October 11, 2008

Dubai World lines up USD 5 billion investment in Nigeria

It is reported that energy, real estate, port development and petrochemicals top the log in a USD 5 billion investment being lined up to be ploughed into Nigeria’s economy from Dubai World.

The investment will be made over the next 5 years and would be ploughed into the building of a new seaport in Lagos, a refinery and petrochemical plant, building of new satellite city in Abuja, hotels and power plants. In the case of power plants, Dubai World will focus on the construction of coal fired electricity generating plants with Enugu as the projected site.

A 22 man executive management team of Dubai World led by Mr Sultan Ahmed bin Sulayem chairman of Dubai World was in Abuja where they held strategy talks with Nigerian President Mr Umaru Musa Yar’Adua. The delegation was accompanied by their Nigerian partner Mr Sam Iwuajoku chairman of Corporate Oil & Gas.

Mr Sulayem said that "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 countries." He added that its subsidiary Limitless would send a team of experts to Nigeria to evaluate the investment opportunities and finalize various master planning and development deals.

Mr Sulayem said that by focusing on the utilization of coal in the planned power plant, Dubai World would be able to avoid the vagaries and prospects of disruption of supplies associated with gas powered plants.