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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.

By Inc.Arabia Staff
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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.

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