Dubai World explores ports, mining, energy and urban development openings in Nigeria

DUBAI — Mining, energy, ports and urban development were major sectors under discussion on Friday at a meeting between the Chairman of Dubai World, Sultan Ahmed bin Sulayem, and Umaru Musa Yar'Adua, the President of Nigeria, in the capital Abuja.

Bin Sulayem, and a number of senior Dubai World officials are on a tour of West Africa, exploring investment opportunities in the Sub-Saharan region.

During his talks with the Nigerian President,  Bin Sulayem highlighted the diversified nature of Dubai World, and 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, in addition to the masterplanning and development of special cities (business cities) in Nigeria.

Speaking about his visit, Bin Sulayem said: 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.

President Yar'Adua welcomed Dubai World investments in the country, and expressed his desire for further cementing economic ties with Dubai in the form of partnerships and joint ventures in various fields, he added.

Nigeria is a major destination for Dubai World and a key country in our overall plans for the African continent, where we intend to invest over $1.5 billion in the next few years. We have already launched some highly potent ventures in some African countries and are looking for more, Bin Sulayem said.

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.

Saeed Ahmed Saeed, CEO of Limitless discussed plans for the new main district of the Nigerian capital Abuja, and various real estate developments in the nation of around 141 million people. Specialised business cities within the country were also discussed. He explained how Limitless can add value in future masterplanning, during the delegation's meeting with the Nigerian Vice-President, and ministers.

A team of experts from Limitless will travel to Abuja next month to evaluate opportunities in the country and finalise various masterplanning and development deals.

The Nigerian government has invested heavily in the generation of vital information on minerals including coal, gypsum, barytes, kaolin and talc. Nigeria has one of the best quality coal deposits in the world with the lowest sulphur content.

According to Dubai World's Statistics Department, Nigeria was Dubai's leading West African trading partner in 2007, accounting for more than Dh1.12 billion in non-oil imports, exports and re-exports.

Source: Khaleejtimes