Dangote Set For Further Investment From Dubai’s Sovereign Wealth Fund

 Mzwandile Jacks Intelligent Investing, Investing, Investors

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VENTURES AFRICA – Dangote Group is poised for yet another batch of financial injection from Investment Corporation of Dubai (ICD), which last month acquired a 1.4 percent shareholding in subsidiary, Dangote Cement, for $300 million, it has emerged.
Mohammed al-Shaibani, the CEO of ICD, the Emirate’s sovereign wealth fund, said they found what they were looking for in Dangote after searching for investment opportunities in Africa for a while.
“We are looking to do more business with Mr (Aliko) Dangote and we have some things that we are exploring at the moment together,” Reuters quoted Shaibani as saying.
Shaibani, speaking at an
Africa-focused investment summit in Dubai this week, added: “We are looking to do more business with Mr (Aliko) Dangote and we have some things that we are exploring at the moment together.”
Shaibani told the summit, which was also attended by Dangote, Africa’s richest businessman, that the ICD would be paying more attention to investing in agriculture and infrastructure projects that the Dangote Group is involved in.
It is understood that Gulf firms were gradually paying more attention at investing in Africa because the continent had become an attractive investment destination.
Many African countries are seeing high levels of economic growth as oil and gas are discovered in many countries on the continent.
In August this year, Qatar National Bank (QNB) acquired a 23.5 percent stake in pan-Africa bank, Ecobank, in two separate batches. It is believed this was QNB’s second acquisition in Africa in the past two years.