Mr. Bin Sulayem leads Dubai World delegation on West African tour

He began his visit in Equitorial Guinea, where he met the President, HE Teodoro Obiang Nguema Mbasogo in the capital city of Malabo on Tuesday and held discussions on matters of mutual economic interest.

Mr. Bin Sulayem is leading a delegation of senior Dubai World officials and the visit to Equatorial Guinea was part of a wider exploratory tour of West Africa looking for investment possibilities in the region.

Dubai World has been focusing on Africa where the company is keen to increase its investment footprint.

Mr. Bin Sulayem and his team went on a site tour in Bata and Malabo in Equatorial Guinea, including ports and free zones as well as areas of residential property development and infrastructure.

The Dubai World delegation's West Africa tour also includes visits to Gabon, Congo, Mali, Senegal, Mauritania, Sierra Leone, Nigeria and Benin.

Mr. Bin Sulayem said the tour is a safari in search of new investment possibilities. "Dubai World sees West Africa as a region with huge potential for economic growth in the near future. The company is selective in seeking new business prospects because prudent investment is in the best interest of our stakeholders".

"Africa is a solid investment base with conditions favourable for growth both for the company as well as for the host economy. Dubai World's focus on Africa is in line with Dubai's strong, time-tested trade relations with the continent. Africa is one of Dubai's biggest trading partners for many years with a considerable contribution from West African countries," Mr. Bin Sulayem added.

According to figures prepared by Dubai World's Statistics Department, non-oil direct trade with Nigeria was the most prominent in the West African region in 2007.

Re-export was the most active sector, amounting to Dhs748.363m.

The figures also show total import for a value of Dhs302.249m and export for Dhs73.146m.

Non-oil Trade with Republic of Congo was also strong, with total import for a value of Dhs59.618m and export for Dhs35.851m. Re-export amounted to Dhs267.779m.

The figures showed that there was import worth Dhs113.411m from Senegal in 2007, while export was for Dhs39.038m and re-export for an amount of 220.542m.

Non-oil Trade between Dubai and Benin last year amounted to Dhs4.03m in import; Dhs37.328m in export and Dhs184.206m in re-export. With Equatorial Guinea, it was Dhs6.954 in export and Dhs31.383 in re-export.

There were Dhs2.628m worth of non-oil imports from Gabon and Dhs12.875m in export. Re-export was for a value of 75.882m.

Non-oil direct trade with Mali was for Dhs3.915m in import, Dhs2.952m in export and Dhs42.571m in re-export.

Non-oil import, export and re-export figures for Mauritania were Dhs8.967m; Dhs30.097m, Dhs117.888m respectively and for Sierra Leone Dhs1.755m; Dhs10.895m; Dhs43.430m respectively.

Both countries have also been strong trading partners for Dubai with impressive potentials for further growth.

Dubai World already has a strong presence in the African continent through investments by different group companies.

Dubai World Africa, the group's African investment subsidiary, recently acquired three world famous South African game reserves - Shamwari Game Reserve, Sanbona Wildlife Reserve and Jock Safari Lodge, which are members of the Mantis Collection. This added to the company's portfolio of prime African properties.

DP World, the group's global marine terminal operators, has high-profile bases in Sokhna (Egypt), Djibouti, Mozambique and Senegal, operating terminals that are lifelines to Africa's economy on different fronts.

Jafza International, the global arm of Jafza, which is under Dubai World's Economic Zones World, also has made major investments in Djibouti, Senegal and Morocco.

The free zone operators are expanding its African presence in more countries, including Libya.