The 2nd Africa Global Business Forum (AFGB) summit is being held in Dubai from Oct. 1 to 2. Organized by Dubai Chamber of Commerce and Industry, the forum aims at exploring more partnership possibilities between the UAE and Africa.

The summit, with the support of Sheikh Mohammed bin Rashid Al-Maktoum, UAE vice president and ruler of Dubai, comes as the result of last year’s first AFGB, which was such a success that it will be held on an annual basis.

Last year’s summit brought together 31 prime ministers, African ministers and 3,000 delegates from 86 countries.

The UAE has made efforts to expand economic and investment cooperation with Africa, which remains a continent with huge untapped potential.

Such an approach is expected to benefit both sides, said a European banker in Dubai. While UAE ties with Arab countries in North Africa are relatively advanced, relationships with other countries of the continent need strengthening.

It is not that the UAE companies are absent from sub-Saharan African markets. Etisalat, Jumeirah Group and DP World are among the companies who are already active in African markets and are looking for more opportunities.

Etisalat Group, the Abu Dhabi-based telecoms company, operates in 10 African countries, among them Egypt and Nigeria. "The preferred structure for Africa is to have global partners, whether it is the government or private partners," said an official who preferred to be unnamed.

The Dubai-based hotels operator Jumeirah Group is working on opening new hotels in several countries. It already operates hotels in Egypt and Morocco.

For DP World, the Dubai-based ports operator, Africa forms part of the company's shift in focus from slower-growing developed countries to fast-emerging markets. It operates ports in Egypt, Mozambique, Senegal, Algeria and South Africa and is planning for opening more.

Despite efforts by several African nations to clamp down on bribery and other forms of corruption, a perception of graft can still put off some investors in Africa.

In last year’s Transparency International's Corruption Perceptions Index, 90 percent of African nations scored below 50 - 0 being highly corrupt and 100 lacking corruption.

Beside politicians, there are policy makers, heads of financial institutions, selected state-owned enterprises, leading policy-makers from ministries of finance and African national banks attending the summit, creating a platform for open discussions covering all areas for setting-up proper investment in Africa and ways to protect foreign investments.

The first AFGB summit was also held in May 2013 in Dubai. Also in 2013, the UAE Ministry of Economy, in cooperation with the Abu Dhabi Department of Economic Development, organized the Emirati Investment and Trade Forum in both Tanzania and Kenya.

The two-day event covers a wide range of topics from politics to investment opportunities, logistics, culture and sports.

All events focus on opportunities and challenges of collaborating on infrastructure, overcoming barriers to intra-regional trade, how Africa can benefit from GCC experience in these areas, and how the GCC's location can play an important part in investment and business in Africa.

Hamad Buamim, president & CEO, and Dubai Chamber, said in a recent interview: "The forum reinforces the status of the Gulf Cooperation Council (GCC) as a gateway for trade to and from the African continent. It also serves as an ideal platform for regional business leaders to engage in a highly constructive dialogue with leading decision-makers on the global investment scene, as well as prominent stakeholders from the African Union and economic blocs."

Among this year’s speakers are the president of Mozambique, the prime minister of Uganda, and Aliko Dangote, Africa's richest man. From the UAE, guests include Sheikh Ahmed bin Saeed Al-Maktoum, chairman and CEO, Emirates Airline and Group, Reem Al-Hashimy, UAE minister of state and MD, Dubai Expo 2020 and Sultan Al-Mansour, UAE minister of economy, among others.