Lubna lauds productive relations with Africa

Dubai: Shaikha Lubna Al Qasimi, Minister of Foreign Trade, underlined the importance of sovereign wealth funds in accelerating the growth of developing economies.

Shaikha Lubna lauded productive and harmonious ties between the UAE and Africa in a speech delivered yesterday at the opening ceremony of the Crans Montana Forum GCC Africa conference held in Bahrain.

This year's edition, which adopts the theme 'Strengthening the GCC-Africa Cooperation,' is being held in association with the Opec Fund for International Development (OFID), the Organisation for Economic Co-operation and Development (OECD) Development Centre.

"Sovereign wealth funds have emerged as potent tools for assisting rapidly developing economies and emerging markets such as Africa in accelerating growth.

"They stabilise global financial markets, boost equity investment and provide substantial capital into domestic organisations and national projects. As a valued partner of long standing, Africa remains a primary destination for UAE funding and businesses," Shaikh Lubna said.

"This forum provides the perfect platform for the UAE and the Gulf to explore more closely the broad potential of this resource-rich region," she said.