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Kenya and United Arab Emirates enter a vast economic partnership

Nairobi, Jan 20 (Prensa Latina) The United Arab Emirates (UAE) has agreed with Kenya on a Comprehensive Economic Partnership (CEPA), the inaugural pact between the Levantine country and an African country in a direction that is announced as the genesis of an expansion strategy.

For the UAE, the objective is to diversify its economy and reduce dependence on oil, a non-renewable resource, and showed tangible signs with the 29 percent increase in bilateral trade excluding fuel, up to 3.1 billion dollars in the first nine months of 2024.

The CEPA considers that the Kenyan economy is promising given the 5.3 percent increase in the gross domestic product (GDP) during the 2023 fiscal year and the forecast increase of that index of up to 5.6 percent from 2024 to 2026, according to the report released by public sources.

Services and agriculture are the most promising sectors for Arab state companies seeking to expand their economic presence in the African region, the report added.

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