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Dubai World to Invest $1.5 billion in Nigeria

Nigeria Today
14th April '08

Investment group Dubai World plans to invest more than $1.5 billion (Dh5.51bn) in Nigeria over the next few years in a wide range of sectors including energy, real estate and ports, Chairman Sultan Ahmed bin Sulayem said. Bin Sulayem and a number of other senior Dubai World officials are visiting west Africa to explore investment opportunities in the Sub-Saharan region.

In a meeting with President Umaru Musa Yar'Adua, bin Sulayem expressed keen interest in the country's vastly untapped natural resources, with special emphasis on minerals and mining as well as development of new cities, downtown hotels and resorts. Investment opportunities in the expansion of a new port in Lagos, a fertiliser plant and the energy sector also came under discussion during the meeting, in addition to the masterplanning and development of specialised or business cities.

"Historically, Nigeria is a major trading partner of Dubai, and the purpose of our visit is not only to augment these ties, but to identify ways and opportunities to strengthen them further for the mutual benefit of both. We have already launched some highly potent ventures in some African countries and are looking for more," said bin Sulayem (pictured above, centre right). The Nigerian president expressed his desire to further cement economic relations with Dubai through partnerships and joint ventures in various fields.

Dubai World officials also met a number of Nigerian ministers and discussed plans for investments in ports and the possibility of setting up specialised logistics bases in the country. Limitless, the global master development arm of Dubai World, will send a team of experts to Nigerian capital Abuja to evaluate opportunities and finalise various masterplanning and development deals. Limitless CEO Saeed Ahmed Saeed discussed plans for the new main district of Abuja and various real estate developments with the president and ministers of Nigeria. Specialised business cities within the country were also discussed.

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