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DUBAI, Oct 1 (Reuters) - Investment Corporation of Dubai (ICD) is exploring further investment opportunities with African conglomerate Dangote Group, the chief executive of the emirate’s fund said on Wednesday.
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 $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-focussed investment event in Dubai.
Shaibani was speaking alongside Aliko Dangote, head of the Dangote Group and Africa’s richest man.
When asked about what sectors ICD would be interested in investing in with Dangote Group, Shaibani said it was focussing 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 anaemic growth rates.
Last month, 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.
Meanwhile, Emirates Global Aluminium is developing a $5 billion refinery and bauxite mine in Guinea to help it secure the raw materials it needs for its expanded operations in the United Arab Emirates. (Reporting by Martin Dokoupil; Writing by David French; Editing by Olzhas Auyezov and Mark Potter)