Dubai’s trade with Africa could see an annual increase of up to 10% over the next five years following the implementation of the African Continental Free Trade Agreement (AfCFTA), according to Dubai Chamber of Commerce and Industry’s latest forecast.
The outlook for Dubai-Africa trade and new bilateral business opportunities created by AfCFTA were among the main topics covered during a recent webinar organised by Dubai Chamber’s representative offices in Africa. The virtual event, held in cooperation with Dubai International Financial Centre (DIFC) and ABSA Group, was attended by 340 businesspeople from the UAE, Africa and other markets, who represent a wide variety of economic sectors and fields.
A presentation from Dubai Chamber’s Economic Research Department noted that changing dynamics brought forth by AfCFTA and the Covid-19 situation have created an opportunity for businesses in Dubai to re-position themselves and explore new African markets as they prepare for recovery.

Agence Française de Développement (AFD) and the African Export-Import Bank (AfreximBank) announced a new facility agreement for a EUR 150 Million financing program to support Afreximbank in the implementation of its new climate finance strategy which will target green, low carbon, socially inclusive and more resilient investments across Africa. As part of its financing program, AFD has made available a EUR 500,000 grant to carry out a technical assistance program which will support Afreximbank in developing its sustainable finance strategy. By doing so, this strong partnership between the two institutions will promote through Afreximbank and its partnering institutions, the dissemination of innovative financing mechanisms for the sustainable development of the African continent.
As the continent commence the implementation of the African Continental Free Trade Agreement (AfCFTA) early next year, it is timely to unlock new funding arrangements to finance sustainable projects and sectors that build Africa’s long-term competitiveness and resilience. It is estimated that the climate change is impacting negatively on Africa’s GDP by 2.8% every year (around USD 100 billion).

Qatar Airways has paid out over USD 1.2 billion in refunds to almost 600,000 passengers since March, demonstrating its commitment to honouring its obligations to passengers who need to change their plans due to the impact of the COVID-19 pandemic on global travel.
In the context of unprecedented numbers of refund requests as airlines and passengers navigate entry restrictions imposed by countries around the world to limit the spread of COVID-19, Qatar Airways has worked hard to process almost all refunds requested since March 2020 (96%). The airline is now processing all new refunds back to the original form of payment in less than 30 days.
Additionally, the airline introduced an unrivalled flexible booking policy that has proved extremely popular with passengers. Qatar Airways tickets are now valid for two years from the date of issuance. Passengers can also choose to change their travel date or destination free of charge as often as they need, change their origin to another city within the same country or any other destination on the airline’s network within a 5,000 mile radius of the original, exchange their ticket for a future travel voucher worth 110% of the original ticket value, or swap their tickets for Qmiles. Over one third (36%) of Qatar Airways passengers selected one of these options over a refund.