Dubai Businesses Explore Opportunities In Mozambique’s Growing Oil And Gas Sector

DUBAI, (UrduPoint / Pakistan Point News / WAM - 28th Jun, 2020) Mozambique is on its way to becoming one of the world’s largest energy producers, and its growing oil and gas market is ripe with business opportunities that companies in Dubai can capitalise on, industry experts said during a recent Dubai Chamber webinar.

Sharing their insights, experts identified rising demand for digital solutions and infrastructure, oilfield equipment and logistics services as key areas in which Dubai-based companies can cooperate with their Mozambican counterparts, and establish joint ventures and long-term partnerships.

The webinar was organised by Dubai Chamber’s representative office in Maputo, in partnership with ABSA Bank Mozambique and Deloitte Mozambique, and attended by more than 130 industry experts and business leaders in the UAE, Mozambique and southern Africa.

"The lack of know-how and expertise to boost local content is one of the major challenges faced by Mozambican companies at the moment. There is where Dubai-based companies can offer their expertise and investments through joint ventures and partnerships with their Mozambican counterparts that could fill market gaps," said Omar Khan, Director of International Offices, Dubai Chamber.

Khan concluded with a call to companies in Dubai to further explore market opportunities in Mozambique, and benefit from the support and guidance that Dubai Chamber’s office in Maputo can offer them.

Hermano Juvane, Head of Oil and Gas, Absa Bank Mozambique, explained that Dubai-businessmen can use foreign currencies if they operate in Mozambique’s oil and gas sector, to protect themselves from local Currency fluctuations. He shared his outlook for the Mozambican economy and said the country would likely see a V-shaped recovery scenario in a post-Covid-19 world, as the government pushed ahead with measures to support SMEs and ensure business continuity.

For his part, Benson Marlon, Head of Value Chain Banking, Absa Bank Mozambique, familiarised participants with the main oil and gas players in Mozambique, which include Total and ENI, South African Sasol and American Exxon Mobil, and highlighted new business prospects emerging in various segments in the country’s energy sector.