Dubai, 5 April 2022 (TDI): The President of African Development Bank Group (AfDB), Akinwumi Adesina was on a 3-day official visit to the United Arab Emirates during the Expo 2020.
Adesina met with different stakeholders in the UAE to diversify and deepen the cooperation opportunities for AfDB. The African Development Bank has been in operation since July 1, 1966. Furthermore, AfDB holds a mission to promote the economic and social development of the African continent.
AfDB SIGNED MOU WITH ABU DHABI FUND
Adesina met with the Director-General of Abu Dhabi Fund for Development (ADFD), Mohammed Saif Al Suwaidi, and signed MOU with ADFD aimed at strengthening cooperation in strategic sectors in Africa that can contribute to sustainable socio-economic development. After signing the MOU, Mohammed Saif Al Suwaidi said: “Africa is the next growth frontier. We don’t want to miss out.”
“Our partnership with the Abu Dhabi Fund for Development will further help accelerate transformative investments in Africa and unlock our continent’s unlimited economic and developmental potential”, said President Akinwumi A. Adesina.
The Abu Dhabi Fund for Development (ADFD) is an autonomous national entity. Furthermore, ADFD has affiliations with the Abu Dhabi government. ADFD has been working for more than 50 years on supporting developing countries to achieve sustainable economic growth and reduce poverty. ADFD mainly focuses on offering financial aid, forging partnerships in both public and private sectors, and adopting international best practices to ensure aid effectiveness.
AfDB AND UNITED ARAB EMIRATES ARE LOOKING FOR MORE COOPERATION OPPORTUNITIES
Early today, the President of the African Development Bank Group, Akinwumi A. Adesina met with Dubai’s Deputy Ruler, Deputy Prime Minister, and Minister of Finance of the United Arab Emirates, Maktoum Bin Mohammed.
President Akinwumi A. Adesina discussed how to strengthen mutual strategic cooperation between both sides to promote the development of the economy with Deputy Prime Minister Maktoum Bin Mohammed.
There have always been strong economic ties between the African continent and the United Arab Emirates. In 2021, UAE announced its intentions to deepen its trade ties in Asia and Africa as they are fast-growing economic entities. According to the plan; the United Arab Emirates looked for $150 billion in foreign investment from mainly older partners to reinforce its position in the global economy.
With the growing interest in the African continent, the United Arab Emirates has formal diplomatic relations with 24 out of the 54 African countries. Especially in the Horn of Africa, the United Arab Emirates has been playing a significant role in regional development and affairs.
AfDB STRENGTHENS COOPERATION WITH COMPANIES IN THE UNITED ARAB EMIRATES
Later this morning, the President of African Development Bank Group, Akinwumi A. Adesina met with Dr. Mohamed Jameel Al Ramahi, CEO of Masdar, a company focused on solar and renewable energy in Abu Dhabi.
Masdar, Abu Dhabi Future Energy Company, started its operations in 2006. Masdar is a global leader in renewable energy and sustainable urban development. The company already has 2 projects in Morocco, 2 in Mauritania, and 4 in Egypt.
Following the meeting with the CEO of Masdar, AfDB President Akinwumi A. Adesina met with Ahmed Saeed Al Calily, CEO and Chief Strategy & Risk Officer of Mubadala, and discussed potential investment opportunities and future partnerships in the African continent.
MUBADALA AND MEETING WITH TAQA
Mubadala investment company is a sovereign investor managing a diverse portfolio of assets established in 2017. Its business is both domestic and international, and it is an investment vehicle of the government of the UAE. Africa now accounts for 1% of the company’s business, mainly in Algeria and Egypt.
Later this afternoon, AfDB President Akinwumi A. Adesina met with officials of TAQA, an energy investment company. Adesina then urged TAQA to consider strategic partnership opportunities for energy investment, especially renewable energy in the African continent.
TAQA, the government-controlled energy holding company, is one of Abu Dhabi’s flagship companies. TAQA plays an important role to realize the Emirate’s economic strategy. About its business in the African continent, TAQA runs projects in Ghana and Morocco.
During the 3-day official visit to the United Arab Emirates, AfDB President Akinwumi A. Adesina met with governments and various stakeholders to discuss further partnership and economic cooperation opportunities.
Renewable energy and relevant investment were important during these meetings and discussions. According to Adesina, these are key fields to AfDB and UAE; as it is where both would like to work to increase interests from both sides.
International Relations student at the Universidad de Navarra in Spain. Main interests are the work of International Organizations like the UN in the scope of humanitarian assistance to vulnerable human beings and the environment
