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Business Aliko Dangote Eyes Billions of Dollars in Prospective Deals with Dubai Corporation



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Africa’s richest man, Aliko Dangote, following the $300m Investment Corporation of Dubai pumped into his cement business says further deals with the Emirates company may run into billions of dollars.

“We have also agreed to invest in other other ventures in oil and agriculture,” Dangote said yesterday in an interview at a conference in Dubai.

“They already have a seat on our Board. This could run into billions of dollars. There are a lot of opportunities that we are looking at with ICD.”

ICD is exploring opportunities to work with the Nigerian billionaire after taking an unspecified holding in Dangote Cement Plc (DANGCEM) last month, its first major Africa investment, ICD Chief Executive Officer Mohammed Al Shaibani also said today in Dubai. The company is diversifying its investments, which include Emirates airline and Emaar Properties PJSC, the Nation reports.

Dangote, whose cement and commodities businesses built him a $23.1 billion fortune, according to the Bloomberg billionaires index, partnered with the private-equity firms Blackstone Group LP (BX) and Carlyle Group LP (CG) in August for Africa investments. He plans to spend about $3 billion to boost production of sugar and rice at his companies, he said.

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