Business
Dangote Group, Investment Corp of Dubai looking at investment in infrastructure and agriculture
Aliko Dangote, Founder and Chairman of the Dangote Group
The Dangote Group and the Investment Corporation of Dubai (ICD) are exploring further investment opportunities, according to the the chief executive of the emirate’s fund said on Wednesday.
The ICD, which hold stakes in many of Dubai’s top companies including Emirates airline and Emaar Properties, bought a 1.4 percent stake in Dangote Cement last month for US$300 million.
“We have been looking at Africa for a long time. We are looking to do more business with Mr. Dangote and we have some things that we are exploring at the moment together,” Mohammed al-Shaibani told an Africa-focused investment event in Dubai.
Shaibani was speaking alongside Aliko Dangote, head of the Dangote Group.
When asked about what sectors ICD would be interested in investing in with Dangote Group, Shaibani said it was focusing on agriculture and infrastructure projects.
Gulf companies are increasingly looking at Africa as an investment destination, as firms use cash generated by their rich, hydrocarbon-dominated economies to expand into a continent where many countries are experiencing high levels of growth.
This compares with Western nations, where money from Gulf sovereign wealth funds have traditionally been deployed, which are still struggling with anemic growth rates.
Last month, the Qatar National Bank bought in two stages a 23.5 percent stake in pan-Africa lender Ecobank, its second acquisition on the continent in the last two years.
Source: Reuters