Economic relations between the State of the United Arab Emirates and the Republic of Senegal date back to the mid-1970s, date of signature of an economic and financial cooperation agreement which was the starting point for economic relations between the two countries.
- At the beginning, economic relations were limited to humanitarian and development aid, provided by the State of the United Arab Emirates to Senegal. They later developed to include trade and direct investment.
- There is a common will between the two States to develop these relations in various economic and commercial fields.
Currently, the two countries are linked by economic agreements and investment projects which will have a positive and concrete impact on the strengthening of economic ties.
Similarly, the Joint Committee between the two countries, which held its first session in Dakar in October 2015, opened up broad horizons of partnership and cooperation in different economic fields. The second session of the Committee was held in Abu Dhabi from 04 to 5 November 2019.
Emirates Companies operating in Senegal:
- DP World Dakar.
- Emirates Airlines.
*Trade between the two countries:
In 2018, the volume of non-oil trade between the State of the United Arab Emirates and Senegal reached around 625 million USD.
Exportations (from the United Arab Emirates to Senegal): the majority of exportations
Are: second-had cars, electronic equipment, clothing, household appliances, construction materials, foodstuffs and canned goods.
Importations (from Senegal to the United Arab Emirates):
- The most important importations are: raw gold, aluminum and iron scrap, steel, handicrafts, wood and iron.
Rearview of some aid provided by the State of the United Arab Emirates to Senegal
- March 2017: a reduced rate loan from the Abu Dhabi Development Fund amounting to 53 Million Emirati Dirhams, approximately 14.5 $ Million Dollars, to finance the rehabilitation of National Road 2 linking the cities of Ndioum - Ouarassougui - Bakel in north-eastern of Senegal.
- March 2018: A reduced-rate loan of 13 million euros from the Abu Dhabi Development Fund for the construction of photovoltaic solar power plants, to supply electricity to one hundred villages in the Senegalese countryside.
July 2019: a grant of 20 million US dollars for the creation of the Sheikh Mohammed Bin Zayed Center for Innovation and Entrepreneurship in the Capital Dakar. This regional center, as the first one in the region and whose activities cover all the countries of West Africa, aims to develop the capacities of the Business sector in Africa, particularly in the field of technological innovation, leadership and development of small and medium companies.
Among the most important Emirates projects in Senegal:
Its operations started in Senegal in 2008, after winning the concession contract to manage the container terminal of the port of Dakar in 2007, further to an international tender in which many international companies participated, the total value of this project is: 54 Billion CFA Francs, approximately 93 million $ Dollar.
A project to build a new international port in the city of "Ndayane" by Dubai Port World, with an investment of 30 Million $ Dollars. It should be one of the largest ports in Africa.
Emirates Airlines started operating in Senegal in September 2010, where four direct flights per week were launched between Dakar and Dubai. The contribution of the activities of Emirates Airlines to the Senegalese economy is estimated at around 35 Million $ Dollars per year (17.5 billion FCFA).
- A project to build a solar power plant with a daily production capacity of 15 megawatts, in the city of (Niakhar) in the Fatick region, in Senegal. This project is funded by the Government of Abu Dhabi and executed by Masdar Company. (There has been no progress).
A construction project for the Khalifa Bin Zayed Center for professional training in the city of Mbour.
A construction project for the Mohammed Bin Zayed Center for Innovation and Entrepreneurship in Dakar.
• Treaties and bilateral agreements signed between the State of the United Arab Emirates and the Republic of Senegal: