Home Business Kenya in for Ksh 67B investment deal with UAE

Kenya in for Ksh 67B investment deal with UAE

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President William Ruto meets UAE delegation at Statehouse Nairobi.

Kenya and the United Arab Emirates have embarked on alliance that will see the two countries increase bilateral trade through various sectors, President William Ruto has said.

Speaking when he met a delegation from the UAE led by UAE Minister for Investment Mohamed Alsuwaidi in Nairobi, President Ruto said the two countries have agreed on a financing and investment framework that will see the two countries explore programmes and investment opportunities to the tune of Ksh 67 billion ($500m).

“Additionally, our two governments have also agreed on a Memorandum of Understanding in the mining that will help us explore investment and trade opportunities in the sector,” said President Ruto.

The UAE delegation was led by Minister for Investment Mohamed Alsuwaidi.

The agreement comes on the backdrop of a five year agreement signed between UAE and Kenya through the Ministry of Information Communication and Digital Economy last month, to develop state-of-the-art data centers in the country to help the country expand digital economy.

During the penning of the MoU, Cabinet Secretary Eliud Owalo said the deal will help bridge the digital divide, accelerate technological innovation and pave way for a thriving digital economy benefiting both Africa and globally.

Additionally, the co-operation will focus on other fields like Artificial Intelligence and Large language Models.

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