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UAE ranks 4th in number of FDI projects in Africa

UAE ranks 4th in number of FDI projects in Africa
The UAE owned 71 FDI projects in Africa in 2019

UAE - Mubasher: The UAE has been placed in the fourth position among the countries investing in Africa in terms of the number of projects, according to the new "Africa Horizons 2021/2022" report, issued by Knight Frank, an independent global property consultancy.

In 2019, the UAE owned 71 foreign direct investment (FDI) projects in Africa at a total value of $5.639 billion.

The US has topped the investors in Africa in terms of the number of FDI projects with 115 projects valued at $3.459 billion, followed by France with 107 projects at a total value of $5.751 billion and the UK with 83 projects valued at $3.152 billion.

The report referred that the ability of Africa to become resilient amid the coronavirus (COVID-19) is based on innovation by offering its residents long-term solutions to attract funding and generate new demand.

Nairobi topped African cities in terms of innovation and ranks among the top 100 globally.

Nairobi came ahead of Cape Town which was second, followed by Kampala at the third position and Cairo and Johannesburg at fourth and fifth places, respectively.