UAE To Invest USD 7 Bln in Tanzania Over The Next 4 Years

On 26th February 2022, Tanzanian President Samia Suluhu Hassan met with Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates (UAE) and Ruler of Dubai.

The meeting took place during the Expo Dubai 2020, the first World Expo ever hosted in the Middle East, Africa, and South Asia (MEASA) region.

Sheikh Mohammed bin Rashid highlighted the strong bilateral relations between the two countries and their shared desire to continue enhancing cooperation across various vital fields in the next phase, in light of their common vision on a range of regional and global issues.

For her part, President Hassan expressed her country’s keenness to take bilateral relations to greater heights and enhance partnerships in various vital sectors to further the mutual interests of both nations and congratulated the UAE on the successful hosting of Expo 2020 Dubai, which is bringing together people from across the world to discuss ways to create a more prosperous future for humanity.

President Hassan also met with Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi. They discussed strengthening ties, particularly in investment and economic and development areas.

Following the meetings, the governments and private companies of the two countries signed 36 Memorandum of Understanding for a total investment of more than USD 7.49 billion and an estimated 200,000 new jobs over a four-year period.

The sectors expected to benefit from the agreement include energy, agriculture, tourism, infrastructure, transport technology, and many more.

President Samia Suluhu Hassan stressed that in order to encourage investment and make effective and modern products, the country needs better education.

“Today I urge the UAE Government and other countries participating in the Expo 2020 Dubai to provide opportunities for Tanzanian students to study through scholarships and student exchange programs.”

Tanzania and UAE

The trade balance between UAE and Tanzania stands at around USD2b annually. Tanzania imports mainly refined petroleum products from the UAE, while the UAE is the largest buyer of cloves from Tanzania.