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27.9%ANMag Issue 27 Public Surveillance
Mr. Bin Sulayem Leads Dubai World Delegation on West African Tour
Africa Has Solid Investment Base with Conditions Favorable for Growth
Dubai, April 10, 2008 – Mr. Sultan Ahmed bin Sulayem, Chairman of Dubai World, the leading global holding company, has embarked on a tour of West Africa, prospecting for investment opportunities.
He began his visit in Equitorial Guinea, where he met the President, HE Teodoro Obiang Nguema Mbasogo in the capital city of Malabo on Tuesday (April 8) and held discussions on matters of mutual economic interest.
Mr. Bin Sulayem is leading a delegation of senior Dubai World officials and the visit to Equatorial Guinea was part of a wider exploratory tour of West Africa looking for investment possibilities in the region. Dubai World has been focusing on Africa where the company is keen to increase its investment footprint.
Mr. Bin Sulayem and his team went on a site tour in Bata and Malabo in Equatorial Guinea, including ports and free zones as well as areas of residential property development and infrastructure.
The Dubai World delegation’s West Africa tour also includes visits to Gabon, Congo, Mali, Senegal, Mauritania, Sierra Leone, Nigeria and Benin.
Mr. Bin Sulayem said the tour is a safari in search of new investment possibilities. “Dubai World sees West Africa as a region with huge potential for economic growth in the near future. The company is selective in seeking new business prospects because prudent investment is in the best interest of our stakeholders.”
“Africa is a solid investment base with conditions favourable for growth both for the company as well as for the host economy. Dubai World’s focus on Africa is in line with Dubai’s strong, time-tested trade relations with the continent. Africa is one of Dubai’s biggest trading partners for many years with a considerable contribution from West African countries,” Mr. Bin Sulayem added.
According to figures prepared by Dubai World’s Statistics Department, non-oil direct trade with Nigeria was the most prominent in the West African region in 2007. Re-export was the most active sector, amounting to AED748.363 million. The figures also show total import for a value of AED302.249 million and export for AED73.146 million.
Non-oil Trade with Republic of Congo was also strong, with total import for a value of AED59.618 million and export for AED35.851 million. Re-export amounted to AED267.779 million.
The figures showed that there was import worth AED113.411 million from Senegal in 2007, while export was for AED39.038 million and re-export for an amount of 220.542 million.
Non-oil Trade between Dubai and Benin last year amounted to AED4.03 million in import; AED37.328 million in export and AED184.206 million in re-export. With Equatorial Guinea, it was AED6.954 in export and AED31.383 in re-export.
There were AED2.628 million worth of non-oil imports from Gabon and AED12.875 million in export. Re-export was for a value of 75.882 million.
Non-oil direct trade with Mali was for AED3.915 million in import, AED2.952 million in export and AED42.571 million in re-export.
Non-oil import, export and re-export figures for Mauritania were AED8.967 million; AED30.097 million, AED117.888 million respectively and for Sierra Leone AED1.755 million; AED10.895 million; AED43.430 million respectively. Both countries have also been strong trading partners for Dubai with impressive potentials for further growth.
Dubai World already has a strong presence in the African continent through investments by different group companies. Dubai World Africa, the group’s African investment subsidiary, recently acquired three world famous South African game reserves - Shamwari Game Reserve, Sanbona Wildlife Reserve and Jock Safari Lodge, which are members of the Mantis Collection. This added to the company’s portfolio of prime African properties.
DP World, the group’s global marine terminal operators, has high-profile bases in Sokhna (Egypt), Djibouti, Mozambique and Senegal, operating terminals that are lifelines to Africa’s economy on different fronts.
Jafza International, the global arm of Jafza, which is under Dubai World’s Economic Zones World, also has made major investments in Djibouti , Senegal and Morocco. The free zone operators are expanding its African presence in more countries, including Libya.