Since 2022, the UAE has evolved to become Zimbabwe’s largest trade partner, with its $1.4 billion investment in sectors such as real estate and gold trading helping it displace China as the country’s biggest trade ally. Despite Zimbabwe’s economic challenges, including a mounting $21 billion debt burden, high inflation, and a predominantly informal economy, UAE investments have consistently ranked among its top five sources of foreign direct investment. Zimbabwe’s robust gold production, which hit a record 36 tons last year, has been a major draw for the UAE. This strategic shift comes amid the UAE’s increased investment in the African market, in contrast with China and Western countries, which have beaten a retreat. Over the past few years, Abu Dhabi has channeled over $110 billion into the continent through trade, renewable energy, logistics, food security, and infrastructure.
Source: BUSINESS INSIDER AFRICA