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Sun 2 Mar 2008 10:30 AM

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Dubai World urges greater investment in Africa

CEO of subsidiary DP World says continent needs more foreign investment.

Dubai World has urged private investors to enter into business partnerships in the emerging African economies, as the state-ownedconglomerate targets further opportunities there.

Mohammed Sharaf, CEO of Dubai World subsidiary DP World, said in a statement on Saturday that the resource-rich continent needed more investment and joint ventures with foreign companies.

“What African countries need are partners who want to tap into all their resources, including human resources, and profit from the growth of the entire economy, the type of growth that is a benefit for all,” Sharaf said.

However, Sharaf warned foreign investors should not exploit Africa's natural resources, urging companies to contribute to local economies.

Dubai World's African business model currently includes over 30 investment projects such as marine terminals in Djibouti, Dakar and Maputo and wildlife reserves in Rwanda and South Africa, he said.

In 1999 DP World signed a 20-year management contract for the terminal in Djibouti, with the government of Djibouti as a joint-venture partner. Since its initial investment, Dubai World has invested more than $1.1 billion in Djibouti, he said.

In January Dubai World's Jafza International subsidiary signed an $800 million deal to build a new terminal at the port at Dakar, Senegal. Dubai World is also partnering with the Senegal government in a multi-billion dollar development of its trade and transportation infrastructure.

Dubai World Chairman Sultan Ahmed Bin Sulayem has previously said the conglomerate will invest $1.5 billion into the emerging African economies over the next five years.

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