Investment Corporation of Dubai exploring African investments

Investment Corporation of Dubai is exploring further investment opportunities with African conglomerate Dangote Group, the chief executive of the emirate’s fund said on Wednesday.

“We have been looking at Africa for a long time. We are looking to do more business with Dangote and we have some things that we are exploring at the moment together,” Mohammed al-Shaibani told an Africa-focused investment event in Dubai.

Shaibani was speaking alongside Aliko Dangote, head of the Dangote Group.

ICD, which hold stakes in many of Dubai’s top companies including Emirates airline and Emaar Properties, bought a 1.4 per cent stake in Dangote Cement last month for $300 million.

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