UAE to invest in Kano, other African states

UNITED Arab Emirate (UAE)’s Minister of Economy, Sultan Bin Sa’eed Al-Mansouri, has said his government will invest in African countries like Nigeria, particularly Kano State, as part of measures to balance its growth and diversify the economy in the light of the global drop in oil prices.

Speaking during a meeting with Kano State Governor, Dr. Abdullahi Umar Ganduje, in Dubai, he disclosed that his country’s focus was now on the African continent given the promising growth opportunities in its markets and the immense capabilities of Dubai-based companies in varied sectors in the economy.

“Looking at the opportunities in the African market, we realise that the continent is considered among the most important destinations on the global investment map, particularly in the fields of infrastructure, agriculture, mining and tourism,” Al-Mansouri affirmed.

The Minister explained that the economic policies of his country are geared towards moving away from the oil sector and building balanced relations with other economies, assuring that Kano was a likely investment destination for his country.

Al-Mansouri added that because UAE wants to ensure that it is at par with the best global economies, it is building a comprehensive knowledge-driven economy, adding however, that the country has challenges in the areas of security management, water resources and food production.

On his part, Governor Ganduje stated that Kano State has mutual opportunities for development cooperation, particularly in the area of alternative energy, agriculture and infrastructure.

He explained that the state would also welcome investment in its proposed light rail project noting that “the project objective will boost employment in the city with an estimated 28,000 jobs.”

He added: “Kano’s huge population, the largest in Nigeria, is a huge market for all types of products and is a traditional market for many West African countries.”

Ganduje assured that the state and indeed Nigeria as a whole, was now peaceful with a government that has zero tolerance for corruption.