UAE Chambers Signs Historic Deal to Establish UAE-Angola Business Council, Strengthening Bilateral Economic Ties

The Federation of the UAE Chambers of Commerce and Industry has signed a landmark Memorandum of Understanding (MoU) with the Chamber of Commerce and Industry of Angola (CCIA) to establish the UAE-Angola Business Council, marking a significant milestone in strengthening bilateral economic relations and expanding investment opportunities between the two nations.

The agreement was concluded during an official visit by a high-level UAE economic delegation to the Angolan capital, Luanda. The memorandum was formally 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.

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A Platform for Strategic Economic Cooperation

The UAE-Angola Business Council represents a vital platform for strengthening the distinguished bilateral relations between the two countries, which continue to experience rapid progress across multiple sectors. The establishment of this council follows closely on the heels of President Sheikh Mohamed bin Zayed Al Nahyan’s historic state visit to Angola, where both leaders witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) and numerous other strategic agreements.

“Our objective through this council is to generate tangible and promising opportunities for enterprises in both markets, benefiting from the full support extended by the UAE Chambers and the Chamber of Commerce and Industry of Angola,” Al Owais stated during the signing ceremony. 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 Business Council will serve as an efficient platform for entrepreneurs and investors to showcase their activities, establish sustainable trade and investment partnerships, and explore new and high-value areas of partnership. It will facilitate ongoing interaction between the business communities of both countries by promoting knowledge exchange on trade and investment opportunities and relevant regulatory frameworks.

Building on Strong Economic Momentum

The establishment of the UAE-Angola Business Council comes at a time of unprecedented growth in bilateral trade relations. Non-oil trade between the UAE and Angola reached $2.2 billion in 2024, marking a remarkable growth of 36.3% compared to 2019. Even more impressive is the momentum continuing into 2025, with bilateral non-oil trade in the first half of the year hitting $1.4 billion, representing a substantial 29.7% increase year-on-year.

The UAE’s main imports from Angola in 2024 included diamonds, gold, copper, and grains, which accounted for 99.8% of imports. Meanwhile, UAE exports to Angola comprised petroleum distillates, iron and steel, taps and valves, metal structures, cigarettes, and perfumes, together making up 50% of the UAE’s exports to the African nation.

This strong trade performance provides a solid foundation for the newly established Business Council to build upon, with the recently signed CEPA projected to raise bilateral non-oil trade above $10 billion annually by 2033.

Angola’s Economic Renaissance and Strategic Positioning

Angola presents compelling opportunities for UAE businesses and investors, driven by the country’s ongoing economic transformation and strategic advantages. As one of Africa’s largest oil producers, Angola’s economy rebounded strongly in 2024, growing by 4.4% compared to 1.1% in 2023, marking the most significant annual expansion since 2014.

The recovery was led by multiple sectors, with the oil and mining industries showing particular strength, alongside robust growth in services driven by commerce and agriculture, including fisheries. Angola’s GDP growth of 4.4% in 2024 was supported by record diamond production, with the country serving as Africa’s second-largest diamond producer after Botswana.

Angola’s strategic geographical location on the Atlantic coast of Southern Africa positions it as a potential pivotal logistics hub, providing access to both regional and international markets. The country benefits from a young and growing population of over 36.75 million people, abundant natural resources beyond oil and diamonds—including gold, iron ore, copper, and fertile agricultural land—and favorable climatic conditions suitable for diverse crop production.

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, highlighted that Angola is “one of the most promising countries in the region thanks to its young population, abundant natural resources, and GDP growth of 4.4% in 2024.”

Comprehensive Investment Ecosystem Already Taking Shape

The UAE-Angola business relationship extends far beyond trade, with major UAE companies already establishing significant operations in Angola across multiple sectors. This existing investment ecosystem provides a strong foundation for the newly established Business Council to leverage and expand upon.

Abu Dhabi Future Energy Company (Masdar) is developing a 150MW solar power project that will provide renewable energy to approximately 90,000 Angolan homes, reflecting both countries’ commitment to sustainable development. The project forms part of a broader agreement for Masdar to develop renewable energy projects with a total capacity of 2GW across Angola.

Dubai Investments is constructing the ambitious “Dubai Investments Park – Angola” over an area of 2,000 hectares, modeled on the successful Dubai Investments Park in the UAE. This integrated economic zone combines residential, commercial, and industrial components, designed to serve as a catalyst for Angola’s economic diversification and job creation.

AD Ports Group recently began operating the Luanda Multipurpose Terminal under a 20-year concession agreement (extendable by 10 years). The Group has committed to investing $251 million between 2024-2026 to upgrade the terminal and develop a logistics services hub, with potential investments rising to $379 million over the concession period.

In the defense sector, EDGE Group signed a €1 billion contract under which Abu Dhabi Ship Building (ADSB) will construct a fleet of advanced 71-meter frigates for the Angolan Navy, demonstrating the depth and diversity of UAE-Angola cooperation.

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Technology and Innovation Partnerships

The relationship between the UAE and Angola extends into cutting-edge technology sectors, with several significant agreements signed during President Sheikh Mohamed bin Zayed’s recent state visit. These include collaborations in artificial intelligence, digital transformation, and space technology.

Space42, the UAE-based AI-powered SpaceTech company, signed a comprehensive five-year strategic partnership with Angola’s Military Intelligence and Security Service (SISM). The agreement covers advanced technology collaboration across multiple domains, including satellite communications, Earth observation, artificial intelligence, high-altitude platform stations, national security drones, border control solutions, and command and control center development.

Space42 already maintains a strong operational presence in Angola, providing 100% coverage of the country through its YahClick satellite broadband service, which will be enhanced with upcoming solutions from the advanced Thuraya-4 satellite system.

Additionally, Dubai Investments, through its wholly owned subsidiary Globalpharma, signed an MoU with Angola’s Ministry of Health to establish a pharmaceutical manufacturing facility in DIP Angola, addressing the country’s healthcare needs while building local manufacturing capacity.

Economic Diversification and Sector-Specific Opportunities

Angola’s economy, while historically dominated by oil which accounts for approximately 50% of GDP and over 90% of exports, is undergoing significant diversification efforts that create numerous opportunities for UAE businesses. The government has prioritized economic diversification as essential for sustainable long-term growth, especially as global energy transition trends impact traditional oil-dependent economies.

Mining and Natural Resources: Beyond oil, Angola offers substantial opportunities in mining, particularly in diamonds where the country ranks as Africa’s second-largest producer. The country also possesses significant deposits of gold, iron ore, copper, manganese, and other valuable minerals that remain largely underdeveloped.

Agriculture and Food Security: With favorable climatic conditions and vast arable land, Angola presents opportunities in agricultural development and food processing. The UAE’s expertise in food security and agricultural technology, exemplified by companies like Al Dahra, which signed an MoU with Angola’s Ministry of Agriculture and Forestry, can contribute significantly to developing Angola’s agricultural potential.

Infrastructure Development: Angola’s ongoing infrastructure development needs, from transportation networks to urban development, align well with UAE expertise in construction, engineering, and project management.

Financial Services: Angola’s financial sector is developing rapidly, with opportunities for UAE financial institutions to provide expertise in banking, insurance, and capital markets development.

Strategic Alignment with UAE’s Africa Vision

The UAE-Angola Business Council aligns perfectly with the UAE’s broader strategic vision for Africa, where the Emirates has positioned itself as a key bridge between the Arab world, Asia, Europe, and Africa. The UAE has already signed 28 CEPAs worldwide, with ten currently operational, demonstrating its commitment to expanding global trade partnerships.

Shakhboot bin Nahyan Al Nahyan, Minister of State, emphasized that “the historic visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to Angola reflects the UAE’s steadfast vision to build strong strategic partnerships with Africa, grounded in longstanding friendship, mutual respect, and collective effort toward a more prosperous future for our peoples.”

The timing of the Business Council’s establishment is particularly strategic, as it coincides with Angola’s chairmanship of the African Union (AU), opening significant opportunities for cooperation in shared priority areas and laying groundwork for achievements that will benefit both nations and the wider region.

Operational Framework and Future Activities

The UAE-Angola Business Council will operate through a structured framework designed to maximize impact and create measurable outcomes for businesses in both countries. As per the MoU, the council will facilitate ongoing interaction between business communities by promoting knowledge exchange on trade and investment opportunities and relevant regulatory frameworks.

Key activities will include organizing joint exhibitions, conferences, and reciprocal trade missions to serve the shared economic interests of both nations. The council will focus on priority economic sectors identified under the joint cooperation agenda, launching commercial initiatives and promotional programs to drive collaboration.

The Angolan business community has conveyed its commitment to developing strategic partnerships under the council’s framework, enhancing economic dialogue, fostering engagement between business sectors, and exchanging information on emerging opportunities and growth markets in both countries.

Regional Context and Global Implications

The establishment of the UAE-Angola Business Council reflects broader trends in South-South cooperation and the growing importance of Africa in global economic networks. Angola’s role as a regional economic powerhouse, combined with the UAE’s position as a global business hub, creates opportunities that extend beyond bilateral trade to encompass regional value chains and continental integration.

Angola’s membership in key regional and international organizations, including the African Union, OPEC, and various regional economic communities, provides UAE businesses with potential access to broader African markets through their Angolan partnerships.

The partnership also reflects the UAE’s strategic approach to economic diplomacy, using business relationships to build long-term political and economic partnerships that contribute to regional stability and prosperity.

Challenges and Opportunities Ahead

While the establishment of the UAE-Angola Business Council creates significant opportunities, both countries recognize the challenges that must be addressed to fully realize the partnership’s potential. These include infrastructure development needs, regulatory harmonization, and capacity building requirements.

Angola continues to face challenges related to economic diversification, particularly reducing dependence on oil revenues and developing other sectors of the economy. The UAE’s experience in economic diversification and its expertise in various sectors can contribute significantly to Angola’s transformation efforts.

Currency stability and regulatory frameworks remain important considerations for businesses operating between the two countries. However, both governments have demonstrated commitment to creating enabling environments for business growth and investment.

Looking Forward: A Partnership for Sustainable Growth

The UAE-Angola Business Council represents more than just a bilateral business platform; it embodies both countries’ shared vision for sustainable development, economic diversification, and mutual prosperity. As Al Owais noted, the council will provide “an efficient platform for entrepreneurs and investors to showcase their activities, establish sustainable trade and investment partnerships, and explore new and high-value areas of partnership.”

With the foundation now laid through the CEPA and the establishment of the Business Council, both countries are positioned to build on their existing momentum and achieve the ambitious target of $10 billion in annual bilateral trade by 2033.

The success of this partnership will likely serve as a model for UAE engagement with other African countries, demonstrating how strategic business partnerships can drive economic growth, create employment opportunities, and contribute to sustainable development across the continent.

As both countries work to implement the frameworks established through recent agreements, the UAE-Angola Business Council will play a central role in transforming strategic partnerships into concrete business opportunities, ensuring that the strong political will demonstrated by both leaderships translates into tangible benefits for businesses and communities in both nations.

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photo source: Google

By: Montel Kamau

Serrari Financial Analyst

28th August, 2025