Dubai World explores investment opportunities in Gabon

DUBAI — Dubai World Chairman Sultan Ahmed bin Sulayem met El Hadj Omar Bongo Ondimba, the President of Gabon, during his visit to the country.

By A Staff Reporter

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Published: Sat 12 Apr 2008, 9:28 AM

Last updated: Sun 5 Apr 2015, 11:39 AM

Bin Sulayem is currently on a tour of West Africa along with senior Dubai World officials, including representatives of Dubai World Africa, the group's investment subsidiary dedicated to the continent. Dubai World already has a sizable investment footprint in Africa and the West African tour is aimed at expanding it.

In Gabon, Bin Sulayem and his team held extensive talks with President Ondimba and his cabinet on matters of mutual economic interest, says a Press statement issued here yesterday.

During the talks, Bin Sulayem, told President Ondimba, who is currently Africa's longest serving leader, that he was deeply impressed by the country's political and economic stability, rapidly diversifying economy and its prudent use of natural resources.

Gabon is one of the more prosperous African countries, with a per capita income of four times the average for Sub-Saharan Africa.

Offshore oil production plays a significant role in Gabon's economy, which remains heavily reliant on its natural resources.

Speaking about his tour of Africa, Bin Sulayem said: "Dubai World sees West Africa as a region with huge potential for economic growth in the near future. The emerging economies of the countries we're currently visiting in fact represent the new Africa of the 21st century and have a lot to offer to the outside world."

"The principal purpose of our tour is to explore and identify potential investment targets. Our business strategy is to pursue prudent investments that serve the best interests of all stakeholders," he added.

Non-oil trade between Dubai and Gabon has been steady, with Dh2.628 million worth of import from Gabon and Dh12.875 million in export. Re-export was for a value of Dh75.882 million in 2007.

Dubai World's focus on Africa is in line with Dubai's strong, time-tested trade relations with the continent.

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