UAE-based company ADQ signs USD 500 million deal with Kenya

The National Treasury and Economic Planning Ministry has sealed a landmark deal with ADQ, the largest Sovereign Fund in the United Arab Emirates (UAE).

The agreement entails a substantial investment of up to US$ 500 million in various pivotal projects across Kenya's diverse economy.

The partnership marks a milestone in the relationship between Kenya and the UAE, as both nations aim to deepen bilateral trade and investment ties.

Notably, Kenya emerged as one of the first African countries to engage in bilateral trade negotiations with the UAE back in 2022, setting the stage for expanded economic cooperation.

Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, underscored the significance of the latest deal, emphasising its role in fortifying the robust economic bonds between the two states.

President William Ruto poses for a picture with Kenyan government officials and ADQ officials President William Ruto poses for a picture with Kenyan government officials and ADQ officials Pulse Live Kenya

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Alsuwaidi highlighted the broader implications of the agreement, stating, "This agreement not only strengthens the robust economic ties between the UAE and Kenya but also underscores ADQ’s commitment to developing partnerships in key markets that complement our investment strategy."

The investment framework established through this deal will facilitate ADQ's exploration of potential investments in priority sectors of Kenya's economy.

These sectors include food production, mining, technology, and logistics. The partnership aligns with Kenya's strategic vision for economic development and diversification, offering significant growth opportunities for both nations.

The Comprehensive Economic Partnership Agreement (CEPA) signed between Kenya and the UAE in early 2024 laid the groundwork for enhanced trade collaboration across various sectors.

President William Ruto chairing a meeting at State House, Nairobi on March 25, 2024 President William Ruto chairing a meeting at State House, Nairobi on March 25, 2024 Pulse Live Kenya

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ADQ, headquartered in Abu Dhabi, is mandated to drive the transformation of the Emirate into a knowledge-based economy.

The investment and holding company specialises in identifying compelling opportunities across economic clusters, including Energy & Utilities, Food & Agriculture, Healthcare & Life Sciences, and Transport & Logistics.

With its extensive expertise and diverse portfolio, ADQ aims to unlock tangible value and contribute to the economic growth of Kenya and the broader East African region.