Dubai’s ICD Exploring Investment Opps With Africa’s Dangote

State sovereign wealth fund Investment Corporation of Dubai (IDC), owner of stakes in Emirates Airline and Emaar Properties, is exploring further investment opportunities with African conglomerate Dangote, it was revealed at an event on Wednesday.

The revelation follows the funds $300 million investment in a 1.4 per cent minority stake in Dangote Cement, which has a market capitalisation of around $23 billion.

On stage with Dangote president and CEO Aliko Dangote at the Africa Global Business Forum in in Dubai, IDC CEO HE Mohammed Al Shaibani told the audience:

“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.”

Al Shaibani hinted that a deal may come in the agricultural business an area in which Dangote is investing billions, most recently announcing plans to invest $1 billion into rice farming in Nigeria.

Mr. Dangote suggested the agricultural industry could be the solution to Nigeria’s unemployment problem, with estimates suggesting between 20 and 50 per cent of the population is jobless.