known as the “Silicon Savannah”, Kenya is also the dominant economy in East Africa, contributing to more than 40 percent of the region’s GDP.
The MoU focuses on mineral exploration, mine development, mineral processing, refining, and mineral marketing in Kenya. One of the key objectives is to explore opportunities for technology transfer in Kenya’s mineral sector, that would support innovation and growth. The two countries will also assess avenues for collaboration in promoting responsible stewardship of the mineral sector, with a strong emphasis on environmental, social, and governance practices, in addition to exploring avenues for collaboration in research and development within the designated sectors.
His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, said: “This Memorandum of Understanding marks a new chapter in the shared economic journey of the UAE and Kenya. Through this partnership, we are laying down the foundation for a future where sustainable mining practices, innovation, and responsible stewardship form the pillars of our mutual growth. We are committed to leveraging technology to enhance capacities and establish robust governance practices that will not only propel the mineral sector but also ensure overall prosperity of our nations.” The MoU and agreement have been signed on the heels of a bilateral investment cooperation signed to advance Kenya’s digital infrastructure sector, which was signed last month.
Home >> Local News and Government Section
Panasonic and Beamcast join forces to accelerate broadcast innovation in Qatar
IHG Hotels at Dubai Festival City Unveils Exclusive Culinary Delights, Staycatio ...
‘World's Coolest Winter' campaign successfully concludes its 5th edition recordi ...
ITB Broker: Your Gateway to Transparent and Efficient Trading
GPSSA Streamlines Employer Pension Compliance with New Ma'ashi Digital Toolkit
João Almeida battles towards podium as Volta Valenciana heats up
Rybakina edges out jabeur in three-set classic at mubadala abu dhabi open
Human Fraternity Ambassadors Gather to Discuss Peaceful Coexistence at the Zayed ...
Emirates Skywards and ALL - Accor's Loyalty Programme elevate partnership, offer ...
HH Sheikh Ahmed bin Saeed Al Maktoum concluded the annual Dubai Quality Group Aw ...
FaceFit Opens Up First Of Its Kind Studio for Face Fitness in Dubai
Dubai Municipality wins 62 pioneering awards in 2024
GPSSA organizes its first board meeting for 2025 under the chairmanship of His E ...
Clemenceau Medical Center Hospital Dubai Partners with Forevue Health Managed Ca ...
DoxAI to join UAE's Nextgen FDI Initiative to Drive AI-Powered Business Transfor ...
Prometheus Medical International opens new office in Oslo, reinforces expansion ...
UAE Team Emirates-XRG begins the Volta Valenciana with TTT
Dubai Fountain Undergoes a Stunning Revamp: Temporary Closure Announced for Upgr ...
Step into Love: Shewak's Perfect Pink Heels for Valentine's Day