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Dubai: Dubai World, which plans to invest about $1.5 billion in Africa over the next five years, has urged private investors to follow its lead in taking up business opportunities on the continent.
Saying that "we believe in the future of Africa", a senior Dubai World executive bemoaned that the region has not realised its growth potential despite being rich in resources.
Mohammad Sharaf, chief executive of DP World, which has port projects in Djibouti, Senegal and Moz-ambique, said his company is looking for container terminals in other locations, including South Africa.
Speaking with Gulf News on Saturday, he said Dubai World companies are seeking projects in infrastructure, real estate and tour-ism.
With global prices of oil and other commodities rising, resource-rich Africa is attracting global investor interest.
Sharaf said Dubai World is committed to make long-term investment in infrastructure, real estate and tourism in Africa and urged potential investors not to chase short-term gains.
"We are for responsible investment. It should not be to make quick money," Sharaf said, adding that in the past, foreign investors sought to exploit Africa's rich natural resources without contributing much towards local infrastructure and job creation.
Speaking at the Africa Investment and Finance Conference in London recently, Sharaf said DP World and its Dubai World affiliates are engaged in 30 projects worth billions of dollars in sectors such as tourism and infrastructure in Africa.
Inclusive growth
"What African countries need are partners - partners who want to tap into all their resources, including human resources, and profit from the growth of the entire economy - the type of growth that is a benefit for all," he said in a statement.
DP World's first investment in Africa was in 1999, when it signed a 20-year management contract for the Djibouti port.
Dubai has invested more than $1.1 billion in Djibouti since then and its companies are involved in managing customs and industrial zones.
Sharaf said infrastructure development is a major challenge for Africa because inefficient facilities in the continent increase the cost of doing business there.
Fact file: Projects in Africa
- Rwanda: investing $230 million in tourism sector
- Zanzibar: $150-million luxury resort project
- South Africa: $1-billion purchase of the V&A Waterfront in Cape Town. Another $1 billion earmarked for new projects at the site.
- Senegal: Port projects of about $700 million. $800 million special economic zone in Dakar.
- Djibouti: Invested $1.1 billion in container terminal, hotel and other projects.
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