UAE, Kenya Forge Investment Pact for Digital Growth
Established in July 2023, the UAE Ministry of Investment seeks to expedite foreign direct investment into the Emirate.
The Ministry of Investment of the UAE and the Ministry of Information, Communications, and the Digital Economy of Kenya have inked an investment memorandum of collaboration in digitalization and technology.[1]
Under the agreement, both countries will explore investments in digital infrastructure and artificial intelligence (AI) services in Kenya, with potential projects including the development of data center facilities boasting a collective capacity of up to 1,000 megawatts. Furthermore, the memorandum outlines a plan to assess the technical and investment prospects of developing Large Language Models in the AI sector.
Central to the memorandum is the concept of a digital corridor, designed as an interconnected network infrastructure enabling secure data exchange, hosting, processing, and transmission between the UAE and Kenya.
The signing of the memorandum follows the finalization of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Kenya. The agreement aims to deepen investment ties and enhance bilateral non-oil trade, which surged to $3.1 billion in 2023, marking a 26.4% increase from 2022.
