In the ever-evolving landscape of global business, one continent stands poised on the brink of transformation, beckoning investors with its immense potential for growth across various sectors.

Often overlooked or underestimated, Africa is emerging as the future epicentre of business opportunities. In an illuminating book, “The 99 Points for Investing in Africa,” Peter Gray, a partner at ADG Legal, invites the curious to set aside preconceived notions and delve into Africa's vast possibilities. His insights underscore that, amidst unique socio-economic and political challenges, investing in Africa is not merely a chance but a necessity for those seeking to capitalise on the megatrends shaping the future of business.

Business literature on Africa remains relatively scarce, and one rarely asks, "When did I last read a good business book on Africa?" The shelves aren’t teeming with such resources, and the few available often hail from the pens of academics, their content increasingly outdated. Many of these publications fixate on the continent's woes or primarily target the traditional extractive industries.

But Africa is a vast tapestry, rich with diversity and untapped possibilities.

The 99 Points for Investing in Africa, a book penned by Peter Gray, represents that rare departure from the norm. As part of the '99 Tips' series, the book aspires to serve as a user-friendly, informative, and thought-provoking companion. It acknowledges that not every reader will concur with its perspectives, but therein lies the essence of its purpose. With its kaleidoscope of cultures and complexities, Africa invariably provokes a spectrum of emotions and controversies, even within business.

For his part, Peter Gray brings to the table a wealth of experience accrued through his extensive travels across over half of Africa's nations and interactions with individuals hailing from most of the others. Gray's co-contributors, Vimbai Hungwe and Izzat Begum-Rajan, further enrich the book with their unique backgrounds. Vimbai, born and educated in Zimbabwe, boasts extensive travel experience across the continent. At the same time, with her African heritage, Izzat has spent most of her career immersed in the continent's diverse landscapes, with stints in Nairobi, Mali, Gabon, and Cameroon. Collectively, they only profess to possess some of the answers, but their collaborative effort has ignited an exploration of Africa's manifold opportunities.

Despite numerous challenges, several African countries are showing resilience amidst multiple crises. These include Kenya, Cote d’Ivoire, and the Democratic Republic of Congo (DRC), which grew at 5.2%, 6.7%, and 8.6% in 2022. Economic growth in the region excluding large countries such as Angola (projected growth: 2.6% in 2023), Nigeria (projected growth: 2.8% in 2023), and South Africa (projected growth: 0.5% in 2023), is estimated at 4.3% in 2023, and set to expand to 5.1% and 5.2% in 2024 and 2025, respectively. It is home to the world’s youngest and fastest-growing population, burgeoning cities, and daring innovations.

The African economy has undergone a profound structural shift to services over the past 20 years, with people leaving the fields to take jobs in trade and other services in urban environments. Reflecting that shift, employment in services increased from 30 per cent to 39 per cent over that period. The continent has the human capital and resources to propel growth and increase productivity across all sectors, starting with the services sector. Services have secured their place as the primary driver of the continent’s economic output, contributing 56 per cent in 2019 compared to 50 per cent in 2000. The sector presents significant opportunities for African countries to boost economic output and job creation—but only if productivity improves.

While the allure of Africa as an investment hub is undeniable, a significant stumbling block for investors lies in their need for more understanding of the continent's intricate regulatory and business framework. The absence of knowledge often leads to risk aversion.

Hence, we are at the core philosophy behind Gray and Co.’s “99 Points for Investing in Africa”: the need to gather lucrative knowledge through research and local perspicuity.

Peter Gray also implemented this perspective via ADG Legal, a UAE-based law firm. Established after the merger of Mohammed Al Dahbashi Advocates, Peter Gray, and Kingsgrove Partners in 2017, the firm boasts a diverse and experienced team reflecting Emirati, British, Egyptian, Australian, Sudanese, and Kazakhstani backgrounds, a group well-equipped to handle complex cases and provide clients with clear, commercially sound advice.

One of ADG Legal's primary functions is to demystify Africa's regulatory landscape, which it has done thanks to an extensive footprint across the continent. Another pivotal area ADG Legal specialises in is contract negotiation, especially in infrastructure projects. These projects often involve complex contracts among multiple parties, and ADG Legal's expertise lies in crafting fair and transparent agreements that protect the interests of investors, lenders, contractors, and governments. Their role in drafting and reviewing legislation, regulations, and policies related to infrastructure further paves the way for investment, public-private partnerships, and project financing, making Africa a more attractive destination for investors.

ADG Legal's expansion into the African market symbolises the growing recognition of Africa's significance in income diversification strategies for governments, multinationals, and private corporations. Surprisingly, despite Africa's immense potential, the world's top 300 investment firms have allocated a mere 3% of their astronomical assets to the continent. This opening underscores an urgency for more facilitators like ADG Legal to unlock the untapped investment opportunities lying dormant in Africa.

Furthermore, ADG Legal's approach to Africa transcends transactional interactions. Their local presence in African countries provides invaluable connections, enabling the firm to navigate the legal and regulatory terrain, engage with local communities, and establish relationships with government entities and stakeholders. This local engagement enhances project implementation and garners community support, ensuring infrastructure projects' overall success and sustainability.

Africa's growth prospects are compelling, driven by a young population, an attractive business environment, and deep-rooted relationships with Europe and the Middle East. In this evolving legal needs and market dynamics landscape, ADG Legal stands out with a unique approach. Rather than limiting their reach based on language or culture, they acknowledge the vast potential of the entire African continent and build partnerships with local companies with similar values and visions, thus bringing added value to local communities and maximising benefits for all stakeholders.

A tailored strategy is the linchpin of successful market entry in Africa, as each African country possesses its own legal landscape, business practices, and cultural nuances. Research and engagement with local experts will draw the line between success and failure.

Lawyers like Peter Gray and firms like ADG Legal are pivotal in shaping Africa's future while benefiting clients seeking to enter the burgeoning African market by prioritising collaboration and fostering relationships. It's a win-win scenario that promises economic growth and sustainable development for Africa, the cradle of tomorrow's business opportunities.

In our ever-competitive world of investment, Africa is beckoning, and those who heed the call may find themselves at the forefront of the next global economic transformation.