Facebook with Latestnigeriannews  Twieet with latestnigeriannews  RSS Page Feed
Home  |  All Headlines  |  Punch  |  Thisday  |  Daily Sun  |  Vanguard   |  Guardian  |  The Nation  |  Daily Times  |  Daily Trust  |  Daily Independent
World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  More Channels...

Viewing Mode:

Archive:

  1.     Tool Tips    
  2.    Collapsible   
  3.    Collapsed     
Click to view all Entertainment headlines today

Click to view all Sports headlines today

Dubai: An investment haven beckons

Published by The Nation on Fri, 12 Jul 2019


Dubai, one of the seven emirates under the United Arab Emirates (UAE), has taken the world of business by storm. By riding on the crest of its robust infrastructure, investor-friendly business environment and its attractive free zones, it has firmly established itself as the global hub for trade and investment. Drawn by the emirates irresistible and mouth-watering incentives, many Small and Medium Enterprises (SMEs), startups and multinationals from Nigeria and other African countries are rushing to Dubai to either begin operations or expand. Assistant Editor CHIKODI OKEREOCHA, who has just returned from Dubai, reports.For businesses and investors in Nigeria and other African countries searching for a bountiful Return on Investment (RoI) and a boost in efficiency and global competitiveness, Dubai, one of the seven emirates under the United Arab Emirates (UAE), is the destination of choice.By dangling the proverbial carrot in the form of mouth-watering incentives to existing and prospective businesses, including Small and Medium Enterprises (SMEs), startups and multinational corporations (MNCs) seeking to either begin operations or expand their footprints, Dubai has strategically positioned itself as the most sought-after business and investment haven.Some of the incentives that are attracting businesses and investors from Africa, including Nigeria to Dubai, include world-class infrastructure, 100 per cent foreign ownership for mainland businesses in some sectors, 10-year hassle-free visa for investors, reduced fees for electricity consumption for large, medium and small factories.Dubais strategic geographic location, forward-looking government and policies, Ease of Doing Business (EoDB), excellent logistics facilities and world class infrastructure, among others, also earned the city its pride of place as the preferred global investment destination.For instance, with regards to EoDB, the UAE was ranked 11th globally in World Banks Ease of Doing Business Rankings 2018, up by 10 spots since 2017. The UAE was also ranked first regionally, even as it claimed the number five spot globally in the Institute for Management Development (IMD) World Competitiveness Rankings 2019.Such favourable rankings are believed to have warmed Dubai, the UAEs largest and most populous city, to the hearts of not a few investors and business owners from Nigeria and other African countries eager to take advantage of her global footprint in the world of business.The Government of Dubai has also gone a notch higher by establishing a consultative council that includes international companies, allocating as much as 20 per cent of government tenders to SMEs, reducing municipality fees, waiving property registration fines, and scrapping fees related to the aviation industry with the aim of attracting investment to the sector.These initiatives, The Nation learnt, were designed and diligently implemented to ensure a conducive and investor-friendly business environment, boost confidence in the market and reduce the financial burden on businesses and investors coming into Dubai.The Marketing and Corporate Communications Director, Dubai Chamber of Commerce & Industry (DCCI), Mr. Rami Halawani, explained that the incentives were in line with the emirates overall ambitious international expansion strategy aimed at positioning it as an international business hub.Halawani, who spoke with select journalists from Africa and India during a Business in Dubai FAM Trip organised by Dubai Commerce Marketing, last week, said the incentives, in addition to the Chambers push to promote Dubai as a leading trade and investment destination, have led to a significant increase in the number of African companies registered with the Chamber.At the five-day event, which centred on business in Dubai, with the aim of drawing attention to how improved regulations and the afore-mentioned incentives made Dubai the global hub for trade, investment and leisure, Halawani said the number of companies in Nigeria and other African countries registered with Dubai Chamber increased from about 12, 000 in 2015 to 17, 500 in 2017.This represents an increase of 32 per cent. As at end of 2018, the number exceeded 20,000. He also said as part of Dubais push in the African market, it has invested about $27 million in Africa in the last three years. The investment, Halawani said, was part of the strategy to link Africa to Dubai, a global metropolitan city and a gateway to the rest of the gulf.He further justified the emirates increased focus on Africa thus: Africa is rich in energy and mineral resources, but lacks the capital, resources and infrastructure to bring this natural wealth to the market. The UAE has access to the capital required by Africa to unlock the potential of its natural resources as well as the infrastructure to sustain economic growth.According to the DCCI spokesman, Dubai remains a global gateway to Nigeria and other African markets, which is why the Chamber operates four representative offices within Africa. They include Ethiopia, Ghana, Mozambique and Kenya. The Chamber, he said, was also studying the possibility of expanding into Nigeria, Angola, Uganda and the Central African markets.Halawani also said Dubai Chamber was working closely with her African offices to organise trade missions to Dubai, which have been joined by African business leaders that are actively looking for UAE business partners.Through our trade missions, events, international offices, workshops, research, we continuously try to provide businesses with the opportunity to explore new markets, identify investment opportunities and build linkages he said.Halawani listed some of the key sectors that offer the most potential for future collaboration between businesses in the UAE and their African counterparts to include financial services, retail, logistics, travel and tourism.He, however, said the bourgeoning trade/business relations between the UAE and the continent was not limited to only large companies, but extended to start-ups and SMEs with the aim of accelerating their growth in Dubai.Nigeria on Dubais radar Encouraged by Nigerias considerable oil reserves and an agriculture sector that boasts significant potential, Dubai has her eyes set on improving her trade/business relations with Africas largest and most populous economy. The country ranked seventh on Dubais trading list, with non-oil trade reaching AED 5.34 billion in 2018.Indeed, the volume of non-oil trade between Nigeria and the UAE has been increasing, with the total value of Nigerias non-oil export to the UAE standing at $608 million in 2017, according to statistics from the Economic Research Department of the Dubai Chamber.The data, which was made available to The Nation in Dubai, showed that while UAEs non-oil export to Nigeria stood at $612 million in 2017, rising from $605 million in 2016, the value of her non-oil imports from Nigeria was $608 million, down from $730 million in 2016.While pearls and precious metals accounted for the largest share of UAEs non-oil imports from Nigeria, valued at $590 million in 2017, wood and plaiting materials came second with total import value put at $9.8 million. Vegetable products were valued at $5.8 million.On the other hand, machinery/electronics, transport equipment, base metals, plastic rubber and chemicals formed the bulk of UAEs non-oil export to Nigeria. The value of machinery/electronics and transport equipment export stood at $313 million and $85 million, respectively.The data, however, listed the high potential non-oil imports from Nigeria to include cocoa, sesame seeds, cashew nuts and natural rubber. High potential exports by UAE to Nigeria include electrical machinery, pearls/precious stones, copper and articles of leather.The Chamber listed the high potential sectors in Nigeria to further boost bilateral trade between Africas largest economy and the UAE to include agribusiness, packaging, manufacturing and energy, among others.Startup mentorship is icing on the cake To underscore the growing emphasis on startups, Dubai Chamber will be selecting 10 startups from the UAE and Africa later this year to participate in its 5th Global Business Forum (GBF) on Africa in Dubai, from November 18-19, 2019.Organised under the theme: Scale Up Africa, GBF Africa 2019 will be held under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.The high-level forum, The Nation learnt, will bring together African and UAE government and business leaders to explore avenues of economic cooperation and facilitate bilateral trade and investment flows.It will also place a key focus on forging the connections that will enable scale up, and explore how public and private sector players in Africa and the UAE can work together to sustainable partnerships.However, the icing on the cake of the 5th edition of the GBF Africa 2019 is Global Business Forum Mentorship Programme, which is a three-month programme that will pair African and UAE startups and entrepreneurs with mentors.The new mentorship programme was an extension of Dubai Chambers GBF on Africa platform, and was aimed at fostering cross-border cooperation between the two startup communities and help participants expand their global presence.Already, 10 startups, five each from the UAE and Africa, have been shortlisted and will be given the opportunity to showcase their business concepts and solutions at the Forum.The five UAE startups include Evolvin Women, a start-up helping unemployed women from developing countries; ORENDA+Bloom, a gender balance consultancy; Tuitify, a startup using Artificial Intelligence (AI) and virtual reality to improve employee training and productivity.Others are Designhubz, a platform that enables retailers and brands to sell their products in 3D; and Pixel House, a production agency offering video production, photography and branding solutions.From Africa, the five startups that will join the programme include FarmGate Africa, a Nigerian startup that uses advanced technologies to connect international buyers and farming clusters; quip.link, an online marketplace for renting and selling construction equipment.There are also Complete Farmer, a crowd-farming platform focused on building sustainable farms; Engineering Hub Ltd, a provider of IT services and solutions for mobile and banking integration platforms; and RideSafe, a mobile application offering real-time health solutions.Prior to their selection, the 10 shortlisted startups participated in the first-ever Chamberthon, which took place in Kigali, Rwanda earlier this year. During the Chamberthon, 20 UAE and African startups worked together to develop the structure and criteria of the GBF mentorship programme.DCCI President & CEO Hamad Buamim said the selection of participating startups was an important step forward in establishing bridges of communication and cross-border cooperation between UAE and African startups.He pointed out that many of the selected startups specialise in advanced technologies, smart solutions, AI and financial technology (fintech), adding that collaboration in these key areas would pave the way for mutual benefits and growth for both business communities.Buamim said: Startups are playing an active role in fostering innovation as they leverage and test out cutting-edge technologies that improve the way we live and work.The GBF entorship programme provides an ideal platform for high-potential startups to develop their business concepts, benefit from collaboration, access new growth opportunities through the GBF on Africa platform, and build valuable partnerships.Buamim added that the theme of this years forum highlights the importance of sustainable development as an engine and catalyst for economic and social progress in Africa, while also setting the tone for constructive dialogue about key trends that are driving the continents next phase of growth.GBF Africa 2019 is anchored on four main pillars namely, Accelerator Eco-system, which will help turn young startups into thriving multinational businesses; Rewiring Trade, which will focus on Africa and Dubai working together to rewire trade for the digital era.Others are Scale through Collaboration, which seeks to promote collaboration among governments, startups, established companies and non-governmental organisations (NGOs) and Pan African scale, which will seek to leverage the market power of the whole continent through digital trade.
Click here to read full news..

All Channels Nigerian Dailies: Punch  |  Vanguard   |  The Nation  |  Thisday  |  Daily Sun  |  Guardian  |  Daily Times  |  Daily Trust  |  Daily Independent  |   The Herald  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  New Telegraph  |  Peoples Daily  |  Blueprint  |  Nigerian Pilot  |  Sahara Reporters  |  Premium Times  |  The Cable  |  PM News  |  APO Africa Newsroom

Categories Today: World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Columns  |  All Headlines Today

Entertainment (Local): Linda Ikeji  |  Bella Naija  |  Tori  |  Pulse  |  The NET  |  DailyPost  |  Information Nigeria  |  Gistlover  |  Lailas Blog  |  Miss Petite  |  Olufamous  |  Stella Dimoko Korkus Blog  |  Ynaija  |  All Entertainment News Today

Entertainment (World): TMZ  |  Daily Mail  |  Huffington Post

Sports: Goal  |  African Football  |  Bleacher Report  |  FTBpro  |  Kickoff  |  All Sports Headlines Today

Business & Finance: Nairametrics  |  Nigerian Tenders  |  Business Insider  |  Forbes  |  Entrepreneur  |  The Economist  |  BusinessTech  |  Financial Watch  |  BusinessDay  |  All Business News Headlines Today

Technology (Local): Techpoint  |  TechMoran  |  TechCity  |  Innovation Village  |  IT News Africa  |  Technology Times  |  Technext  |  Techcabal  |  All Technology News Headlines Today

Technology (World): Techcrunch  |  Techmeme  |  Slashdot  |  Wired  |  Hackers News  |  Engadget  |  Pocket Lint  |  The Verge

International Networks:   |  CNN  |  BBC  |  Al Jazeera  |  Yahoo

Forum:   |  Nairaland  |  Naij

Other Links: Home   |  Nigerian Jobs