The Ministry of Investment of the UAE and the Ministry of Finance and National Treasury of the Republic of Kenya have signed an investment memorandum of understanding, setting the stage for investment collaboration in mining and technology sectors.
ADQ, an Abu Dhabi-based investment company, signed a finance framework agreement with Kenya's ministry, aiming to invest up to US$500 million in priority sectors of the Kenyan economy, particularly the mining sector. Kenya's abundant reserves offer significant growth potential, which could boost employment and economic development. The agreement focuses on mineral exploration, development, processing, and marketing, with a goal of technology transfer to support innovation. Both countries aim to promote responsible stewardship in mining, prioritizing environmental and social governance practices.
Mohamed Hassan Alsuwaidi, UAE Minister of Investment, emphasized the partnership's focus on sustainable mining practices and mutual growth.
The MoU and agreement have been signed on the heels of a bilateral investment cooperation signed to advance Kenya’s digital infrastructure sector, which was signed last month.
News Source: Emirates News Agency
