Dubai's economic ties with Senegal are flourishing, as revealed by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. Lootah reported that Dubai's total investments in Senegal have reached a staggering AED 3. 1 billion (approximately $846 million) accumulated over a 13-year period ending in 2023.
This significant investment signifies Dubai's commitment to fostering economic partnerships in Africa. The news comes as part of the Dubai Chambers' "New Horizons" initiative, a program designed to propel local businesses into promising international markets. Lootah emphasized the substantial growth in bilateral trade between Dubai and Senegal, reaching $942 million by the close of 2023, reflecting a remarkable 17. 7% increase year-over-year.
The Dubai Chambers' trade mission to Senegal, the first leg of their "New Horizons" tour, aims to solidify and expand trade and investment opportunities between the two nations. Lootah identified several positive indicators that suggest immense potential for further collaboration. He highlighted the impressive growth in trade figures as a key example, underscoring the strong economic ties being established.
Beyond the financial contributions, Dubai's investments in Senegal have demonstrably generated positive social impacts. Lootah pointed out that these investments have played a crucial role in creating over 1, 200 jobs within the Senegalese market. This job creation directly contributes to Senegal's economic development and empowers its workforce.
The "New Horizons" initiative serves a multifaceted purpose. By facilitating connections between Dubai-based businesses and promising markets like Senegal, the program fosters international trade and opens doors for economic expansion. This strategic approach not only benefits Dubai's businesses but also injects valuable capital and expertise into developing economies like Senegal, creating a mutually beneficial partnership.
The burgeoning economic relationship between Dubai and Senegal presents a compelling example of South-South cooperation. This model of collaboration fosters growth and development between emerging economies, promoting knowledge exchange and investment opportunities that empower both nations. As the "New Horizons" initiative continues its journey, it will be intriguing to see how Dubai and Senegal further solidify their economic ties and unlock new avenues for collaborative success.