Africa power sector worth $100bn a year
Dubai, August 24, 2014
Africa’s infrastructure needs are enormous, with an estimated $100 billion a year required by the power sector alone, a report said.
With the emergence of middle class in the continent, formal retail is starting to develop, offering “value” products aimed at lower income customers, according to the detailed study conducted by Dubai Chamber of Commerce and Industry, in collaboration with the Economist Intelligence Unit (EIU).
The report, published ahead of the second Africa Global Business Forum (AGBF) in Dubai, highlights economic and investment potential in Sub-Saharan Africa and its potential to become the world’s fastest growing region.
AGBF 2014 will be held on October 1 and 2 at Atlantis The Palm, Dubai.
Hamad Buamim, president and CEO, Dubai Chamber, said that the Chamber always strives to provide companies and investors with access to studies and research that will help them take informed investment decisions in target markets, namely the African market where the future of business is very promising.
He also highlighted that the increase in economic reforms, rising fiscal spending and ties with fast growing economies in Asia are the main factors supporting the economy in Sub-Saharan Africa adding that the AGBF will shed a light on the economic and investment realities in Africa and will give business leaders and decision-makers from Africa and the wider GCC region an ideal platform to discuss business partnerships and opportunities.
Also, challenges, opportunities and cooperation between African and GCC companies will be discussed further by leaders and businessmen attending AGBF in October, he said.
Buamim further stressed that this study is one in a series of studies on Africa developed by the Chamber, and is aimed at introducing businesses in the GCC to investment opportunities available in the continent.
The study further informs that Africa holds 60 per cent of the world’s uncultivated arable land, but remains a net importer of several food products as well as processed foods. Encouraging growth in domestic production and reducing reliance on imports is a key goal to governments and investors.
It states that investment opportunities are particularly significant in the telecoms sector. Although there are over half a billion mobile subscribers, most countries are still far from saturation and internet access is still almost non-existent in many countries. – TradeArabia News Service