The UAE and Angola have signed an agreement to establish the UAE-Angola Business Council, in a move aimed at strengthening economic relations and expanding investment opportunities.
The agreement was inked days after President His Highness Sheikh Mohamed bin Zayed Al Nahyan visited the country and held talks with his Angolan counterpart João Manuel Lourenço.
The memorandum was signed by Abdallah Sultan Al Owais, Vice Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of SCCI, together with Vicente Soares, President of the Chamber of Commerce of Angola.
Al Owais stated that the Council will adopt a structured approach to initiating diverse commercial and promotional programmes in priority economic sectors identified under the joint cooperation agenda.
The agreement aims to facilitate organizing joint exhibitions, conferences, and reciprocal trade missions, creating a vibrant platform for both nations to showcase their resources and potential.
Since the establishment of diplomatic relations in 1997, ties between the UAE and Angola have seen steady growth. This collaboration highlights a significant aspect of the UAE’s strategy to expand partnerships across Africa and underscores its commitment to fostering economic ties with the continent.
In recent years, economic relations have advanced markedly, particularly since 2021. Several key memoranda have been exchanged, signifying a proactive approach to collaboration. Notable among these is a cooperation deal between Abu Dhabi Future Energy Company (Masdar) and Angola’s Ministry of Energy and Water, focusing on the exploration and development of solar energy and storage projects.
The partnership also extends into the digital sphere, reflecting a commitment to modernization and innovation. For instance, an agreement between Presight and the Government of Angola was established to facilitate digital transformation initiatives, emphasizing the increasingly important role of technology in economic development.
The economic landscape of this partnership is promising; UAE’s non-oil trade with Angola reached an impressive $2.2 billion in 2024. This figure represents a significant growth of 36.3 percent compared to 2019, illustrating the robust nature of this evolving relationship.
As the UAE continues to deepen its connections with Angola, the establishment of the UAE-Angola Business Council marks a vital step towards unlocking new investment opportunities. This strategic move promises not only to enhance economic collaboration but also to foster cultural exchanges that can enrich both nations.
