Rwanda-Dubai Trade Relations Flourishing with Ambitious Goals

Trade between Rwanda and Dubai has been experiencing substantial growth, attributed to various developments that have forged new business connections on both ends, according to officials.

In the past year, Dubai’s non-oil exports to Rwanda reached a notable value of $143.8 million, while imports from Rwanda exceeded $514.5 million, marking a 33% increase in trade volume.

This significant announcement was made on Monday, November 6, as Dubai initiated its East African roadshow in Kigali. The initiative is part of Dubai’s “New Horizons” program, which aims to elevate Dubai’s foreign trade value to $544.5 million by 2026.

During the event, more than 20 executives from Dubai-based businesses participated in a matchmaking activity, connecting with their Rwandan counterparts to explore potential partnerships for mutual success in the future.

Mohammad Ali Rashed Lootah, President and Chief Executive of Dubai Chambers, who led the delegation, emphasized that the trade mission’s goal is to help their companies expand into new markets over the next two years. This expansion could involve seeking potential investments, forming partnerships, establishing new branches, franchising, outsourcing, or diversifying trading partners.

Rashed Lootah also expressed the belief that, despite the already flourishing trade relations, there is room for further strengthening bilateral trade and investments. Similar sentiments were echoed by Jeanne-Françoise Mubiligi, acting Chairperson of Rwanda’s Private Sector Federation (PSF).

Minister of Trade and Industry, Jean Chrysostome Ngabitsinze, underlined the UAE’s significant role as a major trading partner for Rwanda, with trade volume exceeding $1 billion. In the first quarter of 2023 alone, exports from Rwanda to the UAE amounted to $211.51 million, representing approximately 50% of Rwanda’s share of exports, while imports from the UAE reached $87.26 million.

Ngabitsinze stressed that while these figures are substantial, there is potential for further growth, which he believes can be facilitated through the work of Dubai Chambers International.

Rashed Lootah pointed out that Kigali, being open and connected to the world, serves as a unique regional platform to neighboring markets, making it an ideal location for business opportunities. Dubai’s major exports and re-exports to Rwanda include machinery, electronics, vehicles, man-made filaments, plastics, and iron and steel. Meanwhile, key imports from Rwanda to Dubai include precious stones and metals, fruits and nuts, coffee, tea and spices, oil seeds, and dairy products.

Rwanda’s commitment to fostering innovation and nurturing technology-driven sectors, highlighted by initiatives such as Kigali Innovation City and SMART Africa, aligns with Dubai’s forward-thinking goals. The cooperation between the two nations is further solidified by visa waivers for official passports, a Double Taxation Agreement, and a Bilateral Investment Treaty, along with various agreements in education, tourism, hospitality, aviation, economic and technical cooperation, among others.