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UAE strengthens Senegal trade

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UAE strengthens Senegal trade
Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, last week successfully led a delegation of Dubai-based companies to participate in a trade mission to Senegal. Image credit: Dubai Chamber

UAE strengthens Senegal trade

Non-oil trade between Senegal and Dubai achieved growth of 17.7% in 2023 to reach a value of USD925.8-million.

Senegal is the second-fastest growing economy in Africa and the fourth-fastest growing economy in the world, positioning this West African country as a key market of great strategic importance for countries in the Middle East.

Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, last week successfully led a delegation of Dubai-based companies to participate in a trade mission to Senegal.

According to Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, the mission gave the Chamber an opportunity to explore opportunities that will strengthen bilateral trade and investments with the Senegalese business community.

Key sectors identified for investments from Dubai to Senegal include vehicles and spare parts, construction, renewable energy, agriculture, medical equipment, and the pharmaceutical industry.

UAE strengthens Senegal trade
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Doing business with Senegal (UAE strengthens Senegal trade)

As part of the mission, the chamber hosted a special business forum in Dakar titled ‘Doing Business with Senegal’ aimed at connecting companies from both markets with opportunities to boost bilateral trade and investment.

The event was attended by Dr Serigne Gueye Diop, Minister of Industry and Commerce of Senegal, and attracted the participation of senior government figures, business leaders, and local companies interested in exploring potential partnerships with members of the delegation from Dubai.

Non-oil trade between Senegal and Dubai reached a value of USD 925.8-million in 2023, representing an impressive year-over-year growth of 17.7%. A total of 67 Senegalese businesses were registered as members of Dubai Chamber of Commerce at the end of 2023, underlining the growing interest in Dubai among companies from Senegal.

UAE strengthens Senegal trade

During the business forum, Dubai Chambers signed a memorandum of understanding with the Dakar Chamber of Commerce, Industry and Agriculture. The agreement is aimed at strengthening cooperation and partnership in organising events, trade missions, exhibitions and conferences, as well as exchanging knowledge and experience and promoting mutual investments between the business communities in Senegal and Dubai.

“Senegal is not only the second-fastest growing economy in Africa, but also the fourth-fastest growing in the world, positioning the country as a market of great strategic importance for Dubai.

“Through this trade mission, we aim to explore investment opportunities and nurture business partnerships between Dubai’s private sector and the Senegalese business community. We look forward to working together to unlock sustainable mutual growth and contribute to a prosperous future in both markets,” says Mohammad Ali Rashed Lootah

Looking at Dubai’s economic landscape

The ‘Doing Business with Senegal’ event was organised by Dubai International Chamber with the support of the National Union of Chambers of Commerce, Industry and Agriculture of Senegal, the Chamber of Commerce, Industry and Agriculture of Dakar, and the UAE Embassy in Dakar, in addition to the National Agency for Investment Promotion and Major Projects of Senegal and the Senegalese Export Promotion Agency.

As part of the business forum, the chamber delivered an informative presentation on Dubai’s economic landscape and competitive advantages, as well as the opportunities available for Senegalese companies. In addition, an insightful panel discussion featuring experts from prominent economic sectors shared details of the opportunities available in the Senegal for companies from Dubai, together with valuable guidance for businesses and investors on entering the local market.

This was followed by a series of bilateral business meetings between representatives of companies from Dubai and Senegal, which continued during the second day of the mission. The delegation from Dubai featured representatives from companies operating across diverse sectors including agriculture, food and beverages, beauty and cosmetics, construction and real estate, retail, electronics, energy, environmental solutions, fashion ecommerce, general trading, healthcare and medical supplies, information technology, oil and gas, and supply chain and logistics.

The chamber has identified a range of promising sectors for exports from Dubai to Senegal including mobile phones, electronics, vehicles, wheat, rice, light vessels, floating cranes, and bulldozers.

UAE strengthens Senegal trade

UAE strengthens Senegal trade
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