UAE’s Ministry of Investment and the Kenyan Ministry of Finance and National Treasury have signed a memorandum of understanding, setting the stage for collaboration in mining and technology sectors, Emirates News Agency (WAM) reported.
The Abu Dhabi-based investment and holding company, ADQ, also announced on Wednesday a finance framework agreement with Kenya’s ministry, facilitating investments in priority sectors of the Kenyan economy, with a potential investment sum of up to $500 million, WAM said.
Kenya’s mining sector boasts significant growth potential owing to its abundant reserves of gold, copper, ilmenite, tantalum, and various non-metallic minerals.
The MoU focuses on mineral exploration, mine development, mineral processing, refining, and mineral marketing in Kenya. One of the key objectives is to explore opportunities for technology transfer in Kenya’s mineral sector, that would support innovation and growth. The two countries will also assess avenues for collaboration in promoting responsible stewardship of the mineral sector, with a strong emphasis on environmental, social, and governance practices, in addition to exploring avenues for collaboration in research and development within the designated sectors.
Minister of Investment of the UAE Mohamed Hassan Alsuwaidi said: “Through this partnership, we are laying down the foundation for a future where sustainable mining practices, innovation, and responsible stewardship form the pillars of our mutual growth.”
“We are committed to leveraging technology to enhance capacities and establish robust governance practices that will not only propel the mineral sector but also ensure overall prosperity of our nations.”
