Government-owned investment firm Dubai World is looking to make major investments in West African infrastructure, including mining projects, port development, energy plants and hotels.
The chairman of Dubai World, Ahmed Bin Sulayem, and a number of senior Dubai World officials, are touring West Africa exploring various investment opportunities in the region.
In Nigeria, they met with the country's president and discussed opportunities such as the financing of a new port expansion in Lagos and the development of a fertiliser plant.
Commenting on his visit to Nigeria, Bin Sulayem says: "Historically, Nigeria is a major trading partner of Dubai, and the purpose of our visit is not only to augment these ties, but to identify ways and opportunities to strengthen them further for the mutual benefit of both.”
He adds: “Nigeria is a major destination for Dubai World and a key country in our overall plans for the African continent, where we intend to invest over US$1.5bn in the next few years.”
Mauritania is another country of interest for the group, with Dubai World representatives meeting with the Mauritanian president on April 13.
Of particular interest to Dubai World is the development of the Nouakchott port, as well as the extensive deposits of iron ore in the country, which accounts for 50% of its exports.
The Republic of Congo was also on the itinerary of the Dubai World delegation. During the visit, Bin Sulayem commended the Congolese government's efforts to reduce its dependence on oil revenues and diversify the economy, noting that the tourism sector can play a vital role in the country’s development.
The investment group is also keen to support the development of the country’s vast mining resources, including petroleum, wood, lead, zinc, natural gas and uranium. Around 85% of the country’s export earnings are from petroleum.
Last Updated April 15, 2008
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