Barely a month after it made its first investment in Africa’s largest economy following the purchase of a $300 million minority (1.4 percent) stake in Dangote Cement, Dubai’s sovereign wealth fund Investment Corporation of Dubai (ICD) said it is planning to invest more in other sectors of Dangote Group ventures africa reports.
Speaking at a conference in Dubai, CEO of the Emirate fund, Mohammed Al Shaibani said the company is diversifying its portfolio and looking forward to expanding its partnership with Dangote Group, especially in areas of agriculture and infrastructure.
“We have been looking at Africa for a long time. We are looking forward to doing more with Mr Dangote and we have some things that we are exploring at the moment together,” said Al Shaibani. “Having the right partner, especially in Africa, is the key thing.”
Nigerian billionaire and founder of the Dangote Group, Aliko Dangote said the ICD’s new investment could run into billions of dollars.
“We have also agreed to invest in other ventures in oil and agriculture… They already have a seat on our board. This could run into billions of dollars,” Dangote said.
Dangote has been investing billions of dollars in agriculture which he said could be the solution to unemployment in Africa’s biggest economy, Nigeria, where a large number of people are not gainfully employed.